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MOSCOW - Roman Abramovich has been dethroned as Russia's wealthiest individual for the first time since rich lists began by one of his closest friends, a controversial oligarch who controls much of the world's aluminium production and owns a £25 million ($70.5 million) house in Belgravia.
Though not a household name in Britain, where he likes to improve his English, Oleg Deripaska, the new oligarch of oligarchs, is well known in his native Russia for his impeccable Kremlin connections and his control of much of the country's industrial crown jewels.
According to a rich list published by the authoritative Finans magazine yesterday, Deripaska is worth US$21.2 billion ($30.7 billion), officially making him Russia's richest man. His close friend Abramovich is not far behind on US$21 billion, making him the second wealthiest living Russian.
However, second place is something of a novelty for the Chelsea Football Club owner. His fall from the top slot is the first time since 2004 when rich lists appeared in Russia that he has not been crowned the country's wealthiest citizen.
But while Abramovich has spent more and more of his time in London, Deripaska has been quietly consolidating in Russia.
Called "The Aluminium King" because of his grip on the industry, Deripaska enjoys a reputation as the hard man of the metals business.
Feared and respected for his ambition and drive, he survived Russia's bloody "aluminium wars" in the 1990s when the country's mineral wealth was divided in a spray of bullets and violent standoffs to emerge with more assets than anyone else.
In April, the 39-year-old's aluminium company, RUSAL, is due to merge with two other firms in a deal that will make it the biggest producer of the lightweight metal in the world. Deripaska's methods have not always been appreciated by his competitors and he has been sued in the United States and Britain.
In Russia itself he is seen as more loyal than Abramovich and is not perceived to have turned his back on "the Motherland" in the same way as the Chelsea owner. Oleg Anisimov, editor-in-chief of Finans, suggested Deripaska was a more worthy oligarch to occupy the number one slot.
"Roman Abramovich is engaged more in speculation whereas Oleg Deripaska is more engaged with development," he wrote. "He invests in the development of many different businesses and not in the purchase of foreign footballers for a foreign club."
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