The net worths of Russia's richest people fell by $39 billion in less than 24 hours after the country invaded Ukraine.
The wealth wipeout happened after the benchmark Moscow index crashed and closed lower.
The Russian billionaires lost more money on Thursday than they had lost all year.
Vagit Alekperov, chairman of Moscow-based oil company Lukoil, saw his wealth fall by one-third in one day as the company's share price plummeted. The net worth of the man has fallen from $19.2 billion to $13 billion.
No one knows for certain how rich Russian President Vladimir Putin is, but the richest man in Russia lost $3 billion after the share price of Norilsk nickel crashed 26%.
As Western sanctions intensify, it could get worse for Russia's richest individuals. The US has imposed sanctions against Russian people. President Joe Biden doubled down on sanctions on Thursday.
The UK imposed sanctions on five Russian banks and three individuals. Gennady Timchenko, who has close ties with Putin, was one of the individuals who were sanctioned. The 11th-richest person in Russia has a net worth of $12.1 billion.
The top ten richest people in Russia lost a lot of money on February 24.
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