Billionaires Flee Russia to Save $110 Billion

More and more billionaires once linked to Russia are choosing to rebrand themselves as citizens of other nations.

In the latest Forbes billionaire rankings for 2025, 24 businesspeople previously listed as Russian are now shown under other countries.

According to The Moscow Times, their combined wealth adds up to nearly $110 billion—and they’ve taken it with them.

These updates don’t happen by accident. In most cases, the billionaires themselves ask for the change—part of a growing trend of Russia’s richest quietly cutting ties with the country.

From Moscow to Monaco: Where the Money’s Going

Among the most high-profile shifts is Andrey Melnichenko—formerly Russia’s richest man—now listed under the United Arab Emirates, with a fortune of $17.4 billion.

Steel and mining tycoon Alisher Usmanov is now listed under Uzbekistan with $16.7 billion.

Billionaire Leonid Fedun, former vice president of Lukoil, is tied to Monaco with $10.4 billion.

Switzerland has become a preferred destination for several former Russian tycoons. Billionaires like Mikhail Prokhorov ($10.7 billion), Egor Kulkov ($4.1 billion), and Oleg Boyko ($1.5 billion) are now listed as Swiss residents.

Others have spread across Europe and the Middle East:

• Alexey Kuzmichev ($7.5B) – France

• Petr Aven ($4.7B) – Latvia

• Elena Baturina ($1.3B) – United Kingdom

• Arkady Volozh ($1.2B), Alexander Mamut ($1.4B) – Israel

• Denis Shtengelov ($1.4B) – Australia

• Multiple others – Cyprus, UAE, Monaco

These shifts not only signal a geographical move, but also a strategic one. Billionaires are racing to avoid the stigma and financial barriers that come with being linked to the Kremlin.

A Trend Fueled by War and Sanctions

The mass rebranding of Russian wealth isn’t new—but it’s accelerating. Since the start of the war in Ukraine, holding a Russian passport has become a serious obstacle for global business. Sanctions have cut off access to Western banks, investments, and partnerships for anyone closely tied to Moscow.

That’s pushed many of Russia’s ultra-wealthy to look elsewhere. Some have gone a step further: at least six billionaires have officially renounced their Russian citizenship, including:

• Nikolai Storonsky, co-founder of fintech company Revolut

• Timur Turlov, owner of Freedom Holding

• Yuri Milner, founder of DST Global