The early quarters of 2016 witnessed the tension between the United States and Russia. There were reports that Russia strengthened its arsenal to be able to counterattack. However, things took a different turn after President-elect Donald Trump won the elections.
Media reports say Trump’s victory was an unprecedented event. His triumph affected the U.S. as well as the whole world. Investors around the world were shocked with the election results, sending global stock markets plummeting.
Markets are always keen to hate uncertainty, though. Some experts thought that Trump’s unpredictable nature might bring about global turmoil.
Russia’s wealthiest have seen their fortunes grow by $29 billion since the election of U.S. President-elect Donald Trump in November, Forbes magazine reported Tuesday.
The country’s elite have reportedly seen their combined bank balance grow by 7.1 percent thanks to a rise in stock prices and the rapidly strengthening ruble.
According to Forbes, Russian billionaires with close ties with Putin gained over 29 billion U.S. dollars. The list of billionaires includes people sanctioned by the U.S. government in 2014. The sanction targeted people close to Russia’s leader, an entity involved in the Ukraine crisis.
Gennady Timoshenko, a close ally of Russian President Putin with a net worth of $15.1 billion, is believed to hold a 23 percent stake in Novatek. The Russian billionaire’s value is at $15.1 billion and could go up in the next few months.
Another Russian billionaire is reaping billions of wealth. Russia’s richest man is Leonid Mikhelson, his net worth garnered $1.9 billion. Mikhelson remains Russia’s richest man, worth $18.2 billion.
The rise of the Russian billionaires’ net worth is intertwined to increasing Russian stocks and currency. In October 2016, Bloomberg reported that Russia’s stocks achieved an all-time high. As a result, Russian investors gained more fortune with their investments.
Russian billionaires aren’t the only ones to feel the benefit of the Republican candidate’s impending inauguration.
According to Forbes, America’s wealthiest have also enjoyed a modest post-Trump boom of 2.8 percent.
Forbes estimates the U.S. President-elect’s net worth at $3.7 billion.
