Morning:
13°c
Russia’s rich hardest hit by downturn
Jonathan Prynn11.03.09
Oleg Deripaska, the Russian oligarch who contentiously entertained Peter Mandelson and George Osborne on his yacht last summer, has been humbled by the global economic storm.
The tycoon, who controls a vast industrial empire including aluminium, construction and, in the UK, the crippled van manufacturer LDV, has seen almost 90 per cent of his net worth wiped out, according to a rich list.
It is the biggest percentage fall of any billionaire in a year that wreaked havoc with the finances of the world's wealthiest. The Forbes 2009 list of the world's billionaires estimates his current wealth at $3.5 billion, down from $28 billion last year.
Mr Deripaska, 41, who owns a London home in Belgrave Square, was once said to be Russia's wealthiest man, although he disputed the description. His fortunes have been hit by the massive downturn in commodity prices and Russian financial markets during the credit crunch and subsequent economic slump.
He has been forced to sell many of his assets to pay off debts. Last month he was refused a £40 million lifeline for LDV. Russians, who dominated last year's Forbes list, have been particularly badly hit with two thirds of last year's members of the billionaires' club losing their status. Overall, the 10 biggest losers are a combined total of $238 billion worse off.
The biggest loser in cash terms was Indian industrialist Anil Ambani, whose fortune slumped by 76 per cent, or $32 billion.
Microsoft founder Bill Gates has regained his status as the world's richest man with a fortune estimated at $40 billion, down $18 billion. In total 656 people on the list are less well off than a year ago, while just 44 are better off.
