The fortune of the richest Russian businessmen has shrunk by more than $28 billion since the beginning of 2026, according to Bloomberg Billionaires Index data as of the end of October. The biggest decline was for Vladimir Potanin, president of “Norilsk Nickel“ - $8.1 billion. Thus, the estimate of his wealth decreased to $21.6 billion.
In second place in terms of losses is Mikhail Prokhorov, associated with the “Onexim“ investment group. His fortune decreased by $4.86 billion to $10.8 billion. Third is Mikhail Fridman, whose fortune has shrunk by $3.8 billion to $10.4 billion.
Who are the other big losers
The founder of the Siberian Coal Power Company Andrey Melnichenko lost $2.8 billion, and his fortune is estimated at $17.4 billion. Pavel Durov, co-founder of “Telegram“, is down $2.61 billion to $12.1 billion.
Leonid Fedun, former vice president and co-owner of “Lukoil“, lost $1.96 billion and has an estimated fortune of $8.63 billion. Vladimir Lisin's fortune fell by $1.75 billion to $21.2 billion.
Leonid Mikhelson lost $1.14 billion, with his fortune estimated at $23.8 billion. Alisher Usmanov's fortune fell by $914 million to $17.3 billion.
The smallest decline among the top ten Russians in the index was reported by Alexei Mordashov. The wealth of the owner of “Severstal“ decreased by $515 million to $27.8 billion.
How the valuation is calculated
The Bloomberg Billionaires Index estimates wealth primarily through the value of shares in companies in which billionaires own shares. For companies without a direct market valuation, ratios such as market capitalization to EBITDA or share price to earnings are used.
“This is a dynamic valuation that changes with markets and economic conditions“, Bloomberg states in describing the index methodology. The ranking covers the 500 richest people in the world.
Just a month earlier, as of October 1, Bloomberg estimated the total decline in the wealth of Russia's richest businessmen since the beginning of the year at more than $25 billion. The new data shows a further contraction in October.
Sources: rbc.ru, bloomberg.com