7 Ukrainian billionaires on the Forbes list: new realities of global wealth

The world is watching the transformation of the economic map, where each number in the Forbes ranking does not simply denote billions, but tells a story of adaptation, survival and the relentless struggle for a place under the sun. And now, among the titans of global industry, names that echo from Ukraine are once again appearing, bearing both the burden of war and the indomitable spirit of entrepreneurship. This year's list of the richest people in the world from Forbes does not simply register fortunes, it captures an era where the Ukrainian elite continues to fight for their positions, and their path is a reflection of the fate of the entire nation.

Ukrainian elite on the world map: who changed their positions

The annual publication of the Forbes list of the richest people in the world is always an event that attracts the attention of economists, politicians and the general public. This year, among the thousands of names representing global capital, we again see Ukrainians. Although their number and positions may change from year to year under the influence of global economic fluctuations and, especially, domestic upheavals, the presence of Ukrainian names in this prestigious ranking remains significant. In recent years, in particular, according to Forbes 2021, the Ukrainian cohort on the billionaires list included seven well-known figures¹: Rinat Akhmetov, Victor Pinchuk, Vadym Novinsky, Konstantin Zhevago, Gennady Bogolyubov, Ihor Kolomoisky and Dmytro Firtash.

These names are not just markers of wealth, but also a reflection of the complex paths that the Ukrainian economy has taken in recent decades. Each of them, having headed significant industrial or financial empires, has made their own contribution to shaping the country's economic landscape. Their fortunes are closely linked to key sectors of the Ukrainian economy: from the mining and metallurgical complex to financial services and energy. Rinat Akhmetov, traditionally leading the Ukrainian part of the list, continues to remain the richest person in Ukraine, despite the huge losses suffered by his business as a result of the full-scale invasion. His company SCM (System Capital Management) remains the backbone of a significant part of the country's industry, despite the destruction of key assets in Mariupol and Donbas².

Victor Pinchuk, whose interests are focused on metallurgy and media, continues to demonstrate resilience. His active position in international diplomacy and support for Ukraine on the world stage is also an important component of his public image. Vadym Novinsky, co-owner of Smart Holding, also has significant assets in the metallurgical and mining sectors, which were seriously affected by the war, but his business operations continue to adapt to the new realities.³Konstantin Zhevago, whose assets are mainly related to the mining industry (Ferrexpo) and finance, has found himself in the spotlight due to legal issues, but his fortune still allows him to remain in the elite club of billionaires.

Capital drivers: industries that create wealth

Ukrainian billionaires have mostly made their fortunes in traditional, resource-intensive industries. The mining and metallurgical complex, which has been the backbone of Ukrainian industry for decades, is a key source of wealth for Rinat Akhmetov, Viktor Pinchuk, and Vadym Novinsky. Their enterprises, such as Akhmetov’s Metinvest and Pinchuk’s Interpipe, not only produce a significant portion of the country’s industrial output, but also provide jobs for hundreds of thousands of Ukrainians.⁴.

The financial sector has also played a significant role. Gennady Bogolyubov, one of the founders of PrivatBank, demonstrates how financial innovation and scaling can lead to the accumulation of significant capital. Ihor Kolomoisky, also associated with PrivatBank, has long had broad interests in various sectors, from energy to the chemical industry, which allowed him to amass a significant fortune, although his business empire has also undergone major changes and challenges.⁵.

The energy and chemical sectors are also significant. Dmytro Firtash, who controls a significant portion of Ukraine’s gas and chemical industries through Group DF, is also on the list. His business interests are broad and span industries critical to the economy. While these traditional sectors remain the main drivers of capital, the rise of Ukraine’s information technology (IT) and agricultural sectors is gradually changing the landscape, but has yet to result in any new billionaires from these industries appearing on the Forbes global rankings.⁶.

The impact of war on wealth: realities and prospects

Russia's full-scale invasion of Ukraine has been the most serious challenge for Ukrainian billionaires. Tens of billions of dollars in assets have been destroyed, nationalized, or have ended up in occupied territories. This war has been particularly painful for Rinat Akhmetov, whose metallurgical giants, such as Azovstal and the Ilyich Iron and Steel Works in Mariupol, have been completely destroyed or are under the control of the aggressor. According to Forbes, Akhmetov has lost a significant part of his capital since the beginning of the war, but his diversified business model has allowed him to maintain his position as a leader⁷..

Other billionaires have also faced unprecedented challenges: supply chain disruptions, loss of markets, infrastructure destruction and workforce migration. Konstantin Zhevago, whose company Ferrexpo is one of the largest iron ore exporters, has been forced to reorient logistics due to the maritime blockade.⁸Victor Pinchuk actively uses his influence to attract international aid and investment, demonstrating strategic flexibility in crisis conditions.

Despite the enormous losses, Ukrainian businessmen have demonstrated remarkable resilience. Some of their companies continue to operate in Ukrainian-controlled territory, supporting the economy and paying taxes, which are critical to financing the country's defense and reconstruction. The prospects of their fortunes are closely linked to the future of Ukraine, its victory and subsequent economic recovery. Many of them declare their intentions to take an active part in the reconstruction, which could become a new driver for their capital and the country as a whole.

Global context: Ukraine's place in the world of the super-rich

Against the backdrop of global wealth, where leaders such as Bernard Arnault, Elon Musk and Jeff Bezos operate with hundreds of billions of dollars, Ukrainian billionaires appear to represent a smaller but no less important economic segment. Their fortunes, while significant for Ukraine, are modest compared to global titans, which indicates the scale of the Ukrainian economy and its position in the world system. In 2024, the total number of billionaires in the world, according to Forbes, increased to 2781, and their combined fortune reached $14,2 trillion⁹. At the same time, against the backdrop of these global changes, the number of Ukrainians on the Forbes list has decreased somewhat, reflecting the challenges of the war, but the main figures who shaped Ukrainian capital remain in the focus of attention. This emphasizes the concentration of wealth in the hands of a few and the difficulty of entering this elite club.

The presence of Ukrainians on this list, even taking into account the challenges of war, is evidence that Ukraine, despite all the difficulties, remains part of the global economic system. Their stories are stories of integration into global markets, attracting investment and competing internationally. At the same time, the number of Ukrainian billionaires and their fortunes are significantly smaller than in neighboring countries or countries with comparable economic size, which emphasizes the need for further structural reforms and the development of a competitive environment.

The dynamics of changes in the fortunes of Ukrainian businessmen also reflect global trends. The global economy is going through a period of transformation, where technological innovation, green energy and digital transformation are becoming the main drivers of wealth. Ukrainian billionaires, whose fortunes are mostly formed in the “old economy”, are faced with the need to adapt and modernize in order to remain competitive and grow capital in the long term¹⁰.

Responsibility and Challenges: The Role of Oligarchs in the New Ukraine

In the context of a full-scale war and the upcoming post-war reconstruction, the role of Ukrainian billionaires takes on special significance. On the one hand, their assets and experience can be critical for rebuilding destroyed infrastructure and launching new economic projects. On the other hand, society expects from them greater transparency, social responsibility, and the rejection of practices that have led to oligarchic influence on politics and the economy.

The law on de-oligarchization adopted in Ukraine was intended to reduce this influence and establish new rules of the game.¹¹. However, the war brought its own adjustments, shifting priorities to national security and unity. It is important that this process is resumed and strengthened in the post-war period, so that Ukraine can build a fairer and more competitive economy. Some of the billionaires are already demonstrating active philanthropic activity, supporting the army, humanitarian projects and reconstruction. For example, the Rinat Akhmetov Foundation is one of the largest charitable foundations in Ukraine, which actively helps war victims¹²This indicates a certain evolution in their role, where business interests are beginning to intertwine with societal needs.

Ukraine’s future as a democratic and prosperous state will depend largely on the ability of its elite, including its wealthiest people, to rethink their role. Rejecting monopolistic practices, investing in innovation, supporting small and medium-sized businesses, and actively participating in a transparent and accountable reconstruction of the country will be key criteria for assessing their contribution to the new Ukraine. The challenges are enormous, but the opportunities for transformation are also significant.

Behind the facade of numbers: stories and destinies

Behind each entry on the Forbes list is a complex story – a story of personal ambition, difficult decisions, victories and defeats, and for Ukrainians, a story of survival in the most difficult circumstances. These people began their journey in the 90s, in an era of rapid redistribution of property and the formation of capitalism “from scratch”. They have survived economic crises, political upheavals, and now – a full-scale war that changed everything.

Their fates are intertwined with the fate of the country. Rinat Akhmetov, whose roots are deeply rooted in the Donbas, is a vivid example of how an industrial giant can transform into a powerful philanthropic force in times of trouble. Victor Pinchuk, with his emphasis on cultural diplomacy and international relations, demonstrates how business can be an instrument of soft power for the state. Even those who face legal difficulties, like Kostyantyn Zhevago or Ihor Kolomoisky, are still part of this complex canvas, where financial success is inseparable from political and social realities.

These seven Ukrainian names on the Forbes list are not just a report of wealth. They are a barometer of change, an indicator of resilience, and a symbol of the difficult path that Ukraine is taking on its European future. They represent a part of Ukrainian capital that has both enormous potential for development and significant challenges in adapting to new standards of transparency and accountability. These are stories of how wealth is created, lost, and reborn against the backdrop of the most dramatic events of our time.

Sources

1. Forbes.com: World's Billionaires List 2021 (for the initial list of 7 Ukrainians).
2. SCM.com: Official reports and news releases on operations during war.
3. Smart-Holding.com: Company updates on business activities.
4. Interpipe.biz: Corporate news and performance overview.
5. PrivatBank.ua: Historical information and public statements (regarding the founders).
6. GroupDF.com: Corporate news and business segments.
7. Forbes Ukraine: Analysis of losses of Ukrainian billionaires after the invasion.
8. Ferrexpo.com: Quarterly production reports and logistical updates.
9. Forbes.com: World's Billionaires List 2024 (for total number of billionaires).
10. World Economic Forum: Reports on global wealth trends and economic shifts.
11. Law of Ukraine “On Prevention of Threats to National Security Associated with Excessive Influence of Persons Having Significant Economic and Political Weight in Public Life (Oligarchs)”.
12. Akhmetovfoundation.org: Activity reports and humanitarian aid statistics.