(MENAFN- Khaama Press)
Russia's 22 richest individuals saw their net worths plunge by a collective $39 billion in less than 24 hours after their country invaded Ukraine.
The wealth wipeout came after Moscow's benchmark MOEX Russia Index crashed and closed 33% lower on Thursday.
The Russian billionaires lost more money on Thursday than they had lost year-to-date up until Wednesday, according to Bloomberg.
The biggest loser was Vagit Alekperov, chairman of Moscow-based oil company Lukoil, who saw his wealth fall by one-third in one day as the company's share price plummeted 32% on Thursday. Alekperov now has a net worth of $13 billion, down from $19.2 billion, according to Bloomberg.
Vladimir Potanin, Russia's richest known man (no one knows for certain just how rich Russian President Vladimir Putin is), lost $3 billion after the share price of Norilsk Nickel, where he is the president, crashed 26%.
It marked the first time since 1987's Black Monday crash that a decline of that magnitude hit a market worth more than $50bn.
One of the worst security crises in Europe since the Second World War threatens to deepen market declines in the region, but especially in Russia, which has been hit with sanctions by the US.
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