When asked what Europe’s richest city is you might respond London, Paris, or Berlin. Perhaps you would say Geneva or Zurich, or even Brussels. You would be wrong.

That is because Moscow has ascended to the position of Europe’s city with the highest number of billionaires, boasting 74 individuals whose combined net worth reaches $378 billion (£292.5 billion), with 35,200 people whose net worth totals $1 million (£773,000). This surge includes 12 newcomers who have recently achieved billionaire status. The city’s wealthiest resident is Vagit Alekperov, with a fortune estimated at $28.6 billion (£22.1 billion).​

Despite ongoing geopolitical tensions and Western sanctions related to Russia‘s actions in Ukraine, Moscow’s ultra-wealthy have seen a significant increase in their fortunes. Collectively, they have become $50 billion (£38.6 billion) richer over the past year, elevating Moscow from sixth place to a tie for second on the global list of cities with the most billionaires.​

According to Forbes, which collected the data, several factors have contributed to this financial upswing. Notably, some billionaires have profited directly or indirectly from the current geopolitical climate.

For instance, Vladimir Melnikov, with a net worth of $1.7 billion (£1.3 billion), has seen his fast-fashion retailer, Gloria Jeans, thrive. Over the past two years, the company’s sales increased by 28%, reaching $875 million (£677 million).

This growth is partly attributed to the exit of foreign competitors like H&M and Zara, which collectively closed nearly 650 stores, leaving a gap that Gloria Jeans successfully filled.​

The resilience of Moscow’s billionaires is further highlighted by the broader national context given that Russia now has 110 official billionaires, an increase of 22 from the previous year.

Their total wealth has risen to $505 billion (£390.8 billion), up from $353 billion (£273.2 billion), marking a substantial recovery despite external economic pressures.

This rebound is largely due to rising commodity prices, which have outpaced the impact of sanctions imposed following the invasion of Ukraine. ​

However, this concentration of wealth contrasts sharply with the economic challenges the broader Russian population faces.

The disparity underscores ongoing debates about income inequality and the distribution of resources within the country.​

In summary, Moscow’s emergence as Europe’s city with the most billionaires reflects a complex interplay of global economic trends, local business acumen, and the shifting dynamics of international markets.

While the city’s ultra-wealthy continue to amass significant fortunes, the broader implications for Russian society remain a topic of discussion and analysis.​