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Bye Bye Billionaires

From Reuters:

Russia’s economic slowdown has shredded the net worth of its richest people by more than 70 percent in the last year and slashed membership of its billionaires club by two thirds. (…)

“The crisis has affected everyone: financiers and developers, metallurgists and oil men, consumer goods producers and sellers and the owners of diversified holdings,” Forbes said in an editorial accompanying the list.

“Not a single entrepreneur is in a better position than a year ago.” (…)

Hardest hit has been Oleg Deripaska, whose $25.1 billion loss was equivalent to about a quarter of the cumulative losses of Russia’s 10 richest men. The aluminium tycoon dropped to 10th on the Forbes list after topping last year’s rankings.