Despite ongoing sanctions, Russia’s economy is still booming. This is primarily thanks to the country’s oligarchs – a group of immensely wealthy businessmen who have been able to accrue vast amounts of wealth and wield significant political power.
But just how many Russian oligarchs are there? And what kind of lifestyle do they lead? This blog post looks closely at Russia’s wealthiest men and women.
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The Total Russian Oligarchs Are There
The answer to this question is not simple. Russia’s oligarchs are a diverse group, and there is no single publicly available source that lists them all. However, a rough estimate can be made based on data from Forbes magazine’s annual list of the world’s billionaires.
In 2018, Forbes listed 96 Russian billionaires with a combined net worth of US$1.14 trillion. Of these 96 billionaires, 35 had made their fortune in oil and gas, 18 in banking and finance, and 16 in metals and mining. The remaining 17 were involved in various other industries, including retail, media, chemicals, and real estate.
Based on these figures, it is safe to say that there are at least several dozen Russian oligarchs with a net worth of over one billion dollars. And this is likely just the tip of the iceberg, as many oligarchs hide their wealth for obvious reasons.
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Who Are The Russian Oligarchs?
It is estimated that there are over 100 Russian oligarchs, though the list of who qualifies as an oligarch is ever-changing and often disputed. To be considered a Russian oligarch, one must have a high net worth – typically over $1 billion – and a substantial amount of their wealth must come from owning assets in Russia.
The list of Russian oligarchs includes some familiar names, such as Roman Abramovich, the Chelsea Football Club owner, and Mikhail Prokhorov, former owner of the Brooklyn Nets.
These oligarchs have made billions in various industries, including oil and gas, metals and mining, banking, and real estate. While they maintain homes and businesses worldwide, they often keep a low profile and avoid public scrutiny. Their influence – both in Russia and abroad – is significant.
How Putin Rose To Power And Started Reigning In The Oligarchs
Vladimir Putin was born in Leningrad in 1952. He studied law at Leningrad State University, graduating in 1975.
He then joined the KGB, working as a foreign intelligence officer until 1991. In the 1990s, he held a series of government positions, including deputy chief of the Presidential Property Management Department and director of the FSB (the successor to the KGB).
In 1999, he was appointed prime minister by then-president Boris Yeltsin. Putin remained in that position until 2000, when he was elected president. He has been reelected twice and is currently serving his fourth term.
Throughout his political career, Russian president Vladimir Putin has been known for his willingness to crack down on oligarchs – those who amassed enormous wealth during the transition from socialism to capitalism in the 1990s. Forbes magazine has estimated that Putin’s net worth is $70 billion, making him one of the wealthiest men in the world.
While much of his fortune is believed to be hidden away in offshore accounts, there is no doubt that Putin is a mighty man.
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Who The Richest Russian Oligarchs Are, And How Much Money Do They Have
According to Forbes, the richest Russian oligarchs are worth an estimated $US116 billion combined. The top three oligarchs – Mikhail Fridman Prokhorov, Oleg Deripaska, and Vladimir Lisin – are each worth over $US15 billion. Prokhorov is the Brooklyn Nets basketball team owner, while Deripaska owns aluminium giant Rusal.
Lisin is the owner of Novolipetsk Steel. All three have made their fortunes in metals and mining. Together, they control a significant portion of the world’s aluminium supply.
While they have all succeeded in business, they are also deeply connected to the Kremlin and have benefited from close ties to President Vladimir Putin. This has helped them to consolidate their power and amass their vast fortunes.
What Happens When An Oligarch Falls Out Of Favor With Putin
Oligarchs are individuals who have amassed a great deal of wealth and power within Russia. While Putin once favoured them, an oligarch can fall out of favour for several reasons. One reason might be if the oligarch was perceived to challenge Putin’s authority.
Another reason might be if the oligarch was seen as ineffective or corrupt. If an oligarch falls out of favour with Putin, they can lose their wealth, power, and freedom.
In some cases, oligarchs have been forced to flee Russia to escape Putin’s retribution. Consequently, an oligarch’s falling out of favour with Putin can have serious consequences.
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How Life Is For The Average Russian Citizen Compared To The Lives Of The Oligarchs
The average Russian lives in a very different world than the oligarchs who rule the country. The oligarchs are incredibly wealthy, while most Russian roulette struggle to make ends meet.
The oligarchs have access to the best medical care, private schools, and luxurious vacation homes, while most Russians can’t even afford necessities. The gap between the rich and the poor is widening, and it’s becoming increasingly difficult for ordinary Russians to get by. Even though the oligarchs may seem untouchable, they ultimately depend on the Russian people’s goodwill.
Without the average citizen’s support, they would be powerless. Despite the vast differences between their lives, the oligarchs and the Russian people are connected in more ways than one.
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Whether Or Not Russia Will Ever Have A True Democracy
Although Russia has made some strides toward democracy in recent years, it still has a long way to go before it can be considered a true democracy. For one thing, freedom of speech and assembly are not guaranteed in Russia.
Furthermore, the government controls the media, and there is little room for dissenting voices. Additionally, corruption is still rampant in Russia, undermining the rule of law.
Finally, Russia’s population is still largely apolitical, preferring to stay out of the country’s often chaotic political scene. As a result, it is doubtful that Russia will become a true democracy anytime soon.
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Conclusion
So, how many Russian oligarchs are there? The answer is not definitive, and it likely changes daily. But we can confidently say that the number of wealthy Russians who have made their fortunes in business is sizable- and growing.
And as long as Putin remains in power, they will only continue to get richer. Do you want to learn more about these fascinating (often nefarious) business people? Check out our other posts on Russian oligarchs, or contact us for more information.