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Russian billionaires see wealth rise to over half a trillion dollars: Forbes


Russia’s richest people added $152 billion to their wealth over the past year, buoyed by high prices for natural resources and rebounding from the huge loss of fortunes they experienced just after the Ukraine war began, Forbes Russia said.

Russia has 110 official billionaires in the list, up 22 from last year, according to Forbes’ Russian edition, which said their total wealth increased to $505 billion from $353 billion when the 2022 list was announced.

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The list would have been longer had not five billionaires – DST Global founder Yuri Milner, Revolut founder Nikolay Storonsky, Freedom Finance founder Timur Turlov, and JetBrains co-founders Sergei Dmitriev and Valentin Kipyatkov – renounced their Russian citizenship, Forbes said.

“Last year’s rating results were also influenced by apocalyptic predictions about the Russian economy,” Forbes said, adding that the total wealth of Russia’s billionaires was $606 billion in 2021, before the war began.

After President Vladimir Putin ordered troops into Ukraine on Feb. 24 last year, the West imposed what it casts as the most severe sanctions in modern history on Russia’s economy – and some of its richest people – in an attempt to punish Putin for the war.

Putin said the West was trying to destroy Russia and has repeatedly touted the failure of Western sanctions to destroy the Russian economy, or even stop Western luxury goods – let alone basic parts – from ending up in Russia.

Russia’s economy shrank 2.1% in 2022 under the pressure of Western sanctions, but it was able to sell oil, metals and other natural resources to global markets, in particular to China, India and the Middle East.

The International Monetary Fund this month raised its forecast for Russian growth in 2023 to 0.7% from 0.3%, but lowered its 2024 forecast to 1.3% from 2.1%, saying it also expected labour shortages and the exodus of Western companies to harm the country’s economy.

The price of Urals oil, the lifeblood of the Russian economy, averaged $76.09 per barrel in 2022, up from $69 in 2021. Fertiliser prices were also high last year.

Andrei Melnichenko, who made a fortune in fertilisers, was listed as Russia’s richest man by Forbes with an estimated worth of $25.2 billion, more than double what he was estimated to be worth last year. Melnichenko could not be reached for immediate comment on the Forbes ranking.

Vladimir Potanin, president and biggest shareholder of Nornickel, the world’s largest producer of palladium and refined nickel, was ranked as second richest in Russia with a fortune of $23.7 billion. Potanin could not immediately be reached for comment on the Forbes ranking.

Vladimir Lisin, who controls steelmaker NLMK and was ranked last year as Russia’s richest man, was placed third in the Forbes Russia list with a fortune of $22.1 billion. Lisin could not be immediately reached for comment on the Forbes ranking.

Many Russian billionaires cast Western sanctions as a clumsy, and even racist, tool.

Building fortunes as the Soviet Union crumbled, a small group of tycoons known as the oligarchs persuaded the Kremlin under late President Boris Yeltsin to give them control over some of the biggest oil and metals companies in the world.

The privatisation deals often propelled the tycoons into the league of the world’s super rich, earning them the enduring dislike of millions of impoverished Russians.

But under Putin, some of the original oligarchs, such as Mikhail Khodorkovsky and Boris Berezovsky, were stripped of their assets, which eventually ended up under the sway of state companies often run by former spies.

New Russian names in the Forbes list include billionaires who made their money in snacks, supermarkets, chemicals, building and pharmaceuticals, indicating that Russian domestic demand has remained strong despite the sanctions.

Read more:

Ukrainian authorities raid home of billionaire businessman Kolomoiskiy: Reports

Superyacht linked to sanctioned Russian on sale for $29 mln

Kremlin says Russian billionaire Abramovich played early role in Ukraine peace talks

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Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.

During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

-wam

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At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books

As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”

Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.

Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.

Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.

Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.

Automation

The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.

Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.

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US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79

US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.

In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.

He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.

President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.

-WAM

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