Ultimate magazine theme for WordPress.

The St. Barts economy runs on funds from the ultra-rich like Oligarch Abramovich

  • Russian oligarch Roman Abramovich owns a $90 million mansion on the Caribbean island of Saint-Barthélemy.
  • Known as St. Barts, the island thrives on tourism from ultra-rich visitors like Abramovich.
  • Since facing British and EU sanctions, locals have defended Abramovich, calling him “a beautiful person”.

LoadingSomething is loading.

Amid mounting sanctions, Russian oligarch Roman Abramovich’s reputation is being defended by unlikely supporters: locals on the Caribbean island of Saint Barthélemy.

“For more than a decade, locals and employees have become extraordinarily rich themselves by doing favors for Abramovich and other ultra-rich clients,” an anonymous local from St. Barts told Forbes. “You don’t want it to end.”

Known as St. Barts, the island’s economy thrives on tourism money from ultra-wealthy visitors like Abramovich, who has owned a $90 million mansion on the island since 2009. As he faces mounting British and EU sanctions, including more than $7 billion in frozen assets, locals on the island have described him as “a beautiful person” and defended his presence on the island as a positive.

Once dubbed Russia’s most charitable billionaire, Abramovich has a history of making large donations, including to the Israel Holocaust Museum and a nanotechnology research center at Tel Aviv University.

On St. Barts, he paid $4 million to rebuild the local soccer stadium in 2010, paid for renovations after a 2017 hurricane, and funded repairs to a saltwater pond important to the local ecosystem, Forbes reported.

Patrice Abderraham, a private chef who has worked for the oligarch on multiple occasions, told Forbes he believes France and the EU were misguided in sanctioning Abramovich: “They’re lumping everyone together,” he said. “I hope everything will work out for him.”

Comments are closed.

%d bloggers like this: