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Moscow the New Billionaire Capital of the World

10. March 2011 by Christy 0 Comments

Thanks to a boom in commodities like oil, metal, and other natural resources, Moscow is now home to 79 billionaires, making the Russian city the new billionaire capital of the world.


In its annual list of the world’s richest people, Forbes reported that 79 of Russia’s 101 billionaires live in Moscow, also noting that a third of Europe’s billionaires hail from Russia and that 15 of the world’s richest people live in the former Soviet nation.


With a personal wealth of $24 billion, Vladimir Lisin is Russia’s wealthiest billionaire and the 14th richest person in the world. Lisin, who controls Russia’s Novolipetsk Steel, saw his fortune increase by $10 billion last year.


Steel magnate Alexei Mordashov ($8.5 billion) is the 29th richest person in the world, replacing Mikhail Prokhorov, owner of the United States’ New Jersey Nets basketball team, as the second wealthiest man in Russia. Forbes ranked Prokhorov, chief executive of Russia's largest gold miner Polyus Gold, 32nd on its richest people list. Prokhorov enjoys an estimated wealth of $18 billion.


Yuri Milner, the man featured in the Forbes cover story “The Billionaire Who Befriended the Web” also appears on the list of 1,211 billionaires as did Russian woman Elena Baturina.


Click to view the full list of Forbes' The World's Billionaires. View Russia's billionaires here.


Source: Reuters