Monday, 14th February 2005 (2450 views)

Russia's oil magnates have been overtaken in the country's rich list by metal firm owners in an indication of a shift in economic power and growing profitability.

Finam has published its annual report of the wealthiest Russians, with the top ten of the fastest earning individuals on the list all hailing from the metals industry, according to Business Report.

With metal prices rising by as much as 50 per cent on average last year, the list reflects a strong year for some of the major precious metal operators in the region.

"There is no doubt that 2004 was exceptionally profitable for metal producers," Finam declared in its study of the market.

A rapid growth in Chinese demand was identified as one of the key drivers of growth, with metals producers taking advantage of the country's growing economic importance.

 

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