Top 20 Millionaires In Russia

The Russian economic landscape in late 2025 remains a complex tapestry of traditional industrial power and emerging digital innovation. Following years of significant global shifts and domestic restructuring, the nation’s wealthiest individuals have demonstrated remarkable resilience. This list of the top 20 Russian billionaires highlights the figures who command the country’s energy, mining, and technology sectors. From the vast oil fields of Siberia to the encrypted servers of global messaging apps, these individuals influence global markets and domestic policy alike.

1. Vagit Alekperov

Former President of Lukoil

Vagit Alekperov currently holds the position of the wealthiest individual in Russia with an estimated net worth of $28.7 billion. His journey began in the oil fields of Azerbaijan and Western Siberia, eventually leading him to become a foundational figure in the Russian energy sector. As the primary architect of Lukoil, Russia’s largest non-state oil producer, Alekperov has spent decades navigating the volatile fluctuations of the global petroleum market.

By late 2025, Lukoil successfully adapted its supply chains to focus on high-growth markets in Asia and the Middle East. Although Alekperov stepped down from formal executive roles in 2022 to protect the company from international pressure, his influence remains paramount through his significant shareholdings. His strategic focus has recently shifted towards the integration of sustainable technologies within traditional extraction methods. Beyond his business acumen, he is a noted philanthropist, investing heavily in social entrepreneurship through his foundation. His status at the top of the wealth list reflects the enduring importance of fossil fuels in the current global economy.

2. Alexei Mordashov and Family

Chairman of Severstal

Alexei Mordashov, with a fortune of $28.6 billion, is the principal owner of Severstal, one of Russia’s most efficient steel and mining conglomerates. Mordashov is often cited as a model of the modern Russian industrialist, focusing on lean manufacturing and technological integration. His company, Severstal, serves as a critical supplier for the construction, automotive, and energy industries across Eurasia.

In 2025, Mordashov navigated significant export challenges by pivoting Severstal’s output toward domestic infrastructure projects and new trade partners in the Global South. His wealth is not limited to steel; he maintains a diverse portfolio including interests in gold mining via Nordgold and the travel industry. Mordashov is known for his hands on management style and his commitment to the digitalisation of heavy industry. Despite the complexities of the current international climate, his family’s wealth has remained stable due to the vertical integration of their assets, which allows them to control everything from iron ore extraction to the final delivery of high grade steel products.

3. Leonid Mikhelson and Family

Chairman of Novatek

Leonid Mikhelson, worth $28.4 billion, is a pivotal figure in the natural gas sector. As the chairman and major shareholder of Novatek, the country’s largest private gas producer, Mikhelson has been a driving force behind Russia’s transition to becoming a global leader in Liquefied Natural Gas (LNG). His crown jewel projects in the Arctic have redefined the logistics of energy transport in the northern hemisphere.

Mikhelson’s success is built on his ability to forge international partnerships, particularly with Asian energy firms, to secure the funding and technology required for massive Arctic installations. By late 2025, Novatek continued to expand its production capacity, making it a formidable competitor to state-owned entities. Mikhelson is also a major shareholder in Sibur, a petrochemical giant that processes gas byproducts into high-value plastics and rubbers. He is a passionate patron of the arts, funding the V-A-C Foundation, which supports contemporary art in Moscow and Venice. His wealth represents the successful commercialisation of Russia’s vast natural gas reserves.

4. Vladimir Lisin

Chairman of NLMK Group

Vladimir Lisin, with an estimated net worth of $26.5 billion, is a veteran of the Russian steel industry. As the chairman of Novolipetsk Steel (NLMK), Lisin oversees an empire that spans Russia, Europe, and the United States. He is respected for his deep technical knowledge of metallurgy, having begun his career as a laboratory assistant before rising through the ranks of the Soviet industrial complex.

Lisin’s approach to business is famously pragmatic. He has consistently focused on maintaining low production costs and high efficiency. In 2025, NLMK remains one of the most profitable steel companies in the world, despite the imposition of various trade barriers. Lisin has often voiced support for market competition and has been a proponent of keeping industrial giants lean and responsive to global trends. Outside the boardroom, he is an avid sportsman and has served as the president of the International Shooting Sport Federation. His fortune is a testament to the power of vertical integration and the steady demand for steel in global industrialisation.

5. Vladimir Potanin

CEO of Norilsk Nickel

Vladimir Potanin, with a net worth of $24.2 billion, is the primary owner of Norilsk Nickel (Nornickel), the world’s largest producer of high-grade nickel and palladium. These metals are essential components in the production of stainless steel and the catalytic converters used in the automotive industry. Potanin’s influence extends far beyond mining, as he was a key figure in the economic reforms of the 1990s.

In 2025, Potanin is leading Nornickel through a massive environmental overhaul and a strategic pivot towards the battery market for electric vehicles. His company holds the keys to the green energy transition, as nickel is a vital ingredient in modern battery cathodes. Potanin has also been a pioneer in the digital asset space, launching blockchain platforms to tokenise industrial commodities. His wealth is managed through Interros, an investment vehicle that holds interests in banking and pharmaceuticals as well. Potanin remains a central figure in the Russian business elite, balancing traditional heavy industry with a forward-looking digital strategy.

6. Gennady Timchenko

Founder of Volga Group

Gennady Timchenko, worth $23.2 billion, is an influential investor with a portfolio that spans the energy, transport, and construction sectors. His wealth is managed through the Volga Group, which holds significant stakes in Novatek and Sibur. Timchenko’s career has been defined by his role in the development of Russia’s energy export infrastructure, particularly in the Baltic and Arctic regions.

By late 2025, Timchenko focused on the expansion of domestic construction projects, including major transport hubs and gas processing plants. He is known for his close ties to the Russian state and has been a key participant in the nation’s strategic economic initiatives. Timchenko is also a major supporter of Russian sports, particularly ice hockey, serving as the chairman of the board of the Kontinental Hockey League. His wealth is a reflection of the deep synergy between private capital and national industrial goals in the Russian Federation. He continues to be a prominent figure in the development of the Northern Sea Route.

7. Andrey Melnichenko and Family

Founder of EuroChem and SUEK

Andrey Melnichenko, with a net worth of $17.4 billion, built his fortune in the fertiliser and coal industries. He is the founder of EuroChem, a global leader in mineral fertilisers, and SUEK, Russia’s largest coal producer. Melnichenko’s businesses are essential to global food security and energy production, providing nutrients for crops and fuel for power plants across the globe.
In 2025, Melnichenko navigated a complex regulatory environment by focusing on the sustainability of his mining operations.

EuroChem has expanded its production of high-efficiency fertilisers that reduce environmental runoff, while SUEK has invested in clean coal technologies. Melnichenko is often associated with his high-tech approach to industrial management, using advanced data analytics to optimise supply chains. He is also famous for his interest in high-end maritime engineering, commissioning some of the world’s most advanced sailing vessels. His fortune underscores the critical role that Russian commodities play in the global agricultural and energy sectors.

8. Pavel Durov

Founder of Telegram

Pavel Durov, worth $17.1 billion, represents a significant departure from the traditional industrial wealth of Russia. As the founder of the messaging app Telegram, Durov has built a global digital empire that prioritises user privacy and encrypted communication. Often called the Mark Zuckerberg of Russia, he first gained fame as the creator of VKontakte, the country’s most popular social network, before moving abroad.

By late 2025, Telegram was a multi-functional platform with over a billion users, incorporating social media, news broadcasting, and even financial services through its integrated blockchain features. Durov’s wealth is entirely derived from the technology sector, making him a unique figure among the top ten. He is known for his minimalist lifestyle and his vocal advocacy for internet freedom. Despite living in exile for several years, his impact on the Russian and global digital landscape remains immense. His success demonstrates the potential for Russian software engineering to achieve massive scale on the world stage.

9. Alisher [Usmanov

Majority Shareholder of USM Holdings

Alisher Usmanov, with a fortune of $16.7 billion, is a multifaceted tycoon with interests in metals, mining, telecommunications, and technology. Through USM Holdings, he controls Metalloinvest, a leading global producer of iron ore, and MegaFon, one of Russia’s big three mobile operators. Usmanov’s investment history includes early and highly profitable stakes in global technology giants such as Facebook and Alibaba.

In 2025, Usmanov focused on the digital transformation of his industrial assets, implementing artificial intelligence to improve the efficiency of iron ore extraction. He is a prominent figure in international sports, having served as the president of the International Fencing Federation for many years. Usmanov is also one of the most generous philanthropists in Russia, donating hundreds of millions of dollars to healthcare, education, and the preservation of cultural heritage through his “Art, Science and Sport” foundation. His wealth is a blend of traditional industrial power and savvy high-tech investments, allowing him to maintain a dominant position across multiple sectors.

10. Suleiman [Kerimov and Family

Gold Mining and Investments

Suleiman Kerimov, with an estimated net worth of $16.4 billion, is primarily associated with Polyus, Russia’s largest gold producer. Gold has long been a cornerstone of the Kerimov family’s wealth, serving as a reliable hedge against currency volatility and geopolitical instability. Polyus is known for having some of the lowest production costs in the global gold mining industry, thanks to its high-grade ore bodies in Siberia.

Bold, high-stakes investments in both Russian and international corporations have marked Kerimov’s career. In 2025, his family continues to manage their holdings with a focus on long-term value preservation. Kerimov is also a significant figure in the Dagestan region, where he has funded numerous social and religious infrastructure projects. His wealth reflects the enduring allure of gold as a primary store of value. Although he has largely stepped back from public life, his family’s influence through their investment vehicles remains substantial in the Russian financial markets.

11. Mikhail Fridman

Co-founder of Alfa Group

Mikhail Fridman, worth $15.3 billion, is a co-founder of the Alfa Group, one of Russia’s largest privately held investment conglomerates. His interests span banking, retail, and telecommunications. Fridman’s Alfa-Bank is a major player in the Russian financial sector, known for its advanced digital banking services and focus on the retail market.

In 2025, Fridman spent much of his time managing the complexities of his international investments through LetterOne, a Luxembourg-based investment firm. His portfolio includes significant stakes in global energy companies and retail chains across Europe. Fridman is known for his sharp intellectual approach to business and has often participated in high level international economic forums. Despite the challenges of the current geopolitical environment, he has maintained a robust presence in the Russian retail sector through X5 Retail Group, which operates thousands of supermarkets across the country. His fortune is a product of his ability to build modern, consumer centric businesses in a rapidly changing economy.

12. Mikhail Prokhorov

Founder of ONEXIM Group

Mikhail Prokhorov, with a fortune of $10.7 billion, is a versatile entrepreneur whose interests have ranged from metals and mining to professional sports and media. Prokhorov first amassed his wealth as a partner of Vladimir Potanin at Norilsk Nickel before selling his stake just before the 2008 financial crisis. Since then, he has focused on his investment vehicle, the ONEXIM Group.

Prokhorov is perhaps best known internationally as the former owner of the Brooklyn Nets NBA team. In 2025, his business activities are focused on high tech startups, innovative materials, and the development of sustainable energy solutions. He is a tall, athletic figure who has even dabbled in politics, running for the Russian presidency in 2012. His wealth is characterised by its liquidity, as he has successfully exited many of his large industrial positions over the years. Prokhorov remains a unique figure in the Russian elite, blending a passion for sports and lifestyle with a keen eye for disruptive technologies.

13. Leonid Fedun

Former Vice President of Lukoil

Leonid Fedun, worth $10.4 billion, was for decades the right hand man of Vagit Alekperov at Lukoil. As a co-founder and major shareholder, Fedun played a critical role in the strategic planning and financial management of the oil giant. He is often credited with modernising Lukoil’s corporate structure and helping it achieve its status as a world class energy company.

In 2025, Fedun is focused on his personal investments and his passion for football. He was the long time owner of Spartak Moscow, one of Russia’s most successful and popular football clubs, before selling his stake in 2022. Fedun is known for his analytical mind and his ability to predict trends in the global energy market. His wealth is a direct result of the successful privatisation and professional management of Russia’s oil assets. Although he has retired from active executive duties, his insights into the petroleum industry continue to be highly valued by investors and policymakers alike.

14. German Khan

Co-founder of Alfa Group

German Khan, with a net worth of $9.9 billion, is a key partner of Mikhail Fridman and a co-founder of the Alfa Group. He was the executive responsible for the day to day operations of TNK-BP for many years, managing one of the largest oil joint ventures in Russian history. Khan is known for his tough, results oriented management style and his deep expertise in the energy sector.

By late 2025, Khan focused on the development of the Alfa Group’s domestic assets, particularly in the banking and retail sectors. Like his partners, he is a major shareholder in LetterOne and has been involved in significant international deals in the telecommunications and energy industries. Khan is a private individual who avoids the limelight, preferring to focus on the operational efficiency of his companies. His fortune reflects the success of the Alfa Group’s diversified investment strategy, which has allowed it to thrive through multiple economic cycles in Russia and abroad.

15. Viktor Rashnikov

Chairman of MMK

Viktor Rashnikov, worth $9.6 billion, is the chairman and majority owner of the Magnitogorsk Iron and Steel Works (MMK). Rashnikov’s story is a classic industrial tale; he began his career as a fitter at the plant in 1967 and worked his way up to the very top. Under his leadership, MMK has become one of the world’s leading steel producers, focusing on high value added products for the automotive and energy industries.

In 2025, Rashnikov oversaw a major modernisation programme at the Magnitogorsk plant, implementing green technologies to reduce emissions and improve energy efficiency. He is a deeply respected figure in the Chelyabinsk region, where MMK is the primary employer and a major contributor to social infrastructure. Rashnikov’s wealth is entirely tied to the success of the steel industry, and he remains committed to maintaining the competitiveness of Russian manufacturing on the global stage. He is also a major supporter of ice hockey, specifically the Metallurg Magnitogorsk team.

16. Andrei Guryev and Family

Former CEO of PhosAgro

Andrei Guryev, with an estimated net worth of $9.5 billion, is the primary owner of PhosAgro, one of the world’s leading producers of phosphate based fertilisers. His company plays a vital role in global agriculture, providing the nutrients necessary to maintain crop yields for a growing world population. Guryev’s wealth has seen significant growth as the importance of food security has moved to the forefront of the global political agenda.

In 2025, PhosAgro continued to expand its production facilities and invest in sustainable mining practices. Guryev, who served as the company’s CEO for many years, has successfully positioned PhosAgro as a premium supplier in international markets. He is known for his support of the Russian Orthodox Church and his involvement in various national sports initiatives. His fortune highlights the strategic value of Russia’s mineral wealth in the global food supply chain. Guryev remains a key figure in the Russian industrial elite, focusing on the long term growth of his family’s agricultural assets.

17. Viatcheslav Kantor

Shareholder of Acron

Viatcheslav Kantor, worth $9.5 billion, is a major shareholder in the Acron Group, another giant in the Russian fertiliser industry. Acron produces a wide range of mineral fertilisers and has significant operations in both Russia and China. Kantor has been a vocal advocate for the role of fertilisers in combating global hunger and has pushed for greater international cooperation in the agricultural sector.

Beyond his business interests, Kantor is a prominent figure in the international Jewish community, having served as the president of the European Jewish Congress. In 2025, his activities are split between managing his industrial empire and his extensive philanthropic work. He is a noted art collector, particularly of works by artists of Russian Jewish origin. His wealth is a reflection of the global demand for fertilisers and his ability to build a highly profitable, international business from former state assets. Kantor’s dual role as a businessman and a community leader makes him a unique figure on this list.

18. Viktor Vekselberg

Chairman of Renova Group

Viktor Vekselberg, with a net worth of $9.2 billion, is the head of the Renova Group, a diversified investment company with interests in metals, energy, and telecommunications. Vekselberg first rose to prominence in the aluminium industry before expanding his holdings into various other sectors. He was a key player in the creation of SUAL, which later merged to form the global aluminium giant UC Rusal.

In 2025, Vekselberg focused on high tech manufacturing and the development of innovative materials through his various investment vehicles. He is perhaps most famous for his purchase of the Forbes family’s collection of Faberge eggs, which he returned to Russia to be displayed in a museum in St. Petersburg. Vekselberg has been a significant supporter of the Skolkovo Innovation Centre, Russia’s attempt to create a Silicon Valley style tech hub. His wealth is a blend of old school industrial assets and a genuine passion for modern technology and cultural preservation.

19. Roman Abramovich and Family

Shareholder of Evraz

Roman Abramovich, with a fortune of $9.2 billion, is perhaps the most famous Russian billionaire globally. He built his initial wealth in the oil industry with Sibneft before selling it to Gazprom for a massive profit. Since then, his primary industrial holding has been a significant stake in Evraz, a major steel and mining company with operations in Russia and North America.

Abramovich’s international fame was solidified by his long ownership of the Chelsea Football Club in London. In 2025, he adopted a much lower profile, focusing on his investment portfolio and various philanthropic ventures. His wealth has faced significant pressure due to international sanctions, leading to the forced sale of several high profile assets. However, he remains a billionaire with a sophisticated network of global investments. Abramovich is known for his discretion and his ability to maintain influential connections across the globe. His story remains a central part of the narrative surrounding the rise of the Russian oligarchs.

20. Alexei Kuzmichev

Co-founder of Alfa Group

Alexei Kuzmichev, with a net worth of $7.7 billion, is the third co-founder of the Alfa Group, alongside Fridman and Khan. Kuzmichev has played a vital role in the group’s international trading operations and was instrumental in the success of its energy and commodity ventures. He is known for his deep understanding of global financial markets and his ability to navigate complex cross border transactions.

In 2025, Kuzmichev continues to be a major shareholder in the various entities that make up the Alfa Group empire, including LetterOne. He is a private individual who focuses on his family and his extensive art collection. Like his partners, his wealth is a product of the successful diversification of the Alfa Group, which has allowed it to maintain its position as a dominant force in the Russian private sector for over three decades. His presence on this list reinforces the enduring power of the collective investment strategy pioneered by the founders of Alfa.

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Frequently Asked Questions

Who is the richest person in Russia as of 2025?

The richest person in Russia in late 2025 is Vagit Alekperov, the former president of the oil company Lukoil. His estimated net worth is approximately $28.7 billion, which he amassed through his decades long leadership in the energy sector.

How do Russian billionaires typically earn their wealth?

The majority of Russian billionaires earned their initial fortunes during the privatisation of state assets in the 1990s following the collapse of the Soviet Union. Their wealth is primarily concentrated in natural resources such as oil, gas, metals, mining, and fertilisers. However, newer wealth is also emerging from the technology and software sectors.

What is the role of an oligarch in the Russian economy?

An oligarch is a term often used to describe wealthy business leaders who have significant influence over the economy and, in some cases, the political landscape. In Russia, these individuals often control massive industrial conglomerates that are vital to the country's GDP and export revenues.

How has international pressure affected Russian billionaires in 2025?

International sanctions and trade restrictions have forced many Russian billionaires to restructure their holdings, divest from Western assets, and pivot their businesses toward domestic markets or new international partners in Asia and the Middle East. Some have also stepped down from formal corporate roles to protect their companies from further scrutiny.

Is there wealth outside of the energy and mining sectors in Russia?

Yes, while energy and mining dominate the top of the list, there is significant wealth in the technology sector (such as Telegram founder Pavel Durov), retail (X5 Retail Group), banking (Alfa-Bank), and telecommunications (MegaFon). These sectors represent a more modern and consumer oriented side of the Russian economy.

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Top 20 Millionaires In Russia

1. Vagit Alekperov

Former President of Lukoil

2. Alexei Mordashov and Family

Chairman of Severstal

3. Leonid Mikhelson and Family

Chairman of Novatek

4. Vladimir Lisin

Chairman of NLMK Group

5. Vladimir Potanin

CEO of Norilsk Nickel

6. Gennady Timchenko

Founder of Volga Group

7. Andrey Melnichenko and Family

Founder of EuroChem and SUEK

8. Pavel Durov

Founder of Telegram

9. Alisher [Usmanov

Majority Shareholder of USM Holdings

10. Suleiman [Kerimov and Family

Gold Mining and Investments

11. Mikhail Fridman

Co-founder of Alfa Group

12. Mikhail Prokhorov

Founder of ONEXIM Group

13. Leonid Fedun

Former Vice President of Lukoil

14. German Khan

Co-founder of Alfa Group

15. Viktor Rashnikov

Chairman of MMK

16. Andrei Guryev and Family

Former CEO of PhosAgro

17. Viatcheslav Kantor

Shareholder of Acron

18. Viktor Vekselberg

Chairman of Renova Group

19. Roman Abramovich and Family

Shareholder of Evraz

20. Alexei Kuzmichev

Co-founder of Alfa Group

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Frequently Asked Questions

Who is the richest person in Russia as of 2025?

How do Russian billionaires typically earn their wealth?

What is the role of an oligarch in the Russian economy?

How has international pressure affected Russian billionaires in 2025?

Is there wealth outside of the energy and mining sectors in Russia?

Billionaires In Russia

Names

Industry

Places

Millionaires In Russia

Names

Industry

Places