Ukrainian oligarch Rinat Akhmetov topped the Forbes richest list for Ukraine, being named its richest man after his fortune swelled by almost $4bn since June 2020, from $2.8bn to $7.6bn, the magazine reported, as cited by Interfax Ukraine on March 15.

Akhmetov is ranked 330th in the list of the richest people in the world. His main assets are Metinvest ($3.3bn) and DTEK Group ($2.1bn).

Metinvest is one of Ukraine’s biggest metal producers and has benefited from a surge in steel prices in the last year, which are now at nine-year highs.

DTEK is one of Ukraine’s biggest power companies and have been a big investor into renewable energy, which has been very profitable after the previous government offered extremely attractive green tariffs to power companies to attract investment into the sector.

The second-richest Ukrainian is Victor Pinchuk, who owns the Interpipe company that makes pipes for the oil and gas business. Since June 2020, Pinchuk’s fortune has grown from $1.4bn to $2.5bn, of which $800mn is real estate, $700mn is cash, and the remaining $500mn is Interpipe.

Kostiantyn Zhevaho is listed third in the ranking. His fortune increased from $1.1bn to $2.1bn. His largest asset is Ferrexpo ($1.4bn).

The list includes oligarch Ihor Kolomoisky with $1.8bn and his partner Hennadiy Boholiubov with $1.7bn, former president Petro Poroshenko with $1.6bn and Vadim Novinsky with $1.4bn.

As bne IntelliNews reported in “The Oligarch Problem”,  the wealthy elite in Ukraine are one of the main hindrances to the country’s progress. In addition to controlling several of the biggest companies in the country, Akhmetov is also believed to control over 100 deputies in the 450 strong Rada.