Despite economic sanctions imposed by the West due to Russia's invasion of Ukraine, the ultra-rich in Russia have seen their wealth soar over the past year. According to the 2023 Forbes World's Billionaires list released on Wednesday, the overall wealth of Russian billionaires has increased from $353 billion in 2022 to $505 billion in 2023, with an average increase of $600 million per person.
The number of super-rich Russians, those whose fortune exceeds $1 billion, also jumped to 110 individuals, up by 22 compared to last year's list. The wealthiest Russian is Andrei Melnichenko, the founder of EuroChem Group and coal energy firm SUEK.
Despite Russia's troubled economy, the increase in the number of wealthy Russians can be attributed to high commodity prices, one of the key factors for the fortunes of Russia's ultra-rich.
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