Minigarchs -- The super-rich children of Oligarchs

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http://blogs.abcnews.com/worldview/2008/09/meet-russias-mi.html

Meet Russia's 'Minigarchs'
September 05, 2008 11:03 AM

By CLARISSA WARD, ABC News Moscow Correspondent

By now most people have heard of Russia’s “oligarchs,” the growing group of supremely powerful billionaire businessmen known as much for being cutthroat in business as they are for being extravagant in their personal lives. But now a new term is being bandied about the luxury boutiques of Moscow: “minigarchs,” used to describe the progeny of Russia’s elite.

According to a recent survey by Russia’s Finans magazine, there were 70 heirs to billion-dollar fortunes in the country 2007. This year there are 112.

Topping the list, 5-year-old Marina Deripaska and her 7-year-old brother, Pyotr, who are valued at $20 billion each. Their father is Oleg Deripaska, an aluminium magnate who last year was named Russia’s wealthiest man. Deripaska edged out Roman Abramovich, the owner of England’s Chelsea Football Club, for the title.

Towards the bottom of the list come the children of Moscow’s mayor, Yuri Luzhkov, and his real estate tycoon wife. They are still set to inherit $3.5 billion each, so no need to get out the violins just yet.

If you go out to one of Moscow’s swanky bars or nightclubs (and you manage to get past the face-control) you can see the “minigarchs” in their natural habitat.

Clad head-to-toe in haute couture and quaffing Crystal champagne, they project an image of confidence and in-your-face, unabashed wealth.

Most are educated at England’s elite boarding schools and America’s top universities. From St. Tropez to Courchevel to St. Barths, they have the most bling, the highest heels and the biggest allowances, making them a compelling symbol of Russia’s growing wealth and, like it or not, internationalism.

The new list of Russia’s “minigarchs” doesn’t really tell us much about these children or their parents, but it does show one thing very clearly: While a good chunk of the world suffers the effects of a lagging economy, here in Russia the rich are getting richer… a lot richer.