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Who Are the Russian Oligarchs?

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Who are the Russian Oligarchs?

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Who are the Russian Oligarchs?

Russia’s richest individuals have lost more than $38 billion in 2022 because of Western sanctions on Russia in reprisal for the invasion of Ukraine.

Together, the top 10 Russian oligarchs have a net worth of $186 billion, equivalent to the market cap of large publicly-traded companies like McDonald’s and AMD.

But who are the Russian ultra-rich? In today’s graphic, we use data from Bloomberg’s Billionaires Index to show Russia’s richest individuals… and how much they’ve lost due to the war so far.

Metals, Art, Luxury, and Sports

The richest person in Russia, Vladimir Potanin, has a 35% stake in Moscow-listed Nornickel.

The company is the world’s biggest producer of palladium, a metal used in vehicle catalytic converters, and also the world’s largest producer of nickel, an essential metal for EV batteries and renewable energy.

RankNameNet worth USD $ YTD change*Bloomberg List
#1Vladimir Potanin$25.9B-$5.00B53
#2Leonid Mikhelson$22.6B -$9.87B66
#3Alexey Mordashov$22.5B -$6.32B 67
#4Vladimir Lisin$21.6B-$6.44B69
#5Alisher Usmanov$19.0B-$2.25B 89
#6Andrey Melnichenko$17.8B+$0.35B99
#7Viktor Vekselberg$16.7B-$1.79B107
#8Roman Abramovich$14.1B-$3.90B132
#9Mikhail Prokhorov$13.8B-$0.23B138
#10Suleiman Kerimov$11.8B -$3.37B177
Total$185.8B-$38.8B

*Based on Bloomberg Billionaires Index, as of March 24, 2022

Former First Deputy Prime Minister of Russia and a close associate to President Vladimir Putin, Potanin is a major benefactor of the arts. He recently stepped down from the board of the Guggenheim Museum, after 20 years as a trustee.

Arts and luxury are common among the Russian oligarchs.

The Russian ultra-rich are also among the biggest owners of private jets and superyachts⁠—some of which are getting snagged by law enforcement as part of the sanctions designed to crack down on Russia.

The fifth-richest man in Russia, Alisher Usmanov, owns Dilbar, the largest motor yacht in the world by gross tonnage. The boat is 512-feet long and reportedly cost $800 million, employing 84 full-time crew members.

dilbar superyacht facts, owned by Alisher Usmanov, the largest motor yacht in the world by gross tonnage

Named after Usmanov’s mother, the yacht was seized by German authorities who later discovered that it’s really owned by a Malta-based firm and registered in the Cayman Islands.

Besides art and luxury, the Russian oligarchs are also deeply involved with sports.

Roman Abramovich, once Russia’s richest man, is the departing owner of Chelsea Football Club, a London-based soccer team. He was sanctioned by the UK while trying to sell the club for $3.9B.

Besides Abramovich, Mikhail Prokhorov—founder of Onexim Group, a Moscow-based company with interests in banking, insurance, and real estate—owned the Brooklyn Nets basketball team and its home arena from 2009 to 2019.

The list also includes Vladimir Lisin, chairman of the steel group NLMK. A shooting sports enthusiast, he is the president of the European Shooting Confederation.

Fading Fortunes? Not so Fast

This is not the first time Russian oligarchs have faced tough economic sanctions. Since the Russian annexation of Crimea in 2014, 20 Russian billionaires have been sanctioned by the EU, U.S., U.K., Switzerland, or Canada.

Most of them have real estate ownership in relatives’ names or have assets registered in tax havens like the British Virgin Islands or the Isle of Man.

For example, upon being hit by sanctions, steel baron Alexey Mordashov transferred his majority stake in gold miner Nordgold to his wife, Marina.

Despite the crash of the ruble and the tanking of the Moscow stock market, Russian oligarchs are still able to shield their money and assets in creative ways.

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Economy

Visualizing the Tax Burden of Every U.S. State

Tax burden measures the percent of an individual’s income that is paid towards taxes. See where it’s the highest by state in this graphic.

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Visualizing the Tax Burden of Every U.S. State

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

This map graphic visualizes the total tax burden in each U.S. state as of March 2024, based on figures compiled by WalletHub.

It’s important to understand that under this methodology, the tax burden measures the percent of an average person’s income that is paid towards state and local taxes. It considers property taxes, income taxes, and sales & excise tax.

Data and Methodology

The figures we used to create this graphic are listed in the table below.

StateTotal Tax Burden
New York12.0%
Hawaii11.8%
Vermont11.1%
Maine10.7%
California10.4%
Connecticut10.1%
Minnesota10.0%
Illinois9.7%
New Jersey9.5%
Rhode Island9.4%
Utah9.4%
Kansas9.3%
Maryland9.3%
Iowa9.2%
Nebraska9.2%
Ohio8.9%
Indiana8.9%
Arkansas8.8%
Mississippi8.8%
Massachusetts8.6%
Virginia8.5%
West Virginia8.5%
Oregon8.4%
Colorado8.4%
Pennsylvania8.4%
Wisconsin8.3%
Louisiana8.3%
Kentucky8.3%
Washington8.0%
New Mexico8.0%
Michigan8.0%
North Carolina7.9%
Idaho7.9%
Arizona7.8%
Missouri7.8%
Georgia7.7%
Texas7.6%
Alabama7.5%
Montana7.5%
South Carolina7.5%
Nevada7.4%
Oklahoma7.0%
North Dakota6.8%
South Dakota6.4%
Delaware6.4%
Tennessee6.1%
Florida6.1%
Wyoming5.7%
New Hampshire5.6%
Alaska4.9%

From this data we can see that New York has the highest total tax burden. Residents in this state will pay, on average, 12% of their income to state and local governments.

Breaking this down into its three components, the average New Yorker pays 4.6% of their income on income taxes, 4.4% on property taxes, and 3% in sales & excise taxes.

At the other end of the spectrum, Alaska has the lowest tax burden of any state, equaling 4.9% of income. This is partly due to the fact that Alaskans do not pay state income tax.

Hate Paying Taxes?

In addition to Alaska, there are several other U.S. states that don’t charge income taxes. These are: Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming.

It’s also worth noting that New Hampshire does not have a regular income tax, but does charge a flat 4% on interest and dividend income according to the Tax Foundation.

Learn More About Taxation From Visual Capitalist

If you enjoyed this post, be sure to check out this graphic which ranks the countries with the lowest corporate tax rates, from 1980 to today.

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