One Stop shop for Daily Digest - News, Views and analysis of the political developments of the Horn of Africa. Now you can follow by email alerts situated at the bottom. Please feel free to forward any item of interest - it is your blog too (Make it your Home Page)
Saturday, 16 April 2011
Number of Russia’s billionaires soars
Wixii aan Shaqada Uga Tagey Ayaa Socda(Dhageyso Wareyi xasaasi ah oo Idaacada Yabaroow la yeelatay C/laahi Yuusuf)
By Courtney Weaver in Moscow
Published: April 15 2011 22:46 | Last updated: April 15 2011 22:46
A new group of oligarchs is rising up the ranks in Moscow: billionaire internet tycoons.
The number of billionaires in Russia surged from 62 to 101 last year, the highest number ever, on the back of a recovery in raw material prices and the Russian stock market, according to an annual ranking of the country’s richest published on Friday by the Russian edition of Forbes.
While Russian oligarchs who made their fortunes consolidating natural resource assets in the early 1990s stay at the top of the list, lesser known names in the technology sphere are slowly rising up the ranks thanks to the rapid growth of the internet in Russia, where penetration rates are said to resemble those of the US in 1999.
Yuri Milner, chairman of Mail.ru, the London-listed internet giant, joined the top 100 this year with an estimated personal wealth of $1bn, while not far behind are Arkady Volozh and Ilya Segalovich, the co-founders of internet search engine Yandex, and Evgeny Kaspersky, chief executive of Kaspersky Labs, the antivirus software company.
Bridging the gap between the entrepreneurs and traditional natural resource tycoons are Alisher Usmanov and Alexander Mamut, who have used their wealth to move into the internet sphere.Continued