While Russia's economy has faced significant turmoil due to heavy war-related sanctions, the country's currency has not suffered. The Russian ruble has grown significantly and is up 45% against the U.S. dollar this year. But according to financial analysts, the spike in the ruble’s value may do more harm than good to Russia's economy. 

What did the commentators say?
The ruble has become the "best-performing global currency, posting this year's strongest gains against the dollar," said Bloomberg. The ruble has even outperformed generally safe commodities like gold and silver, as well as typically strong European currencies like the Swedish krona and Swiss franc. 

The spike in the ruble has been "driven primarily by the central bank's tight monetary policy and optimism" that the war in Ukraine could end, said Reuters. The Bank of Russia's handling of China's currency, the yuan, has also played a role, as Russia has been "selling the Chinese yuan, its only major intervention tool, to support the ruble." 

The "strength of the ruble has less to do with a sudden jump in foreign investors' confidence than with capital controls and policy tightening," said CNBC. Russia's central bank has "maintained a restrictive stance to curtail high inflation," and there has also been a "decline in foreign currency demand from local importers" due to the shrinking U.S. dollar, Andrei Melaschenko, an economist at Renaissance Capital, said to CNBC. 

What next?
While the ruble has been extremely strong, this could cause cascading problems for Russia's economy. While the ruble's "strength might cheer traders, the Russian government likely prefers the opposite," said Business Insider. When a country's currency appreciates, it can "diminish export revenue, threatening to weigh on the nation's budget." 

The "sharp appreciation is proving to be a double-edged sword for the heavily sanctioned Russian economy," said Reuters. Russia's central bank "cut the benchmark interest rate by two percentage points to 18%" in the "latest sign of the country's economic slowdown," said The New York Times. 

Many economists think the ruble is a moot point. The country is seeing a "prelude to stagflation," said the Times, when "an economy and employment stop growing but prices continue to rise."

The thing about a gigantic pile of money is that, if properly managed, it turns into a bigger pile of money. For these families, ranked by Bloomberg, savvy business and investment decisions and the timely application of military force to consolidate power in a resource-rich territory have combined to produce staggering wealth. And what these fabulously rich individuals do with their inherited cash ranges from buying yachts, exotic animals and vineyards to financing cherished political causes and candidates around the world.

The Walton family ($432.4 billion)
Sam Walton opened his first discount variety store in Bentonville, Arkansas, in 1962 and turned it into a retail empire by "buying up low-cost goods and selling them at lower prices than his competitors," said Fox Business. Today, Walmart operates more than 10,500 stores in 19 countries, and Walton's heirs are worth $432.4 billion. There are now three Waltons — Jim, Rob and Alice — who are worth more than $100 billion each, and their largesse "largely stems from the Walmart shares given to them by their father," said Business Insider.

The al-Thani family ($172.9 billion)
"No ruling dynasty in the Arab Gulf has played a seemingly weak hand with more skill" than the al-Thani family, said Manara Magazine. The country's diplomatic and investment strategies are all about "building Qatar into an international brand that can underpin its existence and the family's longevity," said Bloomberg. Former Qatari Emir Sheikh Hamad bin Khalifa al-Thani is a superyacht enthusiast who owns the Katara, a "$400 million megayacht" that "comfortably accommodates up to 34 guests in 14 cabins serviced by 95 crew members," said the South China Morning Post.

The Hermès family ($170.6 billion)
Thierry Hermès was the "sixth child of an innkeeper," said Vanity Fair, who "went to Paris an orphan, proved gifted in leatherwork and opened a shop in 1837." He and his descendants built a luxury fashion empire that has survived world wars, multiple French regime changes, and an era of globalization that has led to dizzying change and competition. The luxury brand's business model is the polar opposite of Walmart, which presumably would not have much luck selling scarves that cost $4,125 each.