Monday, 24 March 2008

Abramovich behind ultra rich hospital

Wealth Bulletin

20 March 2008

Jason Corcoran, Moscow

Billionaire's investment vehicle is behind a clinic for Russia's millionaires

Russian oligarch Roman Abramovich has opened a luxury hospital in Moscow for the city's millionaires.

The hospital has been established by Abramovich's investment vehicle Millhouse Capital, which invested about $10m in the project, according to Russian newspaper reports.

The clinic for millionaires will distinguish from the vast majority of the city's hospitals, where most of equipment dates back to the Soviet era. Russia's ultra rich previously had to travel to go to Israel, Switzerland or the US for first class medical services.

The hospital is capable of servicing up to 50 VIP patients at a time and the average annual fee will be 1.5 million rubles (about $64,000) per patient.

It is located in the north-west of Moscow, close to the so-called reservation of millionaires, known as Rublyovka. President Putin has a luxury bungalow located in Rublyovka, where houses go for anywhere from $5m to $20m.

Artyom Tolokonin, a spokesman for the hospital, said the hospital hopes to attract not only wealthy Russians, but Western millionaires too.

Chelsea football club owner Abramovich runs his multi-billion dollar assets through Millhouse, which includes a 44% stake in Russian steelmaker Evraz Group.

Russian magazine Finans last month said Abramovich had increased his fortune by 9.5% to $24bn last year.

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