Russian billionaire, including aluminum tycoon Oleg Deripaska and football boss Roman Abramovich, have lost more than 230 billion dollars since the beginning of the financial crisis, reported Bloomberg. Collapse of the Russian capital markets is the most serious in 1998 when the country announced a moratorium on its foreign debt.
Wealth-25 system richest Russians, calculated on the basis of assets owned by them, has decreased by 62 percent since mid-May, when was the peak of the stock exchange indexes Micex. For the same period indicator decreased by 61 percent. The global credit crisis, the conflict in Georgia and a fall in prices of raw materials caused foreign investors to withdraw nearly 74 billion dollars in Russia from August to early October.
In 1998 there was a transfer of wealth in the hands of the Russians. Now things are turning, says Mark Mobius, manager of the fund Templeton Asset Management Ltd., Which manages nearly 30 billion dollars to developing markets.
The owner of Rusal, Oleg Deripaska, who is the richest on the list has lost over 16 billion dollars in recent months and last week sold its participation in Hochtief AG and Magna International Inc. The owner of Chelsea football club Roman Abramovich is the registered losses of 20 billion dollars., Based on assets owned by him, no real estate and cache.
The biggest loser was Vladimir Lisin, whose stake in Novolipetsk Steel Company was impaired by 22 billion dollars.
Owned by the chief of Lukoil, Vagit Alekperov, the company shares have lost about 60 percent of its value, and currently is estimated at 7.2 billion dollars.
At least one Russian billionaire, however, got away “unscathed” - Michael Prohorov, which in early April sold 25 percent share in Norilsk Nickel to Oleg Deripaska. The sale take place just before nickel prices start to fall sharply. From April until now the value of that share has fallen by almost 60 percent.
According to Paul Teplyuhin of Troika Dialog Asset Management, colossal loss of exchange may result in a redistribution of assets in Russian industry. In his words at the time observed increased interest of Russian investors to acquire shares of the current attractive levels.
Many analysts are of the opinion that the stakes now are much greater than those of privatization in the early 90-years after the bankruptcy of the country in 1998
Today the stock market in Russia was closed by regulatory authorities announced that trading will be resumed under appropriate conditions.
Investment and investitions in Russian business and market Sale of assets and shares of Fortis for 4 billion dollars is stopped Stock exchanges in Russia with great growth today Strabag ready to buy Russian construction companies The U.S. Federal Reserve provide 800 billion dollars to encourage lending Bank of America buys Merrill Lynch for 50 billion dollars Real estate funds in Asia has 10 billion dollars unused capital HSBC - a conservative approach for the salvation of the crisis Indexes in the U.S. went to increase. Sales of new homes in the U.S. with unexpected rise in September Investors hover over the remains of sale for 1 billion pounds of UK 122.8 billion may not be enough to save AIG from bankruptcy Possible regulation of markets for raw materials in U.S. Sell the most expensive apartment in New York for 60 million dollars The crisis of capital markets in the U.S. continues Most indexes in Europe decreased due to the bankruptcy of Washington Mutual The price of oil went down again The price of oil continues to fall Two more banks liquidate in U.S. The price of oil lowest for the past 21 months U.S. market shares and Election Oil noted weekly decline of nearly 10 percent. Limited fall in prices of raw materials Asian indexes increased up to today’s session Here comes the second wave of massive losses for banks in Europe and the U.S.? The crisis threatens the entire automotive industry Again weak data in the U.S. press in Exchange indexes down Spain gripped by 2.3bn euro lottery Investors in properties no longer sees Central and Eastern Europe as an area protected by crisis United States stopped short selling of financial shares Negative growth in Spain of the GDP decrease in mortgage loans Threat of forced sales over the papers of leading Spanish companies Volkswagen briefly became the biggest company in the world by market capitalization It is expected that 1.2 million homes in Britain can cost less than their mortgage France is in recession, reported second quarter economic downturn, worse market conditions of employment and real estate UN holds Gaza crisis discussion Russia looks to re-route EU gas Russia blamed for monitor pullout Provide up to 30 percent decline in the value of business properties in the U.S. U.S. automotive manufacturers can benefit from financial Rescue Plan Exchanges in Asia registered the most serious sessions in its history Significant growth of exchanges in Europe US says Yes to Jim Carrey comedy Diamond clues to beasts’ demise Oil leaps to 5 percent, gold also rose up Alpha Bank & Trust bankruptcy failure in the U.S. G7 draw everything necessary to unfreeze money and credit markets Second UK conjoined twin dies Russia shuts off gas to Ukraine Oil falls further as demand slows White House advises banks to open credit UK interest rates at low levels for the past 57 years