Moscow is now the billionaire capital of the world

MOSCOW (Reuters) - Russian oligarchs are back with a bang, making Moscow the billionaire capital of the world.

Profiting from a boom in commodities, the number of billionaires in Russia, most of whom built their empires during the country's anarchic 1990s, grew to 101 from 62 last year, Forbes said in its annual list of the world's richest people.

Moscow is home to 79 of Russia's billionaires, more than any other city in the world.

Russia accounts for a third of Europe's 300 billionaires, and 15 of the world's 100 richest people, more than all the other so-called BRIC countries combined (Brazil, Russia, India and China) and more than Saudi Arabia.

Leading Russia's billionaires is steel baron Vladimir Lisin. His estimated personal wealth of $24 billion has increased by some $10 billion since last year, moving him up 18 notches to place 14th among the richest.

Lisin's worth, and that of many other Russians on the list, has reflected increases and declines in commodity stock valuations and Russia's economy. Oil, metals and other natural resources account for most of the country's budget revenue.

via ca.news.yahoo.com