Russian Billionaires' Wealth Surpasses the Bank Savings of the Entire Population

The combined wealth of Russian billionaires has reached a historic high in 2026, surpassing the total bank savings of the entire Russian population, The Moscow Times wrote, citing Forbes on March 11.

The aggregate net worth of Russia’s ultra-rich has climbed to $696.5 billion. The global ranking now features a record 155 representatives from Russia.

This accumulation of capital has officially eclipsed the volume of savings held by Russian citizens in term ruble deposits, excluding current accounts. Data from the Bank of Russia indicates that as of February 1, 2026, the population’s deposits amounted to 46.23 trillion rubles. At the current exchange rate of 78.74 rubles to the dollar, this equates to approximately $587 billion, falling significantly short of the billionaires' combined fortunes.

The recent figures mark a stark contrast to the economic landscape of 2022. Following the Russia’s full-scale invasion of Ukraine and implementation of widespread sanctions and a sharp decline in the Russian stock market, the collective wealth of the country’s billionaires initially plummeted to $352.8 billion, with the number of individuals on the list dropping to 88.

However, their capital has since rebounded, demonstrating consistent growth for the fourth consecutive year, according to The Moscow Times.

The ranking is currently led by Alexey Mordashov, the owner of Severstal, who holds a fortune of $37 billion and ranks 57th globally. Vladimir Potanin, the owner of Norilsk Nickel and T-Bank, occupies the second position among Russians and 79th globally.

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Over the past year, his wealth increased by $5.5 billion to reach $29.7 billion. Vagit Alekperov, the founder of Lukoil, rounds out the top three with an estimated net worth of $29.5 billion, placing him 81st on the worldwide list.

The 2026 Forbes list also introduces 14 new Russian billionaires. Among these newcomers are brothers Ruslan and Timur Rakhimkulov, owners of the investment holdings Kafijat and MGTR Alliance, which hold stakes in Hungarian companies. Their fortunes are estimated at $1.9 billion and $1.8 billion, respectively, The Moscow Times wrote.

Former Krasnodar region governor and Agrokomplex owner Alexander Tkachev also entered the ranking for the first time with $1.8 billion. Additionally, Vladimir Ivanov, a former Yandex programmer and co-owner of Nebius Group, joined the list with a capital valuation of $1 billion.

This massive accumulation of wealth at the top comes exactly as the Russian state burns through its reserves to fund the war in Ukraine. While the country’s elite have successfully recovered and expanded their assets, the Kremlin has been forced to hike taxes and drain its National Wealth Fund just to keep the military running.

The so-called “fortress economy” built by Moscow has essentially cracked under the weight of wartime spending, resulting in soaring inflation and mortgage rates hitting 20%. As billionaires consolidate their capital, the financial burden of Western sanctions and the ongoing invasion is falling almost entirely on the everyday Russian public.

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