Russian billionaires lose more than $28 billion since start of 2026

The combined wealth of Russia’s richest businessmen has fallen by more than $28 billion since the beginning of 2026.

According to the Bloomberg Billionaires Index data as of the end of October, Vladimir Potanin, president of Norilsk Nickel, recorded the largest decline in wealth among Russian billionaires, with his fortune falling by $8.1 billion year on year to $21.6 billion.

He was followed by Mikhail Prokhorov, founder of the ONEXIM Group, whose wealth decreased by $4.86 billion to $10.8 billion. Mikhail Fridman ranked third, with his fortune falling by $3.8 billion to $10.4 billion.

The Bloomberg Billionaires Index is calculated based on the value of shares in companies in which billionaires hold stakes. For some companies, estimates are based on the ratio of market capitalisation to EBITDA or the price-to-earnings ratio.

The ranking covers 500 of the world's wealthiest individuals.

As of October 1, the fortunes of Russia’s richest businessmen had declined by more than $25 billion since the start of the year, according to the same index.

Image: Dado Ruvic / Reuters