Boris Yeltsin Net Worth

Net Worth and Financial Overview

Net Worth at Death: $2 million
Category: Richest Politicians › Presidents
Birthdate: February 1, 1931 – April 23, 2007 (76 years old)
Birthplace: Butka, Ural Oblast, Russian SFSR, Soviet Union
Nationality: Soviet Union (1931–1991), Russian Federation (1991–2007)
Profession: Politician

What Was Boris Yeltsin’s Net Worth?

At the time of his death in 2007, Boris Yeltsin, Russia’s first post-Soviet president, had an estimated net worth of $2 million. Compared to modern Russian leaders and oligarchs, his wealth appears modest, though there have been accusations of corruption and hidden financial dealings during his presidency.

📌 Key Financial Facts:

Yeltsin’s wealth was significantly lower than many of his political successors and allies.
His administration oversaw the rise of Russian oligarchs, many of whom amassed billions while the Russian economy collapsed.
He faced corruption allegations, though no definitive proof linked him directly to major financial scandals.

Early Life and Education

Humble Beginnings and Family Struggles

📍 Born: February 1, 1931, in Butka, Ural Oblast, Soviet Union
👨 Father: Nikolai Yeltsin (worked in construction, later imprisoned)
👩 Mother: Klavdiya Vasilyevna (seamstress)

Yeltsin was born into poverty, and his early years were marked by hardship. His father was imprisoned during Stalin’s purges, leaving his mother to raise the family.

Education and Early Ambitions

📖 Pushkin High School
🎓 Ural Polytechnic Institute (1955) – Degree in Civil Engineering

📌 As a student, Yeltsin was known for his rebellious streak, a trait that would follow him into politics.

Political Career: From Communist Party Official to Russia’s First President

Early Political Rise (1968–1985)

1968: Joined the Communist Party full-time.
1976: Became First Secretary of Sverdlovsk Oblast, essentially the regional governor.
1985: Mikhail Gorbachev brought him to Moscow to help reform the Soviet government.

📌 Yeltsin initially worked with Gorbachev, but later became his biggest rival.

Reformist and Break from the Communist Party (1985–1991)

Became popular for his anti-corruption efforts, but was forced out by Gorbachev in 1987.
1989: Elected to the USSR Congress of People’s Deputies with 90% of the vote.
1990: Resigned from the Communist Party, calling for democracy and economic reform.
1991: Elected as Russia’s first democratic president, defeating Gorbachev’s candidate.

📌 Yeltsin’s election marked the beginning of Russia’s transition from communism to capitalism.

The Collapse of the Soviet Union (1991)

August 1991: Led resistance against the Communist coup attempt.
December 1991: Signed agreements that dissolved the Soviet Union, forcing Gorbachev to resign.
January 1, 1992: The Russian Federation replaced the Soviet Union.

📌 Yeltsin became the most powerful man in Russia, but his leadership would soon face major challenges.

The Yeltsin Presidency (1991–1999)

Radical Economic Reforms (1992–1993)

🏛 Privatization and Free-Market Economy
💰 Oligarchs Emerged, Economy Collapsed
📉 Hyperinflation and Mass Poverty

Yeltsin introduced capitalism overnight through “shock therapy” economic policies. Prices soared 2,600% in 1992, and millions fell into poverty. Meanwhile, a small group of businessmen—the Russian oligarchs—became billionaires by acquiring former Soviet industries at extremely low prices.

📌 By 1994, Yeltsin was widely blamed for Russia’s economic disaster.

The 1993 Constitutional Crisis

Yeltsin fought with the Russian Parliament, which opposed his reforms.
October 1993: He sent tanks to shell the Russian White House, killing 187 people.
December 1993: Passed a new Constitution, strengthening presidential power.

📌 Yeltsin’s violent crackdown damaged his image as a democratic reformer.

First Chechen War (1994–1996)

⚔ Attempted to crush Chechen separatists
💥 War became a disaster—tens of thousands died
📉 Yeltsin’s popularity hit an all-time low

📌 By 1996, many believed Yeltsin was too weak to lead.

Re-Election and Oligarchs’ Influence (1996)

Yeltsin was deeply unpopular, polling at 6% approval.
The oligarchs funded his campaign, using their media empires to attack his communist opponent.
Won re-election, but suffered a heart attack during the campaign.

📌 Many believe the 1996 election was rigged, marking the beginning of Russian electoral fraud.

Decline and Rise of Putin (1996–1999)

Suffered multiple heart attacks and increasing alcohol dependence.
1998 Financial Crisis: Russia defaulted on its debts, deepening the economic crisis.
1999: Yeltsin suddenly appointed Vladimir Putin as his successor.
New Year’s Eve 1999: Yeltsin resigned, making Putin acting president.

📌 His final act was ensuring Putin’s rise to power.

Controversies and Corruption Allegations

💰 Oligarchs stole billions during his presidency.
🏛 1996 Re-Election may have been rigged.
💸 Swiss bank accounts and bribes were rumored.

📌 Yeltsin’s presidency was plagued by corruption and chaos, despite his pro-democracy stance.

Personal Life and Health Struggles

👩 Wife: Naina Yeltsina (married 1956)
👨‍👩‍👧‍👧 Children: Two daughters – Yelena (1957) and Tatyana (1960)

Alcoholism and Health Problems

Had multiple heart attacks, including one in 1996.
Heavy drinking became a public scandal (e.g., drunken behavior at international events).
Increased erratic decision-making in his final years.

📌 His health issues contributed to his resignation in 1999.