Moscow is home to 74 billionaires with an average wealth of $5.9 billion each, placing it above New York, while Russia is second only to the United States in the number of super rich according to Forbes magazine's latest annual rich list.
As compared to Moscow's 74, New York has 71 billionaires, followed by London with 36, Istanbul with 34, and Hong Kong with 30.
In addition 35 more Russians have crossed the $1 billion mark in the past year due the continued rise of the rouble against the greenback.
"Sixteen years after the collapse of the Soviet Union, Russia, with 87 billionaires, is the new No 2 country behind the US, easily overtaking Germany, with 59 billionaires, which held the honour for six years," according to Forbes.
The Unites States accounts for 469 (42 per cent) of the world's billionaires.
However, none of the Russian billionaires could come close to NRI steel tycoon L N Mittal, Reliance Industries Chairman Mukesh Ambani, his younger brother Anil Ambani and DLF's KP Singh who are the world's 4th, 5th, 6th and 8th wealthiest persons.
Topping the list of Russia's billionaires is Oleg Deripaska with $28 billion, placing him ninth in the world, ahead of the more famous owner of Chelsea Football Club Roman Abramovich with $23.5 billion in 15th spot.
Deripaska's holding company Basic Element owns huge assets in insurance, auto manufacture, and aluminium and is now exploring investment opportunities in India.
Elena Baturina, the 45-year-old second wife of Moscow Mayor Yuri Luzhkov, remains Russia's richest woman. Forbes estimates that she has added $1.1 billion to her personal wealth in the past year, bringing it up to $4.2 billion.
Baturina founded Inteko in 1991, which became Moscow's largest construction firm in the years after her husband became mayor.