Russia’s richest billionaires lose $23.6 billion in wealth this year

Yesterday 12:40

By: Azzat Manal

Russia’s richest billionaires lose $23.6 billion in wealth this year

The combined fortunes of Russia’s wealthiest billionaires have fallen by about $23.6 billion since the beginning of the year, according to the Bloomberg Billionaires Index, highlighting the changing value of major Russian business holdings amid shifts in global markets.

The Bloomberg index tracks the fortunes of the world’s 500 richest people and updates their estimated net worth on a daily basis. For publicly traded companies, Bloomberg generally bases its calculations on share prices, while other valuations can rely on financial indicators such as price-to-earnings or enterprise-value-to-earnings multiples.

As of the latest figures, 19 Russian citizens were included in the index, with their combined wealth estimated at around $267.8 billion in the figures cited for October 1. The value of these fortunes can change significantly depending on movements in stock markets, exchange rates and the performance of the companies in which the billionaires hold stakes.

The decline in aggregate Russian billionaire wealth contrasts with strong gains recorded by several of the world’s richest technology entrepreneurs. The Bloomberg ranking remains heavily influenced by movements in the shares of major technology companies, particularly in the United States.

Elon Musk continues to occupy the top position in Bloomberg’s global ranking. His fortune has risen sharply since the beginning of the year, driven largely by changes in the value of his business interests. Bloomberg’s latest available figures put his net worth at about $902 billion, with a year-to-date increase of roughly $283 billion.

Larry Page, the co-founder of Google, ranks second with an estimated fortune of about $294 billion. Fellow Google co-founder Sergey Brin is also among the world’s wealthiest individuals, with approximately $273 billion, while Amazon founder Jeff Bezos is valued at around $272 billion.

Mark Zuckerberg, the founder and chief executive of Meta, ranks among the leading billionaires as well, with Bloomberg estimating his fortune at roughly $253 billion. His wealth has increased by about $20 billion since the beginning of the year, according to the index.

The contrast between the fortunes of Russian billionaires and those of some leading US technology entrepreneurs illustrates how closely billionaire wealth is tied to financial markets. Because much of these fortunes is linked to company shares and other assets, changes in market valuations can produce large gains or losses without necessarily reflecting equivalent changes in cash holdings.

For Russian business owners, fluctuations in the value of major domestic companies, commodity-related assets and other investments can have a significant effect on estimated net worth. Currency movements can also influence the dollar value assigned to assets held in rubles or other currencies.

The Bloomberg Billionaires Index is therefore a moving measure rather than a fixed assessment of personal wealth. Its figures change with market prices, economic conditions and other publicly available information, with estimates recalculated after trading sessions.

The latest data underline the uneven evolution of global billionaire fortunes in 2026. While some technology entrepreneurs have recorded substantial gains, the combined wealth of the Russian billionaires included in the index has moved in the opposite direction, reflecting the impact of market and economic conditions on Russia’s wealthiest business figures.