Russian oligarchs lose big in financial meltdown

Russian billionaires from the aluminum magnate Oleg Deripaska to the soccer-club owner Roman Abramovich have lost more than $230 billion in five months during the country's worst financial crisis since the 1998 default on its debt. The combined wealth of Forbes magazine's 25 richest Russians tumbled 62 percent between May 19 and Oct. 6, based on declines in the equity value of traded companies and analysts' estimates of closely held assets they own. The loss is four times larger than the fortune of the world's wealthiest man, Warren Buffett. Moscow's benchmark Micex stock index declined 61 percent since its peak in May. The global credit seizure, war with Georgia and falling commodity prices led foreign investors to pull $74 billion out of Russia since the start of August, according to BNP Paribas. While Russia's 1998 default... [read full story]