Russia’s invasion of Ukraine has brought devastation and loss of life, but it has also been a financial boon for several billionaires. Many of Russia’s sanctioned oligarchs have profited from supplying the Russian military-industrial complex with materials for the war effort. These billionaires have won nearly $3 billion in public contracts with Russia’s defense industry since the occupation of Crimea in 2014. Despite facing sanctions from Western countries, these oligarchs have seen their wealth increase, with some even serving in Russia’s parliament.
The number of Russian billionaires on Forbes’ World’s Billionaires list has reached a record high of 120 in 2024, with a collective worth of $537 billion. Fifty-five of these billionaires have been sanctioned by Western countries, but many have still seen their wealth grow over the past year. Additionally, new billionaires have emerged, benefiting from the exodus of Western companies from Russia and the purchase of war-torn assets at discounted prices. These new entrants to the list have profited from the lack of competition as foreign competitors fled the market.
Outside of Russia, individuals from countries like Greece, Italy, and Turkey have also benefited from the conflict in Ukraine. Greek shipping tycoon George Prokopiou, Italian firearms manufacturer Ugo Gussalli Beretta, and Turkish military drone makers the Bayraktar brothers have all seen their wealth increase due to their involvement in supplying either side of the conflict. In stark contrast, Ukraine’s billionaires have seen their wealth plummet by 19% since 2023, with Russian forces causing further destruction to their assets.
The list of newcomers and returnees to the Forbes World’s Billionaires list includes individuals from various industries such as shipping, retail, and IT. These individuals have profited from supplying materials for the war effort, buying assets in war-torn regions, or capitalizing on the lack of competition in the market. Retail magnate Vladimir Melnikov, for example, saw his revenues soar as foreign competitors like Zara and H&M exited the Russian market. Ukrainian billionaire Rinat Akhmetov, however, has suffered significant losses as Russian forces have targeted his assets.
Overall, the ongoing conflict in Ukraine has had far-reaching financial implications, benefiting some individuals while causing devastation for others. The influx of new billionaires on the Forbes list highlights the economic consequences of war, as individuals from various industries find ways to profit from the conflict. As the situation continues to unfold, the fortunes of these billionaires may continue to shift, reflecting the ongoing impact of the war on the global economy.
