Tuesday 2 June 2009

Can Oligarchs Survive Russia's Slump?

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Mikhail Prokhorov has done better than others - but still lost billions. Photo courtesy of the BBC

BBC: Getting to talk to Russian billionaires is never easy. They are notoriously camera-shy, and with good reason.

In Russia, the "oligarchs", as they are generally known, are not very popular. Most ordinary Russians believe that their vast fortunes were stolen during the corrupt privatisations of the 1990s.

So news that the oligarchs are in trouble has been met by many here with a degree of Schadenfreude.

It is - if you like - the story of the incredible shrinking billionaires.

According to Forbes Magazine, a year ago Moscow was home to 74 of them - more than any other city in the world.

Now there are only 27 left. Even those that survive have seen their fortunes slashed.

So imagine my surprise when not one, but two of them, invited me round for a chat.

And they were not just any old second-rate billionaires - one was Russia's richest man, Mikhail Prokhorov.

To put it mildly, Mr Prokhorov is an impressive figure. He stands 2.03m (6ft 8in) in his socks. He is just 43 years old and, even after losing half his fortune, he is still worth close to $10bn (£6.1bn).

Sadly, Mr Prokhorov did not invite me to his country estate, or for a quick spin in his $60m jet.

Instead, it was 20 minutes over coffee in the business-class lounge of a grimy provincial airport. >>> By Rupert Wingfield-Hayes, BBC News, Moscow | Tuesday, June 02, 2009