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Russia's richest account for 25% of economy

The personal fortunes of Russia's 100 richest businessmen are as big as a quarter of the nation's entire economy, business journal Forbes said Wednesday.
KHODORKOVSKY
Mikhail Khodorkovsky, Russia's biggest billionaire, is in a Moscow jail awaiting trial for fraud and tax evasion.AP file
/ Source: Reuters

The personal fortunes of Russia's 100 richest businessmen are as big as a quarter of the nation's entire economy, business journal Forbes said Wednesday.

"Capital in Russia is not only concentrated in the hands of a small group of people, but also associated with just one city," Forbes said in a press release a day before publishing a list of Russia's 100 wealthiest.

"No other city in the world can boast such a large number of billionaires as Moscow."

Russia's biggest billionaire, oil company YUKOS' main shareholder Mikhail Khodorkovsky, will find it hard to enjoy his riches, although he too is in the Russian capital.

Khodorkovsky is worth $15.2 billion, but is languishing in a Moscow jail awaiting trial for fraud and tax evasion.

The charges against Khodorkovsky are widely seen as part of a Kremlin campaign to destroy the politically ambitious magnate's influence.

His arrest has found wide support in Russia, the world's second largest oil exporter, where the vast majority of people have gained little from the privatizations of the early 1990s.

"By contrast, the combined net worth of all American billionaires is equivalent to just six percent of the gross domestic product of USA," said Forbes.

In this year's Forbes full list of the world's billionaires, Khodorkovsky was followed among Russians by Roman Abramovich, the owner of English premier league soccer club Chelsea.

Abramovich's wealth was valued at $10.6 billion.