In 2025, Russia’s billionaire class is not only surviving — it’s expanding. Despite ongoing Western sanctions and the fallout from the Ukraine conflict, the number of Russian billionaires has surged to 146, up from 125 last year, according to Forbes.

This dramatic rise is largely driven by the Kremlin’s aggressive redistribution of foreign assets and a wave of nationalizations that have birthed a new generation of ultra-wealthy elites. Russia now ranks fifth globally in terms of new billionaire additions, with 15 new names entering the Forbes list.

Leading the pack is oil tycoon Vagit Alekperov ($28.7B), followed closely by steel magnate Alexei Mordashov ($28.6B) and gas mogul Leonid Mikhelson ($28.4B). Notable newcomers include Vikram Punia of Pharmasyntez ($2.1B), Alexander Isaev of Elgaugol ($1.3B), and Ludmila Kogan of UralSib Bank ($1.3B). Also joining the ranks are the Linnik brothers of Miratorg and Boris Nuraliev, founder of software firm 1C.

As the global financial landscape shifts, Russia’s billionaires are adapting—and thriving—despite geopolitical headwinds.

Read more: Top 6 Richest Ukrainians in 2025: Profiles of Wealth Amid Economic Resilience

Alisher Usmanov, Yelena Baturina and Petr Aven
Alisher Usmanov, Yelena Baturina and Petr Aven

Read more: Who Is The Richest Person In Russia: Record Number Of Billionaires

Top 10 Richest Russians in 2025

1. Vagit Alekperov – $28.7B

  • Born: September 1, 1950, Baku, Azerbaijan SSR​

  • Company: Lukoil​

  • Background: Alekperov is a prominent figure in the Russian oil industry, having served as the president of Lukoil, one of Russia's largest oil companies. He has been instrumental in the development of the country's energy sector. ​

  • Family: Married with one son.​

  • Notable: Alekperov has been recognized for his contributions to the industry and has received several state honors.​

2. Alexey Mordashov – $28.6B

  • Born: September 26, 1965, Cherepovets, Russia​

  • Company: Severstal​

  • Background: Mordashov is the chairman and majority shareholder of Severstal, a leading Russian steel and mining company. He has diversified interests in various sectors, including tourism and finance. ​

  • Family: Married with children.​

  • Notable: Known for his strategic investments and philanthropy.​

3. Leonid Mikhelson – $28.4B

  • Born: August 11, 1955, Kaspiysk, Russia​

  • Company: Novatek​

  • Background: Mikhelson is the CEO of Novatek, Russia's largest independent natural gas producer. He also holds significant shares in the petrochemical company Sibur. ​

  • Family: Married with one daughter.​

  • Notable: Active in art patronage and cultural initiatives.​

4. Vladimir Lisin – $26.6B

  • Born: May 7, 1956, Ivanovo, Russia​

  • Company: Novolipetsk Steel (NLMK)​

  • Background: Lisin is the chairman of NLMK, one of Russia's largest steel companies. He has a background in engineering and has been involved in the steel industry for decades. ​

  • Family: Married with three children.​

  • Notable: An advocate for sports shooting and president of the European Shooting Confederation.​

5. Gennady Timchenko – $23.2B

  • Born: November 9, 1952, Leninakan (now Gyumri), Armenia​

  • Company: Volga Group​

  • Background: Timchenko is the founder of Volga Group, a private investment group with assets in energy, transport, and infrastructure. ​

  • Family: Married with one daughter.​

  • Notable: Known for his close ties to the Russian government and involvement in various charitable activities.​

6. Vladimir Potanin – $23.7B

  • Born: January 3, 1961, Moscow, Russia​

  • Company: Norilsk Nickel​

  • Background: Potanin is the president of Norilsk Nickel, the world's largest producer of nickel and palladium. He played a significant role in Russia's privatization era. ​

  • Family: Married with children.​

  • Notable: Engaged in philanthropic efforts, particularly in education and culture.​

7. Andrey Melnichenko – $17.15B

  • Born: March 8, 1972, Gomel, Belarus​

  • Companies: EuroChem, SUEK​

  • Background: Melnichenko is the founder of EuroChem, a leading fertilizer producer, and SUEK, a major coal energy company. He has interests in various industrial sectors. ​

  • Family: Married to Aleksandra Melnichenko, with two children.​

  • Notable: Known for owning one of the world's largest sailing yachts.​

8. Alisher Usmanov – $16.17B

  • Born: September 9, 1953, Chust, Uzbekistan​

  • Company: USM Holdings​

  • Background: Usmanov is the founder of USM Holdings, with diversified interests in metals, mining, telecommunications, and technology. ​

  • Family: Married to Irina Viner, a renowned rhythmic gymnastics coach.​

  • Notable: A significant philanthropist, especially in sports and arts.

9. Suleiman Kerimov – $15.8B

  • Born: March 12, 1966, Derbent, Dagestan, Russia

  • Company: Major stakeholder in Polyus Gold, Russia’s largest gold producer

  • Background: Kerimov began his career in banking and investment during the 1990s and later built a fortune through stakes in energy and mining companies. He is known for his discreet business dealings and political connections.

  • Family: Married, with three children. His son, Said Kerimov, has been involved in managing the family's assets.

  • Notable: A former senator in the Russian Federation Council, Kerimov has faced legal issues abroad, including investigations in France and the U.S.

10. Mikhail Fridman – $14.77B

  • Born: April 21, 1964, Lviv, Ukraine (then USSR)

  • Company: Co-founder of Alfa Group, a conglomerate with stakes in banking (Alfa-Bank), telecom (VimpelCom), retail (X5 Retail Group), and more

  • Background: Fridman is one of the most prominent Russian financiers, playing a key role in the post-Soviet business boom. He also co-founded LetterOne, a global investment firm.

  • Family: Divorced, with two daughters

  • Notable: Known for his low public profile and pragmatic approach, Fridman has been sanctioned by the EU and UK but continues to contest allegations and legal decisions in European courts.

FAQs

Q1: How has the number of Russian billionaires changed in 2025?

A1: The number of Russian billionaires has increased to 146 in 2025, up from 125 the previous year, according to Forbes .

Q2: Who is the richest person in Russia in 2025?

A2: Vagit Alekperov, founder of Lukoil, is the richest person in Russia in 2025, with a net worth of $28.7 billion .​

Q3: What industries dominate among Russia's top billionaires?

A3: The top Russian billionaires primarily operate in the energy, metals, mining, and finance sectors.​

Q4: How have Western sanctions affected Russian billionaires?

A4: Despite Western sanctions, many Russian billionaires have maintained or increased their wealth through strategic investments and diversification.​

Q5: Are there any new entrants among Russia's top billionaires in 2025?

A5: Yes, several individuals have entered the list of Russia's top billionaires in 2025, contributing to the increase in the total number of billionaires in the country.

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