Russia's rich feel the pinch as losses hit $380bn

They came to Britain in droves, attracted by top-flight football clubs, struggling London newspapers and mansions on Belgravia Square. But the influence of Roman Abramovich and his fellow Russian billionaires is waning. The country’s 100 richest people have been battered by the economic crisis, losing a combined sum of $380 billion (£254 billion) last year, according to a Forbes magazine report published today. Their total net worth fell from $520 billion to $142 million over 12 months. Last year, Russia could boast of 110 billionaires, making it second only to the US in the super-rich stakes. Now the number stands at 32, Forbes said. Many rich Russians made their money in commodities or banking — sectors which have seen prices collapse over the last six months. According to the magazine, this pushed the 2009 fortunes of Russia’s rich back to 2004 levels, when the country had just 36 billionaires. “The crisis has touched everyone: financiers and developers, metals and oil magnates, producers and sellers of consumer goods and owners of holding companies,” Forbes commented. “In the 2009 rich list, there is not a single businessman whose fortune has grown over the last year.” Mikhail Prokhorov, 43, is now Russia’s richest man with a fortune of $9.5 billion. But even the nickel magnate is cutting back on his expenditure and this year cancelled a deal to buy the world's most expensive property, a mansion on the French Riviera, for £392 million. He is closely followed the Mr Abramovich, the owner of Chelsea football club, who has $8.5 billion, and Vagit Alekperov, the head of Russia’s largest private oil firm, Lukoil, with $7.8 billion. Mr Abramovich lost $15.8 billion dollars last year but his woes were dwarfed by those of Oleg Deripaska, Russia’s richest man in 2008. Mr Deripaska, the owner of aluminium giant UC Rusal, saw his fortune plummet by $25.1 billion over the last year and is now ranked only in 10th place on the rich list with $3.5 billion dollars. The man at the top of the list, Mr Prokhorov, owes his position to some canny business decisions. In April last year he sold 25 per cent of his stake in Norilsk Nickel, the world’s largest nickel producer, at the peak of its market value — to Mr Deripaska.