Ukraine has been sytematically being trying to destroy her company, but Wildberries founder Tatyana Kim has topped the Forbes annual rich list, as Russia’s richest women again for the fifth time. The chief executive of the merged RWB group has a fortune put at $5bn, TASS reported on August 27.

Yelena Baturina, president of Inteco Management and the widow of a former Moscow mayor, is second at $1.3bn, and Lyudmila Kogan, widow of the banker Vladimir Kogan, third at $1.25bn.

But all of Russia’s elite women are suffering. The combined wealth of Russia's 20 richest women has fallen by $6.8bn over the past year, and the number of billionaires among them has more than halved.

The gap between first and second place is the striking part: Kim is worth almost four times the woman ranked below her, and more than the rest of the top five combined.

Below the top three the list thins fast. Yekaterina Fedun, daughter of a former Lukoil co-owner, is fourth at $1bn and Tatyana Volodina, chair of the strategic council of the cosmetics chain L'Etoile, fifth at $950mn. The rest of the top 10 - Victoria Mikhelson, Yevgenia Guryeva, Svetlana Rybalchenko, Lidia Sulteyeva and Svetlana Demidova - sit between $750mn and $850mn, all of them below the billion mark.

Almost all of these fortunes are derivative. Mikhelson is the daughter of Novatek's founder, Guryeva the wife of PhosAgro's, Rybalchenko the sister of a co-founder of the Siberian Business Union, Sulteyeva the wife of a TAIF co-owner. The list is largely a register of who holds assets on behalf of Russia's male industrialists, which is why it moves with sanctions structuring as much as with company performance.

Kim's own valuation is the exception, and it is also the most exposed. Wildberries is the target of a Ukrainian drone campaign that has hit a third of its logistics estate since mid-July, and sellers on the platform now put their combined losses at more than $7bn. A $5bn valuation for the owner of a company whose warehouses are being burned weekly is a number with a short shelf life.

The $6.8bn decline across the list is not a recession signal so much as a currency and multiple story. The ruble has weakened, Russian equity multiples have compressed, and privately held assets are being marked against a market where the exit routes have closed.