Eight Russian businessmen of Armenian descent have been included in Forbes’ annual rich-list.

The founder and co-owner (until 2018) of the largest retail chain Magnit, Sergey Galitsky (Arutyunyan) has landed in the 29th place with $3.4 billion.

The 54-year-old president and founder of the Tashir Group of Companies, Samvel Karapetyan, ranks the 39th in the list, down from 29th last year. The magazine estimates his fortune at $2.4 billion, down from $3.7 billion in the previous edition of the report.

The 52nd spot is taken by Armenian-born billionaire Andrey Andreev (Ogandjanyants) with $1.8 billion, who is the founder of the online dating service Badoo.

President of Vardanyan, Broitman and Partners Ltd. and co-founder of the RVVZ Foundation family fund, founding partner of the Moscow School of Management SKOLKOVO, philanthropist and co-founder of the Aurora Humanitarian Prize Ruben Vardanyan ranks the 103rd, his fortune is estimated at $950 million.

The brothers Nikolay and Sergey Sarkisov, owners and chairmen of the board of directors of RESO-Garantia, come in the 146th and 147th in the list, respectively. The fortune of the brothers is estimated at $700 million each.

The founder and owner of the company Skartel, as well as the holder of Yota shares Albert Avdolyan ($800 million) has landed on the 113th place of the rating.

Russian entrepreneur of Armenian origin, founder and member of the board of directors of the ABBYY group of companies, co-founder of iiko, Findo and Ayb Foundation David Yang comes in the 166th line of the rating with $600 million.