Until recently, according to the German newspaper Die Welt, the Russian rich considered it a matter of course to show off their wealth. The fanciest cars, yachts and elite brands of champagne – all this is over, according to the author. The financial crisis has made the endless fun of the Moscow beau monde a thing of the past.

“Champagne and caviar are increasingly being replaced by traditional vodka and pelmeni,” the author of the article writes, adding that the opulent lifestyle led by the Russian super-rich has radically changed after several years of uncontrolled growth.

According to reports from Forbes magazine, a year ago there were 74 billionaires living in the Russian capital – now their number has dropped to 27. According to the magazine, it is considered the height of bad form these days to show off your wealth for all to see.

The turnovers of the most expensive restaurants in Moscow have dropped by almost half, Die Welt reports. Boutiques such as Alexander McQueen or Stella McCartney are beginning to close their branches because of a lack of clients. The 25 richest Russians lost a total of $230 billion over the course of several months – the share price of their companies fell along with the decrease in the prices of their products.

The number of unemployed is rising, and the number of Russians who consider themselves poor has grown to 14%, according to the results of one study.

“You can’t feast while others are starving,” says Boris Teterev, the president of the Moscow office of Rolls Royce. 38-year-old millionaire Roman Trotsenko, the owner of the Novaport airport reconstruction holding, believes that people today have no time for luxury, and that squandering money has gone out of fashion.

As the correspondent goes on to write, politics has played an important part in the new modesty of the Russian rich. In March President Medvedev called on rich citizens to think more about business in order to overcome the grave economic crisis. “The oligarchs do not want to quarrel with the Kremlin: the goodwill of the political elite guarantees them protection from western creditors,” the author concludes.

However, as Boris Teterev notes, this new modesty is frequently just a façade. Those who have lost their money create the appearance of prosperity, and those who have not lost it are in no hurry to get rid of their chauffeurs and escort cars.

Until recently, according to the German newspaper Die Welt, the Russian rich considered it a matter of course to show off their wealth. The fanciest cars, yachts and elite brands of champagne – all this is over, according to the author. The financial crisis has made the endless fun of the Moscow beau monde a thing of the past.

“Champagne and caviar are increasingly being replaced by traditional vodka and pelmeni,” the author of the article writes, adding that the opulent lifestyle led by the Russian super-rich has radically changed after several years of uncontrolled growth.

According to reports from Forbes magazine, a year ago there were 74 billionaires living in the Russian capital – now their number has dropped to 27. According to the magazine, it is considered the height of bad form these days to show off your wealth for all to see.

The turnovers of the most expensive restaurants in Moscow have dropped by almost half, Die Welt reports. Boutiques such as Alexander McQueen or Stella McCartney are beginning to close their branches because of a lack of clients. The 25 richest Russians lost a total of $230 billion over the course of several months – the share price of their companies fell along with the decrease in the prices of their products.

The number of unemployed is rising, and the number of Russians who consider themselves poor has grown to 14%, according to the results of one study.

“You can’t feast while others are starving,” says Boris Teterev, the president of the Moscow office of Rolls Royce. 38-year-old millionaire Roman Trotsenko, the owner of the Novaport airport reconstruction holding, believes that people today have no time for luxury, and that squandering money has gone out of fashion.

As the correspondent goes on to write, politics has played an important part in the new modesty of the Russian rich. In March President Medvedev called on rich citizens to think more about business in order to overcome the grave economic crisis. “The oligarchs do not want to quarrel with the Kremlin: the goodwill of the political elite guarantees them protection from western creditors,” the author concludes.

However, as Boris Teterev notes, this new modesty is frequently just a façade. Those who have lost their money create the appearance of prosperity, and those who have not lost it are in no hurry to get rid of their chauffeurs and escort cars.