Billionaires in recession-hit Russia down by half

MOSCOW: The global financial meltdown has taken a heavy toll among the Russian tycoons with the number of billionaires in the post-Communist country dropping almost by 50 per cent.

"The global financial crisis has slashed the total wealth of Russia's top 10 billionaires by two-thirds to $ 75.9 billion in the last 12 months and the total number Russia's billionaires has halved to 49 from 101," 'Finans' (Finance) weekly today wrote in its latest issue.

In the beginning of 2008, billionaires needed $ 15 billion to join the list of the country's top 10 richest people. Now this criterion has dropped to $ 4.5 billion, the weekly noted.

President of Onexim Group Mikhail Prokhorov, who had an estimated wealth of $ 14.1 billion in 2008 has emerged as the richest of among the Russian super-rich, while the owner of the Basic Element holding company including Rusal aluminium giant Oleg Deripaska was the biggest loser.