Russian billionaires lost $28 billion in market sell-off
Story highlights
According to the Forbes Real-Time calculator, which measures the assets of high-net-worth individuals based on real share prices and exchange rates, the total loss of wealth is $27.9 billion.
Russian millionaires have lost a total of $28 billion in recent days as the value of Russian firms and the ruble has plummeted in response to rising military conflict concerns.
The Russian stock market has lost about 20% this year alone, and the ruble has fallen to an all-time low of around 80 versus the US dollar as investors flee Russian assets.
According to Forbes, 76 of the 104 Russians on the Forbes Global Billionaires list have seen their fortunes decline since the end of December 2021, owing to the sell-off.
According to the Forbes Real-Time calculator, which measures the assets of high-net-worth individuals based on real share prices and exchange rates, the total loss of wealth is $27.9 billion.
Investors are concerned about the possibility of a military conflict over Ukraine, and economists predict that Russian assets will remain unpopular until a diplomatic solution is found.
Watch | French President Emmanuel Macron hosts meeting on Ukraine crisis including Germany, Russia
Leonid Mikhelson and Gennady Timchenko, two of Russia's wealthiest people associated with the Novatek gas behemoth and Sibur petrochemicals enterprise, were the biggest monetary losers.
(With inputs from agencies)