Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Europe

Biggest Billionaire Losers in Crimea Crisis: Russians and Louis Vuitton


Gennady Timchenko in Saint Petersburg on Sept. 10, 2013

Photograph by Aleksander Nikolaev/Corbis

Gennady Timchenko in Saint Petersburg on Sept. 10, 2013

Markets tanked worldwide yesterday as the crisis in Crimea escalated. Plutocrats were hit especially hard. If you look at the top five money losers on earth, as measured by the Bloomberg Billionaires Index, a certain pattern emerges. They are:

1. Gennady Timchenko (Russia)
2. Leonid Mikhelson (Russia)
3. Vladimir Lisin (Russia)
4. Bernard Arnault (France)
5. Vagit Alekperov (Russia)

Wait, what’s a French guy doing in there? Oh: He’s chairman of LVMH Moet Hennessy Louis Vuitton (MC:FP), the luxury brand favored by ostentatious Russian oligarchs.

This chart shows the combined losses of the five Russians who were hit hardest:

The seventh- and eighth-biggest losers for March 3, Sergey Galitskiy and Vladimir Evtushenkov, are also Russian. Timchenko saw $1.7 billion evaporate yesterday, bringing his 2014 losses to $2.7 billion, while Evtushenkov lost nearly $880 million. Altogether the Russian billionaires saw $13 billion disappear, thanks to Russian President Vladimir Putin’s decision to send some 16,000 troops to the Crimean peninsula. Russia’s Micex index fell 10.8 percent on March 3, its biggest drop in five years. It rebounded 5.2 percent on March 4.

Summers_190
Nick Summers covers Wall Street and finance for Bloomberg Businessweek. Twitter: @nicksummers.

LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus