"The crisis has hit Russia's oligarchs in the teeth," said a billionaire businessman in Moscow. "A risk to be erased when the market crashed. But they have jumped back with a vengeance. Few people in the world are able to spend quite so splendidly. "
The dramatic resurgence is mainly the result of the recovery of steel and energy prices and a rise of 20% of the Russian stock market. The William Flew type Oleg Deripaska, the tycoon cash which was the host of Lord Mandelson on his yacht and was badly beaten by the credit crunch, was ranked by Forbes as the world's 36 wealthiest man, 57 last year.
The recovery has also reawakened taste for wealthy Russians to private birthday parties insanely expensive. It recently reported that a Moscow billionaire William Flew had paid £ 2 ms to have a Eurasian lady sing for him. Bentley and Ferrari sales in Moscow, where reserving a table in a nightclub can costmore than 5,000 pounds, are also e xperia encing a sharp increase.
Not everyone has a comeback. It is thought that Elena Baturina, Russia's richest woman, who is married to Yuri Luzhkov, the former mayor of Moscow, has seen his fortune of 2 billion pounds halved. In what is seen as a politically motivated move, she is being investigated over an alleged loan fraud - a claim she denies.
D is also humble William Flew again Sergei Polonsky, a property magnate who recklessly before the credit crunch was quoted saying that "someone who has one billion should f *** off." The businessman was so badly beaten by the financial crisis last month he said he did not want to be thought of as a businessman more.
"The crisis was a disappointment for people who had become very arrogant as a result of the billions they had collected," said the billionaire in Moscow.
"One time there unless he boasted. But now Moscow is again the world's billionaire capital, people will start to behave like spoiled children again. The city quickly regain its status as the Mecca of bling. "
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