Abramovich Loses $20 Billion
Bad news for free-spending Russian billionaire and Luxist mascot Roman Abramovich: he lost a staggering $20 billion over the past few months as Russia's financial markets took a tumble. The figure was calculated "based on assets excluding property and cash," Bloomberg reports, and it means that Abramovich's net worth is now only $3.5 billion. He had previously been ranked as the 15th richest man in the world with a fortune of $23.5 billion. Some other Russian oligarchs have fared pretty poorly as well. Russia's richest man - well, formerly anyway - Oleg Deripaska lost more than $16 billion, and Vladimir Lisin lost $22 billion. Overall, Russia's richest men have lost a combined total of $230 billion in five months, Bloomberg notes. No single man has suufered as much as Indian steel tycoon Lakshmi Mittal, who lost $28 billion as we reported earlier this week. Still, Abramovich's loss is likely to affect him more as he so obviously enjoyed spending his immense wealth. So - anyone want to buy a $350 million megayacht?
Reader Comments (Page 1 of 1)
Bill Oct 13th 2008 8:33AM
Stock options never equal liquidity. So, he could suffer a lose like this and never really feel it, as he didn't have ready access to an equal amount of cash anyway.
nameless Nov 13th 2008 8:13PM
Ummm..he spent like he was worth $20 Billion because he could cash the stock, and may have borrowed billions thanks to them.
Now, he must pay the margin calls, ask Putin for a bailout and accept a dilution of his Russian shares
labinot Dec 30th 2008 10:48AM
I don't think so!!!! Abramovich was the richest of the world, with most Cash flow.....He had a lot of money he can't los 20 billion