Sent to you by Sean McBride via Google Reader: Abramovich, Deripaska,
Oligarchs Lose $230 Billion via Behind every billionaire there is a
Story! by admin on 10/10/08
Russian billionaires from aluminum magnate Oleg Deripaska to
soccer-club owner Roman Abramovich lost more than $230 billion in five
months during the nation’s worst financial crisis since the 1998
default on its debt.The combined wealth of Forbes magazine’s 25 richest
Russians tumbled 62 percent between May 19 and Oct. 6, based on the
equity value of traded companies and analysts’ estimates of closely
held assets they own. The loss is four times larger than the fortune of
the world’s wealthiest man, Warren Buffett.

Moscow’s benchmark Micex stock index declined 61 percent since its peak
in May. The global credit seizure, war with Georgia and falling
commodity prices led foreign investors to pull $74 billion out of
Russia since early August, according to BNP Paribas SA. While Russia’s
1998 default and devaluation of the ruble eradicated savings for most
of the population, this year’s losses are wiping out its richest
citizens’ fortunes.

read the rest published by Bloomberg here:

http://www.bloomberg.com/apps/news?pid=20601109&sid=aIAWDrA4RSTQ&refer=home



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