In this article, we will look at the 30 Wealthiest People in Russia.
Russian Economy: An Overview
After a war of more than two years now, the Russian economy is thriving despite the Western sanctions. The World Bank has promoted Russia from an ‘upper-middle income’ to a ‘high-income’ country. Russia’s per capita gross national income was around $14,250 in 2023, growing by 11.2% year-over-year. The military-related activity in 2023 was high which influenced the economic activity in Russia. In addition, the economy was boosted by further growth in trade by 6.8%, construction by 6.6%, and the financial sector by 8.7%. The growth across these sectors helped in increasing both real and nominal GDPs by 3.6% and 10.9% in 2023 year-over-year, respectively.
Russia’s economy is projected to grow faster than all advanced economies in 2024, as per the IMF. Russia’s expected growth rate for 2024 is 3.2%, surpassing the forecast growth rates for the US at 2.7%, the UK at 0.5%, Germany at 0.2%, and France at 0.7%. Russia believes that the Western sanctions have strengthened its critical industries over the past two years and have made it more self-sufficient. According to the Russian News Agency, the Russian president pointed out that the investments in fixed capital soared by 12.6% in the second quarter and by 13.3% in the fourth quarter of 2023. President Putin said:
“Investments are growing. This means that conditions are being created for future development in the medium term. It is necessary to support growing business activity and ensure the availability of financial resources for businesses in those areas that cover the needs of the domestic market and export demand.”
Russia is expanding its contracts with countries in the Middle East, Africa, and Latin America, boosting the growth potential of the Russian economy. The president further added that the domestic light industry enterprises have expanded by 80% in a year and a half, as of December 2023. Furniture production and children’s toys production have increased by 30% and 20%, respectively. Meanwhile, Russia continues oil and commodity exports to major economies including India and China. Russia is the third largest oil exporting country in the world in 2024. That is one of the reasons that the majority of Russian billionaires belong to the oil and gas industry.
Billionaires in Russia
In 2021, the Russian billionaire’s total net worth was accumulated at around $606 billion by Forbes. Russian billionaires after facing sanctions and heavy losses have gained fortune in the last year. The high commodity prices and the country’s war-focused economic growth have boosted the wealth of its billionaires in 2023. Russia’s wealthiest people added nearly $72 billion to their fortunes over the past year, taking their collective wealth to $577 billion by the end of first quarter of 2024. On July 9, Bloomberg reported that around a dozen business people gained over $11.3 billion in dividend income in 2023 and the first quarter of 2024.
The majority of leading Russian corporations are state-controlled including Public Joint Stock Company Gazprom (MCX:GAZP) and Sberbank of Russia (MCX:SBER). Both these companies made record profits in 2023. Sberbank of Russia approved a record 752 billion RUB in dividends for 2023. The companies from the oil and gas sector have been top performers for a long time. Many of the top richest billionaires in the energy sector are Russian.
One of Russia’s Top Oil Companies
Russia’s strong presence in the energy sector makes it a leading producer and exporter in the oil and gas segment. Russia is the second leading natural gas producing country in the world in 2024. Public Joint Stock Company Rosneft Oil Company (MCX:ROSN) is one of the most valuable state-controlled energy firms. Rosneft Oil Company holds a 6% share in global oil production and a 40% share in oil production in Russia. In addition, the company has an 8% share in gas production in Russia. Public Joint Stock Company Rosneft Oil Company (MCX:ROSN) has 13 big oil refineries and around three thousand fuel-filling stations in the country. Rosneft has operations in all major oil and gas provinces in Russia including Western and Eastern Siberia, Krasnodar Krai, Timano-Pechora, the Urals, the Volga region, the Far East, and Russian offshore. Public Joint Stock Company Rosneft Oil Company (MCX:ROSN) has the 2030 agenda of fighting greenhouse gas emissions and reducing them by 5% in 2025 and further reducing methane emissions to below 0.2% by 2030. By 2035, the company expects to minimize absolute greenhouse gas emissions by over 25%.
Public Joint Stock Company Rosneft Oil Company (MCX:ROSN) reported 9.16 trillion RUB in total revenue in 2023, increasing by 1.3% in 2022. The company’s net income increased by 52.6% year-over-year to 1.53 trillion RUB in 2023. The EBITDA and adjusted free cash flow were around 3 trillion RUB and 1.42 trillion RUB in 2023, up by 17.8% and 44.3% year-over-year, respectively. These key financial metrics reflect strong growth in 2023. In order to improve its outcomes, Public Joint Stock Company Rosneft Oil Company (MCX:ROSN) units lifting costs dropped by $2.6/boe in 2023. In addition, the company’s main focus was to reduce its debt burden and it was successful in reducing the net financial debt and prepayments by 0.7 trillion RUB. On the downside, the company’s interest expenses increased due to a higher interest rate by the Bank of Russia. During the first quarter of 2024, Rosneft’s revenue was reported at around 2.59 trillion RUB, a slight increase of 1.7% year-over-year, while EBITDA reached 857 billion RUB, up by 42.4% compared to Q1 2023. The company has kept its unit lifting costs at $2.6/boe, as of Q1 2024. Russia is looking forward to new allies and trading with large economies such as China and India. This will continue to boost sales for companies such as Public Joint Stock Company Rosneft Oil Company (MCX:ROSN).
President Putin and Prime Minister Modi have set a target of increasing bilateral trade by $100 billion by 2030, up from $65 billion at present. In the recent tour of the Indian Prime Minister to Russia, both the leaders spoke of cooperation in the energy sector. Russian giant, Rosneft, has a majority stake in India’s private refiner Nayara Energy. Similarly, Indian companies are also involved in oil exploration and production projects in the Far East in Russia.
On June 28, Public Joint Stock Company Rosneft Oil Company (MCX:ROSN) announced the payment of dividends for 2023 at 29.01 RUB per share. The nominee shareholders are to receive the dividend payment no later than July 23 and other shareholders are to receive the payment no later than August 13. Earlier on April 1, the Rosneft board had approved the share buyback program at an open market price, with its implementation period until December 31, 2026. The company is to buy back shares not more than worth $1.13 billion or 102.6 billion RUB. This means that the company’s share capital will reduce, resulting in potentially higher dividends in the future.
Public Joint Stock Company Rosneft Oil Company (MCX:ROSN) is a leader in its segment and the trade agreement with India will further increase sales of the company. Rosneft’s five-year average gross profit is around 70.52%, which is almost 31.37% higher than the five-year sector average.
30 Wealthiest People in Russia
Our Methodology
To compile our list of the 30 wealthiest people in Russia, we utilized the real-time billionaires data from Forbes and ranked the wealthiest people in Russia in ascending order of their net worths, as of July 8.
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30 Wealthiest People in Russia
30. Egor Kulkov
Net Worth as of July 8, 2024: $4.2 Billion
Egor Kulkov has a net worth of around $4.2 billion and ranks 30th among the wealthiest people in Russia. Kulkov founded Pharmstandard together with Viktor Kharitonin and Roman Abramovich. Kulkov is still part of Pharmstandard’s board. Egor Kulkov is also the largest shareholder of British medical technology firm CMR Surgical.
29. Pyotr Aven
Net Worth as of July 8, 2024: $4.3 Billion
Pyotr Aven co-owns Alfa Bank and LetterOne along with fellow billionaires including Mikhail Fridman, Alexei Kuzmichev, and Andrei Kosogov. Aven stepped down from LetterOne’s board in March 2022 following the sanctions by the EU and the UK. Pyotr Aven served as the president of Alfa Bank from 1994 to 2011.
28. Andrei Kozitsyn
Net Worth as of July 8, 2024: $4.4 Billion
Andrei Kozitsyn and Iskander Makhmudov co-founded Ural Mining Metallurgical Company (UMMC), one of the leading producers of copper, zinc, coal, and gold in Russia. In early 2022, Kozitsyn resigned as CEO of UMMC. Andrei Kozitsyn ranks 29th among the wealthiest people in Russia.
27. Igor Altushkin
Net Worth as of July 8, 2024: $5 Billion
Igor Altushkin founded the Russian Copper Company (RCC) and is the largest shareholder of the firm. Altushkin began his career as a scrap metal trader in the early 1990s.
26. Igor Kesaev
Net Worth as of July 8, 2024: $5.6 Billion
Igor Kesaev established Megapolis. About 40% of the stake in Megapolis was bought by Philip Morris and Japan Tobacco International for $1.5 billion in 2013. Igor Kesaev merged his Dixy supermarket chain with Krasnoe & Below in 2019, becoming one of the largest retailers in the country. Kesaev also founded Mercury in 1991, which operates as a food and alcohol importer.
25. Dmitry Rybolovlev
Net Worth as of July 8, 2024: $6.4 Billion
Dmitry Rybolovlev made most of his fortune in Uralkali during its privatization in the 1990s. In 2010, Rybolovlev sold his stake in Uralkali for $6.5 billion. Rybolovlev has invested in properties in Europe including Greek island Skorpios and a $400 million penthouse La Belle Epoque in Monaco. Dmitry Rybolovlev ranks 25th among the wealthiest people in Russia.
24. Alexander Abramov
Net Worth as of July 8, 2024: $6.4 Billion
Alexander Abramov served as the chairman of the steel firm Evraz. Abramov also has his biggest holding in Evraz. In March 2022, Alexander Abramov resigned as the chairman of Evraz after his partner Roman Abramovich faced the UK sanctions.
23. Andrei Skoch
Net Worth as of July 8, 2024: $6.7 Billion
Andrei Skoch merged his business with billionaire Alisher Usmanov which he later sold out. Skoch has been serving as a member of the State Duma, a legislative body, since 1999. As a member of the government, Skoch is not allowed to own any business. Therefore, his stake in USM is held by his father Vladimir and his daughter Varvara. With a net worth of around $6.7 billion, Andrei Skoch ranks 23rd among the wealthiest people in Russia.
22. Alexei Kuzmichev
Net Worth as of July 8, 2024: $6.7 Billion
Alexei Kuzmichev has a diversified portfolio with stakes in the oil, banking, and telecom industries. In 2013, Kuzmichev and his partners sold stakes in TNK-BP for $14 billion. Alexei Kuzmichev is one of the richest billionaires in Russia.
21. Viktor Kharitonin
Net Worth as of July 8, 2024: $6.9 Billion
Viktor Kharitonin co-founded the multinational pharmaceutical company Pharmstandard with Roman Abramovich in 2003. Kharitonin also has stakes in other Russian pharmaceuticals including OTCPharm, Biocad, and Generium. Viktor Kharitonin is one of the wealthiest people in Russia.
20. Tatyana Bakalchuk
Net Worth as of July 8, 2024: $7.4 Billion
Tatyana Bakalchuk began e-commerce retailer Wildberries in 2004. Bakalchuk’s husband, Vladislav, soon joined the firm with her wife. In 2022, Wildberries had total orders of around 1.5 billion. Tatyana Bakalchuk ranks 20th among the wealthiest people in Russia.
19. Viktor Vekselberg
Net Worth as of July 8, 2024: $7.6 Billion
Viktor Vekselberg made his first million, selling scrap copper from worn-out cables. In 1996, Vekselberg formed Sual Holding after buying several medium-size aluminum smelters and bauxite mines. Eleven years later, Vekselberg merged his business with billionaire Oleg Deripaska’s business to form UC Rusal.
18. Iskander Makhmudov
Net Worth as of July 8, 2024: $8.3 Billion
Iskander Makhmudov was the main owner of copper producer Ural Mining Metallurgical Company. Makhmudov left the company in 2022. Makhmudov also has a non-controlling share in Transmashholding, a leading locomotives and rail equipment manufacturer in Russia. Iskander Makhmudov ranks 18th among the wealthiest people in Russia.
17. German Khan
Net Worth as of July 8, 2024: $8.6 Billion
German Khan co-founded Alfa Group and LetterOne with fellow billionaires Mikhail Fridman and Alexei Kuzmichev. German Khan has a net worth of around $8.6 billion.
16. Andrei Guryev
Net Worth as of July 8, 2024: $9.3 Billion
Andrei Guryev and his family own 50% of PhosAgro, one of the top producers of phosphate-based fertilizers in the world. In March 2022, Guryev stepped down as deputy chairman of PhosAgro’s board. Guryev began his career as deputy director at Menatep Group in 1990. Andrei Guryev is one of the wealthiest people in Russia.
15. Roman Abramovich
Net Worth as of July 8, 2024: $9.7 Billion
Roman Abramovich has stakes in Russian steel giant Evraz and nickel producer Norilsk Nickel. Following sanctions by the UK and EU, Abramovich sold Chelsea FC for almost $5 billion in 2022. In 2005, Abramovich sold a 73% stake in Russian oil firm Sibneft to Gazprom for $13 billion. Roman Abramovich ranks 15th among the wealthiest people in Russia.
14. Viatcheslav Kantor
Net Worth as of July 8, 2024: $9.8 Billion
Viatcheslav Kantor is the largest shareholder in Acron, one of the leading fertilizer producers in Russia. Viatcheslav Kantor has a net worth of around $9.8 billion.
13. Leonid Fedun
Net Worth as of July 8, 2024: $10.5 Billion
Leonid Fedun is one of the main characters behind the PJSC LUKOIL. Fedun helped his fellow billionaire, Vagit Alekperov, to privatize Lukoil in the 1990s. Leonid Fedun owns a 10% stake in PJSC LUKOIL.
12. Viktor Rashnikov
Net Worth as of July 8, 2024: $10.6 Billion
Viktor Rashnikov has a net worth of around $10.6 billion and ranks 12th among the wealthiest people in Russia. Rashnikov has the majority stake in Magnitogorsk Iron & Steel Works (MMK). Back in 1967, Rashnikov joined MMK as a mechanic. In 2011, Rashnikov stepped down as the CEO of MMK after 14 years.
11. Suleiman Kerimov
Net Worth as of July 8, 2024: $10.7 Billion
Suleiman Kerimov is a native of Dagestan and has been representing the republic in Russia’s Federation Council since 2008. Kerimov made a fortune with his investments in Sberbank and Gazprom. Kerimov bought 37% shares in Russian gold producer, Polyus, for $1.3 billion. In 2015, he transferred his stake in Polyus to his son Said. The Kerimov family owns almost a 76% stake in Polyus.
10. Mikhail Prokhorov
Net Worth as of July 8, 2024: $11 Billion
Mikhail Prokhorov has stakes in the Russian insurance and banking sectors. In 2018, Prokhorov sold a 49% stake in the Brooklyn Nets to Alibaba executive Joseph Tsai for $2.3 billion. The majority of his fortune comes from the sale of his stake in metals giant Norilsk Nickel in 2008. Mikhail Prokhorov ranks 10th among the wealthiest people in Russia.
9. Mikhail Fridman
Net Worth as of July 8, 2024: $13.3 Billion
Mikhail Fridman was one of the co-founders of Alpha Group. Fridman got $5.1 billion in cash after he sold his stakes in TNK-BP in 2013. Mikhail Fridman is one of the richest Russian billionaires in the energy industry.
8. Alisher Usmanov
Net Worth as of July 8, 2024: $13.6 Billion
Alisher Usmanov was one of the early investors in Facebook. Usmanov’s largest holding is in iron ore and steel giant Metalloinvest. Usmanov also holds stakes in Xiaomi and other telecom firms. With a net worth of around $13.6 billion, Alisher Usmanov ranks eighth among the wealthiest people in Russia.
7. Andrey Melnichenko
Net Worth as of July 8, 2024: $19.1 Billion
Andrey Melnichenko founded the fertilizer producer Eurochem and coal energy company SUEK. Melnichenko also founded one of the most successful private banks in Russia, MDM Bank. Andrey Melnichenko has a net worth of around $19.1 billion.
6. Gennady Timchenko
Net Worth as of July 8, 2024: $23.4 Billion
Gennady Timchenko has stakes in different Russian businesses, including gas and petrochemical firms PAO NOVATEK and Sibur Holding. Gennady Timchenko ranks sixth among the wealthiest people in Russia.
5. Vladimir Potanin
Net Worth as of July 8, 2024: $23.7 Billion
During the privatization period in 1995, Vladimir Potanin acquired a stake in Norilsk Nickel. Potanin invested around $2.5 billion in the ski resort in Rosa Khutor, which was used during the 2014 Olympics. In 2022, Potanin bought Rosbank from Societe Generale and a 35% stake in Tinkoff Bank from its founder Oleg Tinkov.
