Mikhail Prokhorov is a Russian oligarch who has made his fortune in various industries, including mining, banking, and media. In 2011, he became the owner of the Brooklyn Nets basketball team. He is also a noted philanthropist and has established the Mikhail Prokhorov Foundation to support various charitable causes.
How Did The Russian Oligarchs Start?
A Russian oligarchy is a group of business magnates or billionaires who have amassed wealth and power in Russia since the fall of communism/the Soviet Union. Many of them made their fortunes in the energy sector, metals and mining industry, or banking and finance. Some oligarchs are also owners of media outlets, which they use to influence public opinion.
The oligarchs came to prominence in the 1990s, when Russia liberalized its economy and privatized state-owned assets. As a result, a small group of individuals was able to amass enormous wealth and power. Since then, the oligarchs have exerted significant influence over Russian politics and society.
In recent years, however, many oligarchs have been forced to flee Russia due to political repression and the economic downturn orchestrated by the Russian government.
Who Is Mikhail Prokhorov?
Mikhail Prokhorov is a Russian-Israeli billionaire who is the former owner of the Brooklyn Nets. He is also the chairman and president of Onexim Group, a Russian holding company.
Early Life & Education
Prokhorov was born in Russia in 1965. His parents are Tamara and Dmitri Prokhorov. His maternal grandmother was Jewish and was active as a microbiologist during WWII. He has one sibling, Irina.
He received his Bachelor’s degree in finance from the Moscow Finance Institute in 1988.
His Career
After graduation, Prokhorov worked for various banks in Russia before starting his own investment bank, Renaissance Capital, in 1996. He quickly became one of the richest men in Russia, with an estimated net worth of $13 billion as of 2019.
In 2010, Prokhorov announced his candidacy for the Russian presidency, but he withdrew from the race before the election took place. In 2012, he bought a majority stake in the Brooklyn Nets NBA team, becoming the first foreign owner of an NBA team.
Prokhorov has since invested heavily in the team, helping to turn them into a championship-contending franchise. Although, according to The New York Post, Prokhorov sold the team a few years ago.
His Personal Life
Prokhorov is not married and has no children. Although, he has been engaged twice and came close to marrying if only the Brooklyn Nets won the championship at the Barclays center. He dropped from this challenge by claiming that his fiancee was taken from him when the media began pressuring Prokhorov about his statement.
Earlier this year, news leaked that he has gotten Israeli citizenship. Prokhorov refused to discuss this with members of the press.
His Philanthropy
Mikhail Prokhorov is a Russian billionaire and philanthropist who has donated millions of dollars to charities across the globe. In 2012, he founded the Mikhail Prokhorov Foundation, which provides funding for education, health care, and social welfare initiatives.
Prokhorov has also been a major contributor to the arts, donating money to support the development of new opera productions and the restoration of historic buildings. In addition to his charitable work, Prokhorov has also been active in politics, serving as the head of the Right Cause party from 2011 to 2013.
He has since retired from political life, but his philanthropic work continues to make a positive impact on the lives of many people.
What Does He Buy With His Money?
Russian billionaire Mikhail Prokhorov buys a lot of different things with his money. He has bought a number of businesses, including a bank, a media company, and an NBA team. He has also donated millions of dollars to charity. In addition, Prokhorov enjoys collecting art and owns a number of properties around the world.
Prokhorov is not afraid to spend his money, but he is also very generous with it. He has used his wealth to help others and positively impact the world.
How To Become A Russian Oligarch
There are many ways to become a Russian oligarch. Here are some of the most common:
1. Inherit Wealth
One of the most common ways to become an oligarch is to inherit wealth from a family member or friend. This method is often used by those who have connections to the upper echelons of society.
2. Marry Into Wealth
Another common way to become an oligarch is to marry into a wealthy family. This option is often favored by those who want to quickly and easily access large sums of money.
3. Win The Lottery
While it is not the most likely way to become an oligarch, it is possible to win the lottery and use the windfall to amass a fortune. Those who do this often have a great deal of luck on their side.
4. Invest In Commodities
Commodities such as oil and gas are often controlled by oligarchs. Those who make judicious investments in these areas can stand to make a great deal of money over time.
5. Start A Business
Many oligarchs began as entrepreneurs who built successful businesses from the ground up. This option requires a great deal of dedication and hard work but can be extremely rewarding financially.
6. Serve In The Military Or Government:
Those who serve in high-ranking positions in the military or government often have access to large sums of money and power. This can be used to amass a personal fortune or build up a business empire.
7) Be An Artist Or Athlete
Although it is not as expected, there have been some cases where artists or athletes have been able to parlay their talents into massive fortunes. This option is usually only available to those with exceptional skills or talents.
18) Have Connections
Finally, another way to become an oligarch is simply to have connections to other wealthy or powerful people like Vladimir Putin. This can be helpful in obtaining loans, investments, or other forms of financial assistance.
Final Words
It remains to be seen what Prokhorov will do next. He has not been active in Russian politics for several years, and it is unclear if he plans to return to the country. However, given his vast wealth and influence, Prokhorov will likely remain a major player in Russian society for years to come.