Russian billionaires increased their combined wealth by 11% over the past year to a record $696.5 billion, according to Forbes. The rise comes despite ongoing war-related pressures and sweeping Western sanctions, highlighting the resilience of Russia’s resource-driven economy.

Much of the wealth growth is tied to Russia’s vast natural resources, with higher global commodity prices boosting fortunes. Alexei Mordashov topped the list as the richest individual with an estimated $37 billion, followed by Vladimir Potanin and Vagit Alekperov. Leonid Mikhelson and his family ranked fourth, reflecting continued dominance by energy and metals tycoons.

While Russia’s wealthiest have seen gains, their fortunes remain smaller compared to global tech leaders. Elon Musk continues to lead the global rich list, far ahead of others such as Larry Page, underscoring the gap between resource-based wealth and technology-driven fortunes.

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