Technology tycoon the richest Russian

Agence France-Presse

However aluminum magnate Oleg Deripaska, who last year was Russia's richest man, has been hit hard by the economic crisis and now barely makes the top 10, the report in the weekly magazine Finans said.

The report, which showed that the economic crisis had cut the number of Russian billionaires in half, comes as Russia's super rich battle to pay off debts built up before the slowdown struck last year.

Prokhorov - seen by many as Russia's most eligible bachelor and famous for leading a lavish and athletic lifestyle - owns the Onexim company, which is an investment fund for technology and mining projects.

He profited in 2008 by selling 25 percent of the world's largest palladium and nickel producer Norilsk Nickel to Deripaska in April, well before the global crisis struck and asset prices shrunk. "Thanks to his successful exit from Norilsk Nickel just before the economic collapse, Prokhorov has earned himself the reputation of a guru," the magazine said. Deripaska's UC Rusal aluminum company owes $3 billion in debt to Prokhorov.

And to make matters worse, Prokhorov also has a put option that would give him the right to demand a buy out of his 14-percent state in Deripaska's UC Rusal for $7.3 billion.

Deripaska’s bad luck

According to Finans, Deripaska's fortune has dwindled to $4.9 billion from $40 billion the year earlier and he must now confront the debt problems. "For the last months the businessman has been solely pre-occupied with intense and so far unsuccessful attempts to agree a restructuring of billion dollar debts," the magazine said. Abramovich, who made his fortune in the privatization of the ex-Soviet oil business and then bought Chelsea in 2003, was ranked second in the list with $13.9 billion.

The Russian financial daily Vedomosti said yesterday that Abramovich had ploughed $1.05 billion of investment into the football club since taking over.