Meet the Billionaire Who Dethroned Fertilizer Royalty on Forbes’ Rich List

Meet the Billionaire Who Dethroned Fertilizer Royalty on Forbes' Rich List

According to the Forbes Billionaires List 2024, Vagit Alekperov replaced Andrei Melnichenko as the wealthiest person in Russia. According to the recently announced Forbes Billionaires List, Russian businessman Vagit Alekperov became the richest person in the country in 2024.

The debt of the former president of oil giant Lukoil is $28.6 billion.73-year-old Alekperov replaced Russian fertilizer magnate Andrei Melnichenko as the country’s richest man. Melnichenko’s net worth fell from $25.2 billion to $21.1 billion, making him seventh on the country’s billionaires list.

Last year, the wealth of Russia’s wealthiest people increased by $72 billion, and collective talent increased by $72 billion. Forbes said on Tuesday that Russia’s richest man has a fortune of $577 billion. In 2021, before Russia invaded Ukraine, Forbes estimated the total wealth of Russian billionaires at $606 billion.

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Russia’s war-driven economic growth, which high commodity prices and Western sanctions had hampered in the past two years, has helped the recovery. The West has sanctioned many wealthy Russians as the West seeks to punish President Vladimir Putin and those suspected of his involvement in the war in Ukraine.

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Reuters reported that by 2022, their total revenue will drop to 353 billion dollars. Leonid Mikhelson, president of Russian oil producer Novatek, ranked second on the Forbes list and increased his income by 5.8 billion, reaching 27.4 billion dollars. Forbes said there are now more rich people in the world than before, a total of 2,781 people, and the top 20 accounts for a large part of the increase in wealth. Alekperov is ranked 59th in the world.

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Forbes said, “They are richer than ever, with their total assets increasing by $2 trillion to $14.2 trillion by 2023.” Sanctions are often to blame for destroying Russia’s economy and highlighting that Russia’s economic growth last year was faster than any of the G7 countries (3.6% GDP growth).

The Russian economy has survived the recession in 2022 with enormous resources. Still, growth depends on the state-funded creation of Ukrainian combat weapons and shells, covering issues affecting the development of the lives of The Russian people.

The International Monetary Fund (IMF) estimates Russia’s GDP growth at 2.6%, but predicts that the economy will face difficult times due to shortages and skills shortages. Russian investors, in particular, benefited from the migration of Western companies. Many companies sell assets at low prices, seize Russian operations, and elect local leaders.

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About Shrabani Sarkar 991 Articles
Shrabani Sarkar is a celebrity news author who has been covering the latest gossip and scandals in the entertainment industry for Panasiabiz. Shrabani is passionate about celebrity news and enjoys sharing her insights and opinions with her loyal fans.