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Newsroom / Press Reports Ukraine's Rich Start Banking On Their Wealth The St. Petersburg Times The Ukrainian magazine Korrespondent and investment company Dragon Capital recently compiled a list of that country's richest people. The list includes only 30 names, and the total worth of the Ukrainian top 30 is a bit more than $38 billion. The total capital for the top 100 Russians in the Forbes list is more than six times higher, at $248 billion. The combined worth of the three richest men on the Russian list (Roman Abramovich with $18.3 billion, Vagit Alekperov with $12.7 billion and Vladimir Lisin with $11.3 billion) alone outstrips that of the whole Ukrainian list of 30. It is no surprise that the Ukrainian list loses to its Russian counterpart in absolute terms because Ukraine has a GDP of only $84 billion to Russia's $802 billion. What is more interesting is a comparison of the types of people who are on the two lists. The overwhelming majority of those on the Russian list are connected in some way with natural-resource exports. Those associated with the energy sector account for 40 percent of the total, while steel and metallurgy are also heavily represented. The top sector on the Ukrainian list is metals, accounting for more than half. The biggest difference between the two lists is the greater presence of bankers in the Ukrainian top 30. Among the Russian top 100, only 16 own significant banking assets, while the Ukrainian list includes 18 bankers. As a percentage, banking accounts for 60 percent of the names on the Ukrainian list. Furthermore, most of the Russian banking names are also involved with industrial majors, with PromStroibank's Vladimir Kogan ($530 million) the only one who earned his fortune exclusively in the financial sector. Five of the members of the Ukrainian list earned their wealth strictly in banking, with their combined assets accounting for 5 percent of the whole list. The 30 wealthiest Ukrainians fully reflect reality: The Ukrainian banking sector is developing at a much faster pace than Russia's. According to Standard & Poor's, loan activity in Russia grew by 10 percent over the first half of 2005, while the figure for Ukraine was more than 20 percent. Over the last five years, total credit from Russian banks relative to gross domestic product has grown by 10 percent, while the figure for Ukraine was 26 percent. It's no surprise, then, that total loans in Ukraine in 2005 equaled 35 percent of GDP and that in Russia the figure was just 20 percent. The development of the financial sector is the guarantor of a diversified economy. When more of Russia's top 100 are bankers, there will be fewer depending on oil and metals. |
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