The wealth of the richest man in Russia grows while that of Musk and Zuckerberg falls | Ben Spain

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Adding more than $4 billion to the fortune of Russia’s richest man, Vladimir Potaniputs him among a select few global billionaires who have seen their net worth rise this year.

While the world’s top billionaires like Elon MuskCEO of Tesla Inc. (NASDAQ:TSLA), and mark zuckerbergCEO of Meta Platforms Inc. (NASDAQ:FB), they see his wealth diminish, he is the one who wins despite belonging to a country that has been subject to international sanctions for its invasion of Ukraine.

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According to the Bloomberg Billionaires Index, Potanin’s fortune has grown by $4 billion since the beginning of this year, while Zuckerberg’s wealth has shrunk by $52 billion, Musk’s fortune has seen a drop of around of 57,000 million dollars during the same period.

Potanin, a close ally of the Russian president, is believed to have Vladimir Putin, is worth $35 billion according to Tuesday’s revision, after seeing a sharp increase of more than 300% in his wealth, around $11 billion, since March. Over the same period, Zuckerberg’s fortune has fluctuated wildly and is down nearly $2 billion, while the world’s richest man, Musk, has lost about $8 billion.

Acquiring national banks at a discount

As Western sanctions over the invasion of Ukraine continue to hamper Russian companies, Potanin has been buying up domestic banks at a discount rate.

According to one information from the Financial TimesPotanin has been leveraging his estimated $30 billion fortune to gain stakes in major Russian banks, which have declined in value after Western investors fled the country.

The news also noted that Potanin’s Interros group has agreed to acquire the Russian universal bank rosbank after its French owner, Société Générale, sought a quick exit from Russia.

The Rosbank deal came days after buying the Russian businessman’s 35% stake Oleg Tinkov in TCS Group Holding in April. Meanwhile, Tinkov noted that officials threatened to nationalize the bank unless it cut ties with the businessman after Tinkov’s declaration against the war.

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The wealth of the richest man in Russia grows while that of Musk and Zuckerberg falls | Ben Spain