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Russia Climbs To Seventh Place In Global Billionaire Rankings

The Chinese Hurun Research Institute has released its latest Global Rich List rating, with a surprise result in that India’s Mumbai has surpassed the Chinese capital Beijing in terms of the number of billionaires living there. Mumbai is now in third place in the world rankings after New York and London.

In Russia, according to Hurun, six US dollar billionaires were added over the past year, which moved the country into seventh place in global ranking with 76 billionaires. Hurun also noted the growing “migration of billionaires” which is almost certainly linked to sanctions and will include individuals who may be based overseas and possess related passports but would otherwise be identified as Russian. If included, Russia would move into fourth position, ahead of any Western Europeans. 

The annual Global Rich List ranking from the Chinese Hurun Research Institute reports that over the past year, the number of US dollar billionaires worldwide increased by 167, reaching a total of 3,279 people. The total wealth of billionaires also increased by 9% in 2023, with their collective wealth estimated at US$15 trillion.

The wealth of billionaires working in the financial sector (+10%), consumer goods (+8%), food and beverages (+7%) and real estate (+7%) grew most rapidly. The combined wealth of billionaires from the media and entertainment industry showed good growth (+US$226 billion), surpassing even the wealth of billionaires from the high-tech industry (+US$149 billion), financial services (+US$118 billion) and the retail trade (+US$104 billion).

The situation is worse for billionaires working in the field of healthcare and medicine – their total wealth, according to Hurun’s calculations, decreased by US$75 billion. The overall wealth of entrepreneurs working in the field of industrial products also decreased (-US$46 billion).

Chinese researchers reported that in the PRC over the past year the number of dollar billionaires decreased by 155 people, to 814. Nevertheless, in the Hurun ranking, China retained first place in the world in the number of billionaires actually living there. The United States remained in second place, which, however, came very close to China (+109 dollar billionaires, total number 800). India retained third place, where over the past year there were 84 more billionaires, and the total number was 271. The top five was completed by Great Britain (146) and Germany (140).

Russia, with 76 dollar billionaires, is in seventh place in the Hurun ranking after Switzerland (106). “Russia added six dollar billionaires over the year, despite the fact that the Ruble decreased in value  by 21%,” says Hurun. “They made their wealth in the metallurgy, mining and energy sectors, but for financial services the past year was not easy.”

The Chinese Institute estimated the total wealth of Russian billionaires at US$341 billion.

Moscow also retained its place in the top ten cities in the world with the largest number of billionaires with 59 billionaires (+2). New York was in first place (119, +14), London was in second (97, +10). But Beijing lost third place to Indian Mumbai, dropping to 4th place. Shanghai was also included in the top ten cities with the largest number of billionaires (5th place, 87 billionaires, (-16), Shenzhen (6th place, 84, -10), Hong Kong (7th place, 65, -12), New Delhi (9th place, 57, +18) and San -Francisco (10, 52, -2).

Chinese researchers named “migration of billionaires” as one of the main trends in the current ranking. “The migration of billionaires is intensifying. In the 2022 Hurun Global Rich ranking there were 9% of immigrant billionaires, and in 2023 this rose to 15%. “The most preferred destination for such migration is the United States, with the UK in second place. They are followed by Switzerland, Singapore, and Dubai.”

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