MOSCOW (Realist English). While global markets are in turmoil and Germany’s economy slides into stagnation due to the war with Iran, the wealth of Russian billionaires is breaking all records. According to the latest Forbes ranking, the number of dollar billionaires in Russia has reached an all-time high, and the combined fortune of the elite has soared to a staggering $695.5 billion.
Who’s who in the 2026 ranking
The new leader is steel magnate Alexey Mordashov, whose fortune jumped to $37 billion. He pushed aside the previous leader of the past two years, Lukoil founder Vagit Alekperov. The top three is rounded out by Norilsk Nickel president Vladimir Potanin, who is also among the country’s largest philanthropists.
Top 10 richest Russians (Forbes, 2026):
- Alexey Mordashov ($37 billion, +$8.4 billion) — owner of Severstal, as well as assets in gold mining (Nordgold) and tourism (TUI).
- Vladimir Potanin ($29.7 billion, +$5.5 billion) — his portfolio includes 37% of Norilsk Nickel, 41% of T-Bank, and a stake in Yandex.
- Vagit Alekperov ($29.5 billion) — founder and former head of Lukoil, now serves on the supervisory board.
- Leonid Mikhelson ($28.3 billion) — chairman of the gas giant Novatek.
- Suleyman Kerimov ($25.7 billion, +$9.3 billion) — his wealth grew by a record 57% thanks to assets in the gold mining company Polyus.
- Vladimir Lisin ($25.5 billion) — owner of the Novolipetsk Steel plant (NLMK).
- Gennady Timchenko ($24.2 billion) — also holds stakes in Novatek and Sibur.
- Andrey Melnichenko ($20.4 billion) — his assets are fertilizer producer Eurochem and coal giant SUEK.
- Mikhail Fridman ($14.2–16.5 billion) — founder of Alfa Group and investment holding LetterOne.
- Alisher Usmanov ($14.5 billion) — founder of USM Holdings, owner of Metalloinvest and MegaFon.
Drivers of growth: why the rich are getting richer
Despite unprecedented sanctions pressure, the combined wealth of Russian billionaires is steadily rising. Experts identify three main reasons:
- Rising commodity prices. Alexey Mordashov’s fortune grew in part due to record gold prices, which increased the value of his company Nordgold.
- Export reorientation. Giant companies (Lukoil, Norilsk Nickel, Novatek) quickly redirected raw material flows from Europe to China, India, and other Asian countries.
- Ruble strengthening. In its report, Forbes notes that the ruble’s appreciation of about 16% over the past year helped increase the dollar-denominated wealth of Russian businessmen.
Expert opinions: hidden billions and pragmatism
Economists link the record wealth of Russian billionaires to fundamental changes in the state’s economic policy.
- Alexey Mordashov, according to analysts, became the first Russian billionaire whose fortune exceeded $30 billion, thanks to rising gold prices and a stronger ruble.
- Suleyman Kerimov demonstrated impressive dynamics, increasing his capital by $9.3 billion (57%). This was made possible by his stake in the gold mining company Polyus, whose shares have been steadily rising.
- Andrey Melnichenko, whose wealth is concentrated in trusts managing shares of Eurochem and SUEK, is also one of the largest beneficiaries of the commodity sector.
Investment strategies are becoming increasingly pragmatic. Veronika Zhukova, executive director of Wealth IQ, notes that wealthy investors in Russia are moving toward more balanced decisions, which ultimately has a positive effect on their capital.
President of the Russian Union of Industrialists and Entrepreneurs (RSPP) Alexander Shokhin, commenting on the overall economic situation, stated that achieving the set goals requires economic growth of at least 2%; otherwise, Russia could “go to zero in terms of economic growth.”
Systemic philanthropy: social burden or new norm?
Against the backdrop of rising wealth, major businessmen are also increasing their charitable activities, which have become systemic.
- Vladimir Potanin officially topped the ranking of Russia’s largest philanthropists. His foundation supports education and culture. In 2026, the foundation allocated 1 billion rubles on a competitive basis to NGOs helping socially vulnerable groups.
- Alexey Mordashov directs funds to support children’s medical centers and the development of online education.
- Leonid Mikhelson is known for his investments in art and cultural projects.
- Alisher Usmanov, through his foundation “Art, Science and Sport,” finances large-scale projects in culture and social development.