\t\topinion \t\t\t\tCan Russia\u2019s Militarized Economy Ever Return to a Civilian Model? Attitudes toward the rich were never neutral: they were said to have built fortunes through dirty privatization or outright crime. Yet admiration lingered, and their wealth was still seen as a reflection of Russia\u2019s global standing. In 2008, Gazprom chief Alexei Miller promised to make the company \u2014 briefly valued higher than Microsoft \u2014 worth $1 trillion within a decade. Today, Gazprom\u2019s market capitalization is less than 1% of Microsoft\u2019s.<\/p>\n In 2007, at the height of Russia\u2019s boom, the country ranked second only to the U.S. in the number of billionaires. Fourteen Russians were in the global Top 100, with the richest ranked in the mid-30s. In 2025, only six remain.<\/p>\n The contrast is stark: twenty years ago, their combined wealth was three times greater<\/a> than Bill Gates\u2019s fortune. Today, those six together are worth three times less<\/a> than Elon Musk. Nationally, Russia has fallen to fifth place, behind the U.S., China, India, and Germany.<\/p>\n Meanwhile, fortunes elsewhere continue to surge. On Sept. 10, Oracle founder Larry Ellison added $101 billion<\/a> in a single trading day \u2014 more than the lifetime wealth of Alexei Mordashov, Leonid Mikhelson, and Vladimir Lisin combined. If trends persist, by the end of 2026 the combined wealth of the 150 richest Russians could fall below that of the world\u2019s richest individual.<\/p>\n Russia\u2019s tycoons rose largely by chance, much like oil-rich Arab elites of the 1970s\u201380s. Most built fortunes on natural resources or ties to state power. Two-thirds owe their wealth directly to privatization. Unlike global peers, they failed to build lasting international businesses.<\/p>\n A few exceptions stand out. Oleg Tinkov\u2019s fintech project Plata is now valued at $1.5 billion. Arkady Volozh\u2019s Nebius is worth more than Yandex, the company he founded. Nikolay Storonsky, with a 25% stake in Revolut, valued at $75 billion, may soon become the richest Russian-born entrepreneur. But most of these \u201cnew Russians\u201d have renounced their citizenship or are close to doing so. Those who remain are trapped.<\/p>\n \t\topinion \t\t\t\tThe Quiet Exit of Putin\u2019s Iron Chancellor Russian entrepreneurs\u2019 businesses remain unusually confined to domestic markets or those of the country\u2019s neighbors. Even China\u2019s billionaires built global firms, including innovators like ByteDance, whose TikTok is valued at nearly $340 billion \u2014 about half the size of Russia\u2019s entire stock market. By contrast, Russian wealth was tied to oil, retail, and real estate, much of which was later lost through association with the Kremlin.<\/p>\n Localization brought temporary protection. While Western governments froze assets, Putin imposed only modest taxes. But this left billionaires vulnerable to property seizures and political control. Over the past three decades, big business in Russia has steadily lost political influence despite rising wealth.<\/p>\n By the 2020s, many top entrepreneurs were reportedly nominal holders of assets controlled by Kremlin insiders. Their diminished influence was clear when comparing business attendance at Putin\u2019s 2024 inauguration with Trump\u2019s in 2025.<\/p>\n Like their global peers, Russian billionaires are aging. The average age of global Forbes billionaires is 67; in Russia, it is nearly 70. But unlike elsewhere, the inheritance of wealth in Russia is highly uncertain, given the erosion of the rule of law.<\/p>\n The future of Russia\u2019s Forbes list is unclear. The rise of Russian big business, which briefly propelled the country into the global elite, now looks like a historical accident. Within a few years, the last Russians may vanish from the Top 100, leaving behind only memories of a fleeting era of unchecked luxury.<\/p>\n \n\t\t\t\t\t\t\tThe views expressed in opinion pieces do not necessarily reflect the position of The Moscow Times.\n\t\t\t\t\t\t<\/p>\n A Message from The Moscow Times:<\/strong><\/p>\n Dear readers,<\/p>\n We are facing unprecedented challenges. Russia’s Prosecutor General’s Office has designated The Moscow Times as an “undesirable” organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a “foreign agent.”<\/p>\n These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work “discredits the decisions of the Russian leadership.” We see things differently: we strive to provide accurate, unbiased reporting on Russia.<\/p>\n We, the journalists of The Moscow Times, refuse to be silenced. 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