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Russia’s Richest Man Gains $8.5 Billion Leading Wealth Rebound In 2020

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  • Potanin, Russia’s richest person, derives most of his net worth from MMC Norilsk Nickel PJSC, the world’s largest producer of refined nickel.
  • The 23 titans on the Bloomberg Billionaires Index added $52.9 billion to their fortunes, the most in four years, and a rebound after a decline the prior year. Metal magnate Vladimir Potanin, 58, led the group with an $8.5 billion gain.
  • But Russia’s equity market, despite sanctions, has performed best globally on a total-return basis in dollar terms, while its currency is the second-best worldwide.
  • Vagit Alekperov added $6.2 billion since the start of the year. The 69-year-old is the chairman of Lukoil PJSC, Russia’s largest independent oil producer. He has a $22.3 billion fortune.

It has been a very good year for Russia’s richest, despite the threat of heightened sanctions against the country.

Currencies, stocks and bonds rallied in 2019 as the Federal Reserve led global central banks in lowering rates to support flagging growth.

Vagit Alekperov added $6.2 billion since the start of the year. The 69-year-old is the chairman of Lukoil PJSC, Russia’s largest independent oil producer. He has a $22.3 billion fortune.

He’s followed by energy moguls Leonid Mikhelson and Gennady Timchenko, who hold Novatek PJSC, Russia’s biggest liquefied natural gas producer.

Sorce: Bloomberg