Russia’s invasion of Ukraine has had devastating consequences, with cities destroyed and lives lost. However, some individuals have benefitted financially from the war, particularly Russia’s sanctioned oligarchs who are deeply involved in Vladimir Putin’s war efforts. These billionaires have supplied the Russian military with metals, fuel, and digital infrastructure, among other things. In fact, 81 wealthy Russian tycoons, including 63 members of Forbes World’s Billionaires list, have won nearly $3 billion in public contracts with Russia’s defense industry between 2014 and 2023.
The number of Russian billionaires on Forbes’ 2024 World’s Billionaires list has increased to 120, with 55 of them being sanctioned by the U.S., the U.K., or the European Union. These billionaires have seen a collective increase in their wealth, despite being sanctioned. Additionally, there are new Russian billionaires who have benefitted from the exodus of Western companies in 2022 after sanctions were imposed, such as Ivan Tavrin who bought the Russian assets of Henkel at a significant discount. Retail magnates like Vladimir Melnikov have also seen their revenues soar as consumers shifted to homegrown brands.
Not only Russians have benefitted financially from the war, but individuals from other nations like Czechia and Turkey have also profited by aiding Ukraine in their defense. For example, Czech billionaire Michal Strnad’s Czechoslovak Group is a major arms supplier to the Ukrainian military, while the Turkish military drone manufacturer Baykar, owned by Selçuk and Haluk Bayraktar, saw a boom in exports after their drones helped Ukrainian troops on the battlefield. On the other hand, Ukraine’s billionaires have seen a decline in their wealth since 2023 due to the war, with Rinat Akhmetov suffering losses after his firm’s plant was ruined by Russian forces.
Several newcomers and returnees to the Forbes World’s Billionaires list have gotten richer by supplying both sides, buying war-torn assets at discounted prices, or benefiting from the lack of competition as foreign competitors left Russia. These individuals come from various industries like shipping, firearms, retail, and IT. For example, Greek shipping tycoon George Prokopiou has profited from shipping Russian oil, while Italian firearms manufacturer Beretta has increased revenues and profits due to strong sales to European armies. Russian retail magnate Vladimir Melnikov has seen a significant increase in sales, thanks to the departure of Western brands like H&M and Zara.
Overall, the war in Ukraine has created financial opportunities for some individuals, particularly sanctioned Russian oligarchs and foreign entrepreneurs who have profited from aiding Ukraine. The global economy has been reshaped by the conflict, with some billionaires seeing their wealth increase while others have suffered losses. The long-term impact of the war on the financial status of these individuals remains to be seen, as the conflict continues to unfold.
