Suleyman Kerimov net worth is $12.4 billion as of 2022. He made his fortune in investments, particularly in the energy sector. In addition to his business interests, he has also served in the Russian Federal Assembly and the Federation Council.
Who Is Suleyman Kerimov?
Suleyman Abusaidovich Kerimov is a Russian billionaire businessman and politician. Kerimov is part of the Russian oligarchs. He is the majority shareholder and chairman of the supervisory board of the Russian holding company NAO NTS.
Kerimov is also a member of the Federation Council, the upper house of the Russian parliament, representing the republic of Dagestan.
Early Life & Education
Kerimov was born in 1966 in Derbent, Dagestan, Soviet Union, to an Azerbaijani father and a Circassian mother. His father was a criminal lawyer and his mother was an accountant. He graduated from high school in 1983.
At first, he was at Dagestan Polytechnic Institute to study civil engineering. His study was cut short due to his obligatory military service in the Soviet Army. He graduated from Dagestan State University with a degree in financial accounting and economics in 1988.
His Personal Life
Kerimov is married to Furizan Kerimov and they have three children together. He met his wife at the university. She is the daughter of a former leader of the Trade Union.
His first son, Said Kerimov is also a wealthy businessman. He was once the majority shareholder in Polyus Gold, Russia’s biggest gold producer. Suleiman Kerimov transferred the shares to him.
Suleyman Kerimov Net Worth
As of March 2022, Suleyman Kerimov has an estimated net worth of $12.40 billion. He is the 21st richest person in Russia and the 435th richest person in the world. The majority of his wealth comes from his stake in NAO NTS, a Russian holding company.
He also has interests in mining, banking, insurance, and real estate.
How Did Suleyman Kerimov Make His Money?
After his graduation in 1989, he worked as an economist at Eltav, an electrical plant in Dagestan. He eventually became the Deputy Director General of the company. During the fall of the Soviet Union, he began to dabble in investing.
- In 1993, he was the person in charge of the business relations between Eltav and a Moscow bank called Fedprombank. The bank was owned by Eltav, the electrical company. Also, they financed floundering companies and reaped great returns on investment when the Russian economy stabilized.
- In 1995, he became the head of a bank called Soyuz-Finans. And by 1997, he had become a majority shareholder in Vnukovo Airlines. He used this leverage to acquire his former employer, Fedprombank.
- In 1999, Kerimov acquired a controlling stake in Nafta Moskva, a small oil trading company. By 2000, Nafta Moskva had been restructured to become an investment and holding company.
- In 2003, he invested in another oil and gas company called Gazprom. The share prices for the company doubled within a year and Kerimov was able to offload most of his loans. By 2008, Kerimov sold off all his shares in Gazprom.
- In 2005, Kerimov took over JSC Polymetal, a large gold and silver mining company. He took the company public on the London Stock Exchange. In 2008, he sold over half of his shares, and later in the year, he sold control of the company.
- In 2007, Kerimov owned a 21.75% stake in the British investment bank Barclays for $3 billion. Also, he invested billions in American financial institutions such as Morgan Stanley, Goldman Sachs, etc.
In 2022, Forbes estimated Kerimov’s net worth at $12.4 billion, making him the richest man in Dagestan and the 50th richest person in Russia. He also invested in web beacons and other similar technologies.
Kerimov’s Luxury Possessions
In 2006, Forbes listed Suleyman Kerimov among the world’s 100 richest people and as Russia’s eighth richest. Kerimov is known for his love of luxury cars and yachts.
He owns a Maybach 62S, a Bentley Azure, and a Rolls-Royce Phantom. His yacht, the Amadea is the fourth largest in the world. It cost him $600 million and can accommodate up to 20 guests. The Fijian authorities seized one of his yachts earlier in 2022.
Kerimov also owns a mansion in London, an apartment in New York, and a villa on the French Riviera.
His Political Career
In 2001, Kerimov was elected to the Dagestan People’s Assembly. He served as the Chairman of the Committee on Budget and Taxes. He became a member of the Russian Federation Council in 2002.
Kerimov became the head of United Russia’s Dagestan department in 2003. He was re-elected as a member of the Federation Council in 2004.
Suleiman Kerimov was appointed as the Presidential Envoy to the North Caucasus Federal District by Russian President Dmitry Medvedev in 2011. He served in this role until 2013.
His Philanthropy
Kerimov has set up a number of charities including the Suleyman Kerimov Foundation and the Suleyman Kerimov Education Foundation.
The Suleyman Kerimov Foundation was set up in 2006 to help people in Dagestan. The foundation provides financial assistance to families in need, helps with the construction of schools and hospitals, and provides scholarships to students.
The Suleyman Kerimov Education Foundation was set up in 2007 to help Dagestan’s educational system. The foundation provides financial assistance to schools and universities and offers scholarships to students.
Kerimov’s Business Controversies
In 2008, Kerimov was involved in a business dispute with Oleg Deripaska, another Russian billionaire. The two men had invested in a company called UC Rusal, which was the world’s largest aluminum producer.
Deripaska accused Kerimov of mismanagement and fraud. Kerimov denied the accusations and sued Deripaska for defamation. The case was settled out of court in 2009.
In 2016, Kerimov was placed under investigation for tax evasion in France. However, he was not charged and the case was dropped in 2019.
Conclusion
Kerimov is a close ally of Russian President Vladimir Putin and has been nicknamed “Putin’s banker.” He has been praised for his work in developing the economy of Dagestan.
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