Who are the Russian Oligarchs, and how did they make their fortunes?

The Russian oligarchs are the richest people in the country Putin rules. They are currently the target of economic sanctions by Europe, the US and other allied parties. Who are these Russian billionaires, and how much money did they have before the war started?

Like almost all rich people, Russian billionaires made a lot of money during the pandemic. The number of billionaires in Putin's Russia rose from 99 to 117, and their accumulated wealth went from 385 billion to 584 billion dollars, according to Forbes.

Note that these are the assets of Russian oligarchs before the economic sanctions started.

Net worth: $29.1 billion

Industry: Metallurgy and Investment

His shares in the national steel and mining company Severstal and private gold mining company NordGold have soared, and Mordashov and his family's fortune stands at $29.1 billion, or $12.3 billion more than the previous year.

Net worth: $27 billion

Industry: Metallurgy

Most of his fortune comes from his 35% stake in palladium and nickel producer Nornickel, a company listed on the Russian stock exchange.

Net worth: $26 billion

Sector: Steel and transport

Lisin has a majority stake in Novolipetsk Steel, which is also listed on the Russian stock exchange.

Net Worth: $24.9 Billion

Industry: Oil

Alekperov founded Lukoil in the 90s. He owns about 30% of the listed oil giant.

Net worth: $24.9 billion

Sector: Gas and Chemicals

Mikhelson is Gennady Timchenko's partner in the gas-producing company Novatek and in the petrochemical company Sibur.

Net worth: $22 billion

Industry: Oil & Gas

Timchenko, together with his business partner Mikhelson, has shares in the gas company Novatek and in the petrochemical company Sibur Holding.

Net worth: $18.4 billion

Sector: Steel industry, telecommunications and investment

Usmanov made his fortune making plastic bags, a rare commodity in the former Soviet Union. He was an early investor in Facebook and Chinese electronics company Xiaomi, but his biggest asset is a 49% stake in steel giant Metalloinvest.

Net worth: $17.9 billion

Sector: Coal and fertilizer

He has interests in fertilizer producer Eurochem and coal-fired power station SUEK.

Net worth: $17.2 billion

Industry: Communication

He is also called the Russian Zuckerberg, because in 2013 he created the widely used app Telegram.

Net Worth: $15.8 Billion

Sector: Investments

He lost much of his wealth during the 2008 crisis but recovered by betting on Russia's largest gold producer, Polyus.

Net worth: $15.5 billion

Industry: Oil, Finance, Communications & Retail

The main source of income is the assets of the LetterOne Holding and the Alfa Group. He owns the DIA supermarket chain in Spain, Argentina and Brazil.

Net Worth: $14.5 Billion

Industry: Metallurgy and Investment

In the early 1990s, he began marketing petroleum products. Abramovich's main companies today are Evraz (real estate) and Sibneft.

However, Abramovich is best known in the West as the owner of Chelsea football club.

Net worth: $13 billion

Industry: E-commerce

In 2004 she launched the famous online store 'Wildberries'. In the past fiscal year, her income has increased by 1200%, making her one of the most important billionaires in the world.

Net worth: $11.4 billion

Sector: Investments

Owner of investment bank Renaissance Capital. In 2019, he sold the Brooklyn Nets (NBA) and their stadium, the Barclays Center, to Alibaba Group co-owner Joseph Tsai. Prokhorov made $3.5 billion from the deal.

Net worth: $11.2 billion

Industry: Ferrous metallurgy

He owns 84.26% of Magnitogorsk Iron and Steel Works (84.26%).

Net worth: $11.1 billion

Industry: Oil & Finance

The main capital consists of the 12.3% of Lukoil that he owns. In addition, together with Alekperov, he owns the Private Assets company that manages closed-end funds. In 2020 alone, Fedun received 420 million in dividends from Lukoil.

Net worth: $10.6 billion

Automotive industry

In 2015, he founded Arrival, a start-up that produces electric vehicles. To do this, he attracted investments worth hundreds of millions of dollars from the likes of BlackRock, Hyundai and Kia.

Net worth: $10.1 billion

Industry: Oil, Finance, Communications & Retail

He co-owns LetterOne Holdings, Wintershall DEA (33%) and assets of the Alfa Group consortium.

Net worth: $9.7 billion

Industry: Non-ferrous metallurgy, coal and transportation

The most important investments are in UMMC, Kuzbassrazrezugol and Transmashholding.

Net worth: $9 billion

Sector: Aluminum and investments

Vekselberg's capital is invested in Sulzer (44%), the Swiss companies Oerlikon (19%) and UC Rusal (9.8%).