Pavel Durov became the most impoverished – his fortune decreased by $ 3.6 billion.

For the majority of Russian billionaires, the past year was successful: 110 businessmen entered the new Forbes rating against 88 a year earlier. The vast majority of them managed to increase their fortunes against the background of the recovery of the Russian stock market, which collapsed after the start of the “special operation” * in Ukraine.

But there are those whose wealth has decreased over the year. Of the billionaires included in the last Forbes global rating, 13 people faced this – in total they lost $ 8.5 billion. And the reasons are not only in the sanctions that affected some of them. For last year’s rating, exchange rates and quotes were fixed on March 11, 2022, for the new rating – on March 10, 2023. During this period, the S & P fell by 8% to 3861 points, NASDAQ – by 13%. The combined wealth of all the world’s billionaires fell by $500 million to $12.2 trillion.

Rate hikes by the Federal Reserve, a deflating big tech bubble, gloomy forebodings of a looming financial crisis—those Russian billionaires whose wealth is based on investments or whose assets are predominantly located abroad have felt it along with their foreign counterparts.

13 most “impoverished” – in the Forbes gallery.

Pavel Durov

Wealth in 2023: $11.5 billion

Change for the year: minus $3.6 billion

The main competitor of the Telegram messenger, forcing its creator Pavel Durov to regularly write critical posts, is WhatsApp, owned by Meta Platforms, an extremist company recognized in Russia. Since February 2022, the company’s shares have fallen in price by 21%. And the shares of Snap, which owns another messenger competitor Snapchat, have almost tripled and are now trading at $10.7 per share. The drop in quotes of peer companies affected the valuation of Telegram. From third place, which Durov took in the Russian Forbes rating in 2022, this year he moved to tenth.

Leonid Boguslavsky

Wealth in 2023: $3.6 billion

Change for the year: minus $1.1 billion

Leonid Boguslavsky’s funds own shares in 125 IT companies from Europe, America and Asia. Many of them have fallen in price over the past year. For example, Boguslavsky owns a stake in the public company Datadog, whose capitalization more than doubled in a year – from $174.51 per share in February 2022 to $78.35 in February 2023.

Dmitry and Igor Bukhman

Wealth in 2023: $7 billion each

Change over the year: minus $1.1 billion each

The main asset of the brothers Dmitry and Igor Bukhmanov is the game developer Playrix. The decline in interest in securities of gaming companies is clearly illustrated by the example of the European Nexters, in which the Buchmans invested at a relatively early stage. In August 2021, Nexters held an IPO on the Nasdaq stock exchange at a valuation of $1.9 billion. At the beginning of April 2023, its capitalization is only $940 million. Another example is Electronic Arts, its shares have fallen 4% since February 2022 to $128 . Another game developer Take-Two Interactive Software fell by 24%.

Farhad Ahmedov

Wealth in 2023: $1.1 billion

Change for the year: minus $0.6 billion

For many years, Farhad Akhmedov sued his ex-wife and saved the Luna yacht worth almost €400 million from her claims. The lawsuit was completed with an amicable agreement. In 2021, Akhmedov agreed to pay £150 million to his ex-wife, although earlier the London court insisted on compensation of £453 million. But the 115-meter Luna was detained in Hamburg in May 2022 by the German authorities.

Oleg Boyko

Wealth in 2023: $1.1 billion

Change for the year: minus $0.2 billion

The largest asset of Oleg Boyko’s Finstar holding was a stake in the fintech company 4finance, acquired in 2011. But in the spring of 2022, the businessman’s mother, Vera Boyko, the beneficiary of the family trust through which the ownership of 4finance was registered, reduced her stake in the company from 49% to zero – the shares were transferred to several shareholders, including citizens of Ukraine and the Swiss parasport charity foundation. Valuations of the billionaire’s other assets have dropped significantly.

Dmitry Rybolovlev and family

Wealth in 2023: $6.4 billion

Change for the year: minus $0.2 billion

The basis of the state of Dmitry Rybolovlev is the money that he received from the sale in 2010 of blocks of shares in Uralkali and Silvinit. The assessment of the fortune of a businessman living in Monaco has declined against the backdrop of falling global stock markets.

Petr Aven

Wealth in 2023: $4.2 billion