Russian billionaires boost wealth by 11% over a year despite war and sanctions — Forbes

MOSCOW - Russian billionaires increased their wealth by 11% to a record $696.5 billion over the past year despite the war in Ukraine and the toughest Western sanctions ever imposed on a major economy, Forbes Russia reported.

Russia's richest men are all linked to the vast reserves of natural resources that Russia has exported to global markets for decades - and their wealth has risen as disruptions to trade flows have boosted commodity prices - although Forbes noted that there were no new names at the top of the list.

Forbes ranked Alexei Mordashov, general director of investment firm Severgroup, as Russia's richest billionaire, with a fortune of $37 billion that was up $8.4 billion from last year's ranking.

Vladimir Potanin, chief of Interros and metals producer Nornickel GMKN.MM, with a fortune of $29.7 billion, was ranked by Forbes as the second richest in Russia.

Vagit Alekperov, former chief of Lukoil LKOH.MM, was ranked third with a fortune of $29.5 billion, and Leonid Mikhelson, CEO of Novatek NVTK.MM, and his family were ranked fourth with a fortune of $28.3 billion, Forbes said.

Once considered to be some of the richest men on the planet, the wealth of Russia's billionaires, many of whom made vast fortunes in the chaos that followed the Soviet Union's collapse, is now far smaller than the top U.S. technology titans.

Elon Musk leads the global Forbes rich list with a fortune of $839 billion. Google's Larry Page is ranked second with a fortune of $257 billion.

-Reuters; Editing by Guy Faulconbridge and Tom Hogue/Reuters