Russia: The Oligarch Files

When Russian President Vladimir Putin sent troops into Ukraine on February 24, he upended the complex, often corrupt, world of Russia’s oligarchs, wreaking havoc on their massive fortunes and their sprawling businesses while also destroying carefully crafted reputations.

It’s a world that Forbes knows all too well. We have been chronicling the rise and fall of Russia’s oligarchs—first under Boris Yeltsin during the chaotic privatization era and then under Putin—since the early 90s when prominent journalist Paul Klebnikov began tracking their fortunes. He was killed in 2004, a year after moving to Moscow to start Forbes Russia. It’s his legacy we carry on as we track these Russian billionaires’ powerful empires, opulent lifestyles and sometimes shady dealings.

Here is our best reporting, from the archives through the invasion of Ukraine, that dives deep to explain the world of Russian wealth — and how the sanctions have upended many of their businesses and lifestyles.

The Forbes Ultimate Guide to the Russian Oligarchs

There are 83 Russians on this year’s Billionaires list; we consider 69 of them to be oligarchs. Another 19 oligarchs were billionaires before the war but have lost too much money since the invasion of Ukraine to qualify for our ranking. Forbes estimates that these oligarchs—worth a collective $290 billion as of March 11—have lost $240 billion, nearly half of their prewar net worth, since January. Read More

What Is An Oligarch?

In 1997, Forbes put the first four Russians on our World’s Billionaires list. Russian businessmen embraced post-Soviet privatization – and Vladimir Putin – to become extraordinarily wealthy. Here’s why we call them oligarchs. Read More

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