As the ruble dropped dramatically last week, many of Russia’s richest saw their fortunes tumble overnight. Alisher Usmanov, the steel tycoon who owns a third of Arsenal football club and who topped the Sunday Times list of richest, could fall down to the number nine spot. He and Roman Abramovich, who owns Chelsea football club lost $1.25 billion combined in less than a week.
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The biggest loser is Sergey Galitsky, who owns the leading supermarket chain in Russia. His losses amount to $1.406 billion.The Russian currency lost 20% of its value, and while it is slowly emerging back up, it has a long way to go before reaching its former levels.
However, not all of Russia’s rich are suffering. Vladimir Potanin actually made $185 million last week. Andrey Melnichenko did well with a $50 million gain.
In addition to sanctions against the country, Russian has been hit hard by the falling price of crude, since Russia is dependent on energy for its GDP.