Wednesday, January 26, 2022

"Russian Billionaires Lost $28Bln in Market Sell-Off"

From The Moscow Times, January 26:

Russian billionaires have lost a combined $28 billion in recent days amid drastic falls in the value of Russian companies and the ruble in response to mounting fears of military conflict.

The Russian stock market is down by around 20% this year alone, and the ruble has approached an all-time low of almost 80 against the U.S. dollar as investors have ditched Russian assets.

Amid the sell-off, 76 out of the 104 Russians in the Forbes Global Billionaires list have seen their wealth fall since the end of December 2021, Forbes reported.  

The combined loss of wealth amounts to $27.9 billion, according to the Forbes Real-Time calculator, which tracks the value of high-net-worth individuals based on live share prices and exchange rates.....