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18 Oct, 2018 11:05

Sanctions anyone? Russia's richest keep getting richer

The net worth of Russian billionaires has grown by 10.8 percent since the beginning of 2018 against the same period a year ago, outpacing the riches from any other country in the world, shows the Bloomberg Billionaires Index.
Sanctions anyone? Russia's richest keep getting richer

The wealth of energy magnates Leonid Mikhelson, Gennady Timchenko and Vagit Alekperov has reportedly grown the most among Russia’s top 10. The increase was reportedly boosted by soaring crude prices.

According to the ranking, Russia’s deep-pocketed are followed by US tycoons whose wealth grew 7.5 percent. The richest from the UK have shrugged off the uncertainty tied to Brexit with a 3.4 percent increase.

The data revealed that Chinese billionaires are the worst performers in this regard. The net worth of the 10 biggest moneybags from China has dropped more than 27 percent in 2018. The decline was reportedly due to the massive sell-off in technology and real estate.

The remaining participants in the ratings have failed to add any gains to fortunes of the world's wealthiest. The combined net worth of French billionaires declined by 0.8 percent. Sweden's richest saw a 4.6 drop in their net worth, while overall fortunes of Swiss tycoons fell by 5.4 percent.

Fortunes of Indian billionaires decreased by six percent while the richest people from Canada saw a 8.3 percent drop in their net worth. Brazil's richest reportedly experienced a 12 percent decline, while the combined fortune of billionaires from Hong Kong fell by 13.4 percent. A the same time, the wealthiest Germans saw a drop of 14.8 percent.

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