Abramovich loses almost $10 billion

• by Soccer America , Feb 17, 2009

[SIGN OF THE TIMES] According to Finans, a Russian business magazine, Chelsea owner Roman Abramovich has lost almost $10 billion in the economic collapse, but such have been the losses of Russia's oligarchs that Abramovich is still second on the list of Russia's most wealthy individuals with assets valued at $13.9 billion.

Russia has been hard hit in the economic downturn -- in particular the drop in oil prices. Another Russian billionaire, Arsenal shareholder Alisher Usmanov, has fared only slightly better than Abramovich, losing $8.8 billion and seeing his wealth fall to $4.5 billion. He was still in good enough a position to increase his stake in Arsenal to above 25 percent and hold the most powerful position in the club.

Oleg Deripaska, who was Russia's richest man last year with assets of $40 billion, lost $35.1 billion and fell to eighth place on Russia's rich list.

The number of Russian billionaires dropped from 101 in 2008 to 49 in 2009, and those 49 lost a combined $151 billion.

Experts predict that Russia's poorly run and undiversified economy will be in for even harder times in the future.