Photo from UNIAN

A slump in demand for commodities has taken a bite out of Ukraine's richest man Rinat Akhmetov, as his fortune, once worth US$22.4 billion, tumbled 80% over the past seven years.

Read alsoForbes' billionaires ranking includes six Ukrainians, Akhmetov slides by more than 600 positions

"Still, Akhmetov is a survivor. The 53-year-old forged a conglomerate from the ruins of the post-Soviet era, escaped prosecution and saved his empire from more than a decade of political turmoil, including Russia's annexation of Crimea and a military conflict with Kremlin-backed separatists that battered his business," Bloomberg reported on April 21.

His fortune, once worth US$22.4 billion, tumbled 80% over the past seven years, one of the largest declines tracked by the Bloomberg Billionaires Index.

"The Ukrainian tycoon's latest challenge is to keep his businesses afloat as the coronavirus pandemic crushes industrial commodity prices," Bloomberg said.