Russia's richest people raked in record dividends last year

• Russia's richest people received record dividends in 2024, according to Forbes Russia.
• Top earners are from commodity-linked firms, underscoring Russia's status as a resource powerhouse.
• The top earner was Alexei Mordashov, who received 201.8 billion rubles in dividends from Severstal.

Russia's richest people collected record-high dividends in 2024, even as the country's economy showed clear signs of slowing, according to Forbes Russia on Thursday.

Total dividend payouts to the 50 wealthiest Russians reached a record 1.769 trillion rubles, or $22.3 billion, according to the publication. That's a sharp increase from each of the previous two years, when less than 1.4 trillion rubles were distributed.

The top 10 recipients last year drew their payouts from commodity-linked companies, highlighting the enduring power of oil, gas, and metals in Russia's economy.

The top earner was steel magnate Alexei Mordashov and his family. They received 201.8 billion rubles in dividends from Severstal, Russia's third-largest steelmaker. The tycoon did not feature in the dividend ranking last year.

Mordashov is the country's second-richest individual, with an estimated fortune of $28.6 billion, according to Forbes Russia.

Second on Forbes' dividend list was Vagit Alekperov, who earned 201 billion rubles from a 28% stake in oil giant Lukoil. Alekperov, who topped the dividend list last year with 177.4 billion rubles, is now Russia's richest person, with a net worth of $28.7 billion.

Another steel tycoon, Vladimir Lisin, came in third, earning 15.8 billion rubles in dividends from Novolipetsk Steel and the Volga Shipping Company.

All three feature on Bloomberg's list of the world's richest people: Alekperov in the 78th slot, Mordashov in 86th place, and Lisin in 88th.

Russia's economic troubles

While the country's wealthiest individuals enjoyed booming payouts last year, the broader Russian economy appears to be faltering.

Russia's manufacturing activity shrank in June at its fastest pace since March 2022, according to S&P Global. Factories shed jobs and cut purchasing activity, and business confidence fell to its lowest level since October 2022.

The downturn was driven by falling new orders, sluggish client demand, and a strong ruble, which is hurting export competitiveness.

Despite Russia's economic resilience over the past few years, there are signs of a sharp slowdown emerging.

Russia's economy minister, Maxim Reshetnikov, warned last month that the country was "on the brink" of a recession.

Russia's GDP grew 1.4% in the first quarter of the year from a year ago, according to Rosstat, the country's official statistics service. This is a sharp slowdown from the 4.5% growth it posted in the fourth quarter of last year. In 2024, Russia's economy grew 4.3% for the full year.

On Wednesday, Russia's economic development ministry said the country's GDP grew 1.2% in May from a year ago, slowing from a 1.9% growth in April.