Over the last year, Russia has seen their stock of billionaires dwindle to a mere third of their 2007 levels – from 87 down to 32.
This recent drop-off was largely fueled by declining crude oil prices, real estate value, a failing stock market, and the depreciation of the Russian ruble.
2008 saw the MICEX Oil & Gas index drop 59 percent while the stock market as a whole fared even worse, recording a decline of 67 percent. Couple that with the ruble depreciating 29 percent against the dollar and there is little surprise that Russia’s wealthiest have taken financial hits.