Russia's Billionaire Count Hits Record Despite Sanctions Amid War Economy
Russia's billionaire count reached a record high during the ongoing war, even as the political influence of oligarchs under President Vladimir Putin has declined. Sanctions imposed by Western countries have not turned these wealthy individuals into opponents but rather reinforced their support for the Kremlin.
A notable example is Oleg Tinkov, whose bank was pressured to sever ties with him amid these dynamics. The bank was subsequently sold to a Potanin-linked group for approximately 3% of its value, resulting in a loss of roughly $9 billion for Tinkov and prompting his move abroad.
Historically, post-Soviet oligarchs gained significant power; for instance, Boris Berezovsky, who claimed to have aided Putin's rise, later died in exile in the UK under murky circumstances.
On 24 February 2022, the day of the invasion order, Putin summoned Russia's richest individuals to the Kremlin, urging cooperation. Observers described the attendees as appearing pale and sleep-deprived.
According to Forbes data, the number of Russian billionaires fell from 117 to 83 in the year leading to April 2022, with a collective loss of about $263 billion (an average decrease of 27% per person), caused by the war, sanctions, and a weaker ruble.
However, from 2023 to 2024, the war economy stimulated Russia's economic growth and benefited many ultrarich individuals who profit from or partake in the war effort. Over half of the billionaires in 2024 are linked to supplying or capitalizing on the invasion.
Western sanctions, despite targeting assets and freezing accounts while prompting foreign firms to exit, failed to provoke defections among Russian billionaires. Kremlin-connected buyers filled the vacuums left behind, contributing to an 11-new-billionaire surge in 2024 and maintaining the oligarchs' loyalty to the regime.
