Over $4 billion addition in the fortune of Russia's richest man Vladimir Potanin has put him among select few billionaires globally who have seen their net wealth swell this year.
While the world's top billionaires like Tesla Inc (NASDAQ:TSLA) CEO Elon Musk and Meta Platforms Inc (NASDAQ:FB) CEO Mark Zuckerberg see their wealth fizzle out – he is the one gaining despite belonging to a country that has been a target of international sanctions amid its invasion of neighbor Ukraine.
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According to Bloomberg's billionaire index, Potanin's fortune has grown by $4 billion since the beginning of this year, while Zuckerberg's wealth is down by $52 billion; around $57 billion eroded from Musk's fortune during the same period.
Potanin, a close ally of Russian President Vladimir Putin is estimated to be worth $35 billion as of Tuesday, after seeing a sharp rise of over 300% in his wealth, about $11 billion, since March. During the same period, Zuckerberg's fortune has fluctuated a lot and stands nearly $2 billion lower, while the world's richest man Musk has lost about $8 billion.
Snapping Up Domestic Banks At A Discount
As western sanctions over the invasion of Ukraine continued to hobble fellow Russian businesses, Potanin has been snapping up domestic banks at a discounted rate.
According to a Financial Times report, Potanin has been tapping into his estimated $30 billion fortune to obtain stakes in major Russian banks, which have seen their value dwindle after Western stakeholders abandoned the country.
The report further pointed out that Potanin's Interros group agreed to acquire Russian universal bank Rosbank after its French owner Société Générale sought a quick exit from Russia.
The Rosbank deal came days after buying Russian businessman Oleg Tinkov's 35% stake in TCS Group Holding in April. Meanwhile, Tinkov said officials threatened to nationalize the bank unless it cut ties with the businessman after Tinkov's anti-war statement.
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