Key Points
Vagit Alekperov replaced Andrei Melnichenko as Russia's richest billionaire, according to the Forbes Billionaires List 2024...
Russian industraliast Vagit Alekperov has become the richest billionaire in the country, according to the recently-released Forbes Billionaires List 2024..
In 2021, before Russia's invasion of Ukraine, Forbes had estimated the total wealth of Russian billionaires at $606 billion..
Many Russian billionaires fell under Western sanctions as the West sought to punish President Vladimir Putin and those deemed close to him for launching the war in Ukraine..
Boasting vast natural resources, Russia's economy rebounded sharply from a 2022 slump, but the growth relies heavily on state-funded arms and ammunition production for the war in Ukraine, masking problems that are hampering an improvement in Russians' living standards..
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