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Russia’s Billionaires in the Red

People all around the world have been dramatically hurt by the global economic recession. However, no one has been hit as hard as Russia's billionaires, who have lost their billions at an unprecedented rate. I wanted to share with you this great video from Newsweek looking at the eye opening statistics of just how much Russia's billionaires and the economy as a whole have lost. In the past couple of months, the MICEX Index along with Russia's billionaires have significantly recovered from their great tumble. Still, currency instability and heavy reliance on commodities have investors and billionaire fortunes worried. What do you think of the Newsweek video portrayal and Russia's economy?

"The MICEX Index is the real-time cap-weighted Russian composite index. It comprises 30 most liquid stocks of Russian largest and most developed companies from 10 main economy sectors. The MICEX Index was launched on September 22, 1997, base value - 100. The MICEX Index is calculated and disseminated by the MICEX Stock Exchange - the main Russian stock exchange." - Bloomberg

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