Russian billionaires lose over USD93B since end of February
(MENAFN) According to statistics from Bloomberg's Billionaires Index and a study published on December 29, Russian billionaires have lost over USD93 billion since the end of February.
Based on the research, a portion of this wealth (USD46.6 billion) was destroyed practically soon after Russia began its military action in Ukraine.
In the months that followed, when Western nations punished Moscow with unprecedented penalties, the remaining USD47 billion was lost. Rich Russians who were perceived in the West as having ties to the country's leadership were specifically targeted by the restrictions. In the West, a lot of influential corporate people virtually lost access to their assets.
Russian millionaires weren't the only ones, though, to witness a decline in their wealth this year. The 500 richest people on earth have lost about USD1.4 trillion in total since 2021.
Analysts claim that these dynamics might be explained by growing inflation and, consequently, more aggressive monetary policies by central banks throughout the world, aside from the pealties campaign against Russia.
Based on the research, a portion of this wealth (USD46.6 billion) was destroyed practically soon after Russia began its military action in Ukraine.
In the months that followed, when Western nations punished Moscow with unprecedented penalties, the remaining USD47 billion was lost. Rich Russians who were perceived in the West as having ties to the country's leadership were specifically targeted by the restrictions. In the West, a lot of influential corporate people virtually lost access to their assets.
Russian millionaires weren't the only ones, though, to witness a decline in their wealth this year. The 500 richest people on earth have lost about USD1.4 trillion in total since 2021.
Analysts claim that these dynamics might be explained by growing inflation and, consequently, more aggressive monetary policies by central banks throughout the world, aside from the pealties campaign against Russia.
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