The combined net worth of Russia’s wealthiest increased $20.4 billion in the first half of 2025, with commodities tycoons driving most gains, according to the latest data from the Bloomberg Billionaires Index.

Vladimir Potanin, controlling shareholder of Norilsk Nickel, retained his position as Russia’s richest man after adding $2.5 billion to his fortune, which now stands at $30.4 billion.

Vagit Alekperov, founder of Lukoil, Russia’s second-largest oil company, secured second place with a net worth of $26.5 billion, adding $1.1 billion to his wealth.

Alexey Mordashov, chairman of steel producer Severstal, ranked third, gaining $1.9 billion to reach $25.2 billion.

Leonid Mikhelson, co-owner of Novatek, Russia’s second-largest natural gas producer, saw his net worth rise $1.4 billion, bringing his total to $23.8 billion.

The most significant losses came for Vladimir Lisin, majority shareholder of NLMK, whose fortune dropped $3.5 billion to $22.2 billion amid weaker steel prices.

Pavel Durov, co-founder of Telegram, saw his fortune grow by $3.2 billion to reach $14.3 billion.

The index has been tracking the wealth of the world’s 500 richest individuals since March 2012, using real-time market data and corporate disclosures.