Richest Russians Lose Around $111 Billion

Six of the richest Russians have lost around $111 billion since the world financial crisis started, writes the daily Izvestia.

“The worst hit are the billionaires that panicked and took loans from the banks to buy rival firms and assets all over the world. They were living above their possibilities” says the paper.

According to Izvestia, under the title “There Are No More Oligarchs”, the fortune of Olega Deripaske, who carries the title of the richest Russian, fell from 28 billion dollars to 7.2 billion.

The most famous Russian billionaire, the owner of the football club Chelsea, Roman Abramovic, now has to made do with 3.3 billion dollars, and used to have 23.5 billion six months ago.

The Russian entrepreneurs financed their growth in recent years by borrowing money, and most of their fortune is estimated via shares in the companies that they own.

The fall of the world stock markets, the fall of raw materials and hardships in paying off debt, in a world affected by the crisis, the last few months were especially harmful for rich Russians.