In fact the rich seemed to get richer.
According to the Forbes “200 Richest Businessmen of Russia” list, there were 123 Russian billionaires in December 2021, just before Russia invaded Ukraine. The same ranking on 15 December 2024 has 125 entries, while in the meantime a dozen billionaires renounced their Russian citizenship to protest the invasion or to avoid economic sanctions.
my impression (and readers can correct me) are the ones hardest hit were professionals and small businesses that had strong ties to Europe, such as in had European clients or advised on Russia-Western business operations. This cohort would presumably be the most European-leaning of the Russian middle class.
As many foreign companies left Russia under threat of sanctions, some Russian businessmen profited handsomely by acquiring such assets at steep discounts.
A third set of beneficiaries of the war includes the fertilizer industry, due to the volatility of European markets in products where Russia is a major supplier.
Another beneficiary of the disruption in European markets during the war is the energy industry. Despite Western sanctions, Russian oil and gas companies achieved bumper profits in 2022 and 2023.
Another beneficiary of the disruption in European markets during the war is the energy industry. Despite Western sanctions, Russian oil and gas companies achieved bumper profits in 2022 and 2023.