Oleg Deripaska Net Worth

Oleg Deripaska Net Worth: $2.7 Billion

Summary Table

Introduction

Oleg Deripaska is a Russian businessman with a net worth of $2.7 billion. He is a billionaire industrialist who founded the industrial group Basic Element in 1997. Deripaska also founded and led the energy company En+ Group and the aluminum company United Company RUSAL. His career has been marked by numerous business achievements as well as involvement in political scandals.

What is Oleg Deripaska’s Net Worth?

Oleg Deripaska’s net worth is estimated at $2.7 billion. He is known for founding Basic Element, one of Russia’s largest diversified industrial groups, and for his leadership roles in En+ Group and United Company RUSAL.

Early Life and Education

Oleg Deripaska was born on January 2, 1968, in Dzerzhinsk, Soviet Russia. He grew up on a family farm in Ust-Labinsk and was primarily raised by his grandparents. As a child, Deripaska worked at a local plant and became an electrician’s apprentice at 11. Known for his aptitude in math, he enrolled at Moscow State University at 17, but his education was interrupted by military service. He later returned to complete his physics degree in 1993 and earned a master’s degree from Plekhanov University of Economics in 1996.

Career Beginnings

In the early 1990s, Deripaska partnered with fellow scientists to establish the metal trading company VTK. He capitalized on the price differences between domestic Russian metals and international markets, using his profits to purchase shares in the Sayanogorsk aluminum smelter, where he became director general in 1994. In 1997, he founded Sibirsky Aluminum Group, which later merged with Millhouse Capital to form RUSAL in 2000.

Business Expansion

As the head of RUSAL, Deripaska turned the company into the world’s largest aluminum producer. He spearheaded the construction of the Khakas aluminum smelter in Siberia and expanded his business interests into various sectors, including energy, manufacturing, auto, finance, aviation, and agriculture. His notable assets include EuroSibEnergo, Ingosstrakh, and GAZ Group. Deripaska’s diverse investments are managed under Basic Element.

In 2006, he founded En+ Group, which holds a majority stake in RUSAL and controls numerous power plants. In 2011, he created Kuban Agroholding, a vast agribusiness.

Other Business Positions

Deripaska serves as chairman of the Asia-Pacific Economic Cooperation Business Advisory Council and vice president of the Russian Union of Industrialists and Entrepreneurs. He has also participated in the World Economic Forum since 2007.

Norilsk Nickel

In a notable business transaction, Deripaska acquired a stake in Norilsk Nickel from Mikhail Prokhorov for $7 billion in cash and $3 billion in stock. The timing was fortuitous, as the global economy collapsed shortly after, significantly impacting Deripaska’s net worth.

Criticism of Russian War in Ukraine

In 2022, Deripaska publicly criticized Russia’s invasion of Ukraine, calling for peace and warning of the potential long-term consequences of nuclear accidents in Ukraine. This stance made him one of the few Russian billionaires to openly oppose the war.

Seizure of $1 Billion Property

In December 2022, a Russian court ordered the seizure of a $1 billion luxury hotel complex owned by Deripaska. Although the legal battle predated the war, many believe his critical comments influenced the court’s decision.

Philanthropy

Deripaska established the charitable foundation Volnoe Delo, supporting initiatives in education, science, cultural heritage, and public health in Russia. He also co-founded the National Science Support Foundation and the National Medicine Fund. He is involved with several boards of trustees, including at Moscow State University and the Bolshoi Theatre.

Scandals

Deripaska has faced numerous scandals, including accusations of money laundering, extortion, and ties to organized crime. His connections with Nathaniel Rothschild, Peter Mandelson, and Paul Manafort have also drawn scrutiny. He was sanctioned by the US in 2018 and later by the UK and EU during Russia’s invasion of Ukraine. In 2022, he was charged with violating US sanctions.

Personal Life

Deripaska married Polina Yumasheva, daughter of Russian president Boris Yeltsin’s top adviser, in 2001. They had two children, Pyotr and Maria, before divorcing in 2018. Deripaska owns multiple properties and has a passion for horses and dogs. He became a Cypriot citizen in 2017.

Oleg Deripaska’s journey from an electrician’s apprentice to a billionaire industrialist is marked by significant business achievements and controversial political involvement. His influence spans multiple industries, and his philanthropic efforts have made a notable impact in Russia.