Vekselberg Overtakes Usmanov To Become Russia's Richest Man
Usmanov's fortune has tumbled by nearly 25% since the onset of the Ukraine conflict in March
SINGAPORE, Jan. 7, 2015 /PRNewswire/ -- Viktor Vekselberg, co-founder of the Renova Group, has toppled Alisher Usmanov to take the title of Russia's wealthiest individual according to a Wealth-X list of the top five richest Russians released today. The fortunes of the two men fluctuated as a result of Western sanctions over the Ukraine conflict, plummeting oil prices and the falling rouble, which have decimated the wealth of many Russian tycoons.
Vekselberg's current net worth stands at US$14.7 billion, nearly US$1 billion more than Usmanov, who lost US$4.5 billion or nearly 25% of his fortune between March and December 2014. In contrast, Vekselberg's wealth shrank by only US$200 million over the same period.
Investment mogul Mikhail Fridman saw an estimated US$2.7 billion or about 18% of his fortune evaporate between March and December 2014, bringing his net worth to US$12.5 billion.
Only two tycoons on the list saw their net worth increase during the same period. Roman Abramovich's fortune increased by US$100 million and now stands at US$12.7 billion. Abramovich's wealth was not significantly affected by the sanctions and the rouble crisis as most of his assets are tied to non-Russian companies. For example, the value of Norilsk Nickel and Evraz PLC, owned by the tycoon's investment firm Millhouse LLC, rose by 27% and 130% respectively since March 2014.
The biggest gainer on the list is Alexei Mordashov, who has raked in US$1.6 billion since March, representing a 15.84% surge in his net worth. He is the main shareholder and CEO of Severstal, a Russian conglomerate with interests in metal, energy and mining companies.
Below are the top five richest Russians:
| Rank |
Name |
Current Net Worth (US$ billion) |
Net Worth In March 2014 (US$ billion) |
Net Worth Change (US$ billion) |
Net Worth Change (%) |
| 1 |
Viktor Vekselberg |
14.7 |
14.9 |
- 0.2 |
- 1.34 |
| 2 |
Alisher Usmanov |
13.8 |
18.3 |
- 4.5 |
- 24.59 |
| 3 |
Mikhail Fridman |
12.5 |
15.2 |
- 2.7 |
- 17.76 |
| 4 |
Roman Abramovich |
12.7 |
12.6 |
0.1 |
0.79 |
| 5 |
Alexei Mordashov |
11.7 |
10.1 |
1.6 |
15.84 |
About Wealth-X
Wealth-X is the world's leading ultra high net worth (UHNW) intelligence and prospecting firm with the largest collection of curated research on UHNW individuals, defined as those with net assets of US$30 million and above. Headquartered in Singapore, it has 13 offices on five continents. (www.wealthx.com)
SOURCE Wealth-X
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