Russian President Vladimir Putin presents himself as an “ordinary politician” with an annual income of around $1.4 lakh (approximately ₹1.17 crore). According to the week, Kremlin documents from the same year show his declared assets as only an 800-square-foot apartment, a trailer and three cars. Whereas, many experts and finance analysts believe that Putin’s actual net worth is in the billions of dollars, which could make him one of the richest men in the world.
What is Putin’s net worth?
It is almost impossible to accurately estimate Russian President Putin’s real net worth, but the estimates from top experts are shocking. According to finance expert Bill Browder, who was once Russia’s largest foreign investor, Putin’s net worth could be up to $200 billion. Browder told the US Senate that this wealth began to build up after the arrest of oligarch Mikhail Khodorkovsky in 2003, when Putin demanded a 50% commission from other oligarchs in exchange for avoiding prison.
Similarly, Swedish economist Anders Oslund estimates Putin’s net worth to be between $100 and $130 billion. If the $200 billion estimate is correct, Putin would be just behind Elon Musk and Jeff Bezos, and above Mark Zuckerberg, in terms of wealth.
How did Putin acquire so much wealth?
Transparency International has described Russia as a “kleptocracy—a rule of thieves.” Putin’s wealth was built largely through a system based on extortion and theft of government funds. According to the week’s news, Putin allegedly puts pressure on Russian oligarchs (wealthy businessmen) to “extort” shares and cash from them. According to ‘Forbes’, Putin makes his friends and relatives rich by getting them government contracts or stakes in companies, and in return they receive “commissions” or stakes from them.
How were the assets hidden?
According to ‘Forbes’, tracing Putin’s wealth is one of the world’s most difficult economic puzzles. Putin does not hold his assets directly in his name. Instead, it is hidden in the name of family, childhood friends, bodyguards and trusted individuals. According to a report, Western sanctions have hardly had any negative impact on Putin’s alleged personal wealth. There were 123 billionaires in Russia in 2021, while this number will increase to 125 in 2024. By April 2024, the Russian rich would collectively increase their wealth by $72 billion. Many Russian billionaires increased their wealth by purchasing the assets of Western companies at deep discounts following their withdrawal from Russia.
Latest Business News