Soaring Fortunes of Russian Billionaires Reach $20 Billion
In a notable development, changes await Russian residents from August 1, 2025, as the country's wealthiest individuals have experienced substantial growth in their net worth.
One of the standout figures is Pavel Durov, the founder of Telegram. Durov's significant capital growth in 2025 was primarily driven by his continued dominant ownership and control of Telegram, which experienced strong financial performance and raised substantial capital through bond offerings. From 2021 to 2024, Telegram raised about $2.4 billion in bond offerings, allowing Durov to maintain over 95% ownership as of mid-2025. In 2024, Telegram reported a profit of $540 million on revenues of $1.4 billion, and it projected $2 billion in revenue with $720 million profit for 2025.
The thriving Telegram ecosystem, especially the TON blockchain associated with Telegram, also contributed to Durov’s wealth. TON’s market capitalization reached over $8 billion by mid-2025, and unique digital assets like the Telegram username @crypto fetched record-breaking prices — $25 million, a nearly 70-fold increase from its initial purchase. This demonstrates the growing market value of Telegram-linked tokenized digital identities and decentralized digital assets, areas actively promoted by Durov.
Although TON’s price faced volatility earlier in the year due to Durov’s temporary detainment causing a crash, it recovered strongly by August 2025, driving increased investor confidence and associated capital gains.
As a result of this impressive growth, Durov enters the top 10 wealthiest Russians with a net worth of $14.3 billion, marking the greatest capital growth among the country's richest individuals, with his assets increasing by $3.27 billion.
Other notable figures include Leonid Mikhelson, connected to Novatek, who has a net worth of $23.8 billion, an increase of $1.46 billion, and Alisher Usmanov, who maintains a net worth of $16.3 billion, an increase of $3.12 billion.
In total, the combined wealth of Russia's richest individuals has increased by $20.163 billion since the beginning of 2025. The BBI index includes 20 Russians among the 500 wealthiest people in the world with a combined net worth of $305.58 billion.
However, not all wealth has increased. Vladimir Lisin, linked to NLMK, has a net worth of $22.2 billion, but his wealth has decreased by $3.58 billion. Mikhail Fridman has a net worth of $13.7 billion, a decrease of $1.04 billion, and Andrei Melnichenko has a net worth of $20.5 billion, an increase of $294 million.
Vagit Alekperov, linked to Lukoil, has a net worth of $26.5 billion, an increase of $1.18 billion, while Vladimir Potanin, associated with Norilsk Nickel, has a net worth of $30.4 billion, an increase of $2.56 billion.
These developments underscore the dynamic and evolving nature of the Russian business landscape, with technology and digital assets playing an increasingly significant role in shaping the fortunes of its wealthiest individuals.
- Pavel Durov, having a net worth of $14.3 billion, achieved the greatest capital growth among Russia's richest individuals due to his investments in Telegram and the TON blockchain, with substantial gains in both finance and business.
- The growing market value of Telegram-linked tokenized digital identities and decentralized digital assets, as demonstrated by the record-breaking price of the Telegram username @crypto, showcases the potential for significant returns in the realm of investing and technology within Russia's evolving business landscape.
