Russia Billionaire count: 97 Total wealth: $380 billion Russia comes in at sixth for the most billionaires, despite its ultra-rich population seeing the biggest erosion in wealth this year among the countries in this list. Billionaires account for 8.5 percent of the country’s ultra-rich individuals, or those worth $30 million and more, but control more than 60 percent of the group’s combined wealth. The number of billionaires in Russia increased by 17 from last year, but their total wealth fell by nearly 29 percent. For ultra-rich individuals, their combined wealth fell nearly 15 percent to $605 billion between August 2011 and July 31 this year, and their numbers fell by 145 to 1,145. This marks a decline of more than 11 percent, which is higher than Europe's average decline of 1.9 percent. This year’s drop in wealth creation is a complete reversal from last year, when its capital city Moscow was called the billionaire capital of the world by Forbes. The magazine reported that the country’s billionaire count had jumped from 62 to 101 between 2010 and 2011, with 79 of them in Moscow. The commodities boom that has been fueling this wealth has since softened, leading to a decline in wealth creation. Russia’s richest, steel tycoon Vladimir Lisin (pictured), saw his fortune drop by $8.1 billion in the year to March 2012. Lower steel prices led to a 45 percent fall in his firm Novolipetsk Steel's share price, according to Forbes.