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Roman Abramovich is one of the wealthiest people in the world. The oligarch, entrepreneur, and politician is a respected figure in Putin’s circle. But what is known about his wealth and private life?
Roman Abramovich: The rise and fortune of the oligarch
Roman Abramovich is a Russian billionaire, investor, and politician who became internationally known as the owner of English soccer club Chelsea FC. But how and how much did the son of an unknown working-class family earn as an oligarch?
- Abramovich was born on October 24, 1966, in Saratov, Russia, formerly part of the Soviet Union, and was orphaned at the age of four. While his mother died a few months after his birth as a result of an abortion, his father later died in a construction accident. Abramovich grew up in his father’s Jewish family and later studied engineering at Moscow State University.
- Abramovich amassed his fortune after the collapse of the Soviet Union. In the 1990s, he participated in the privatization of state-owned companies and acquired a large fortune by buying companies cheaply and selling them at a high price. He invested in various industries such as oil, aluminum, telecommunications, and energy.
- In the early 2000s, Russian President Putin set out to tackle corruption in the country. This was followed by a show trial against the oligarch Mikhail Khodorkovsky, under the impression of which Abramovich sold a large part of his shares in order to avoid becoming a target of the anti-corruption policy.
- The Russian oligarch bought the London soccer club Chelsea FC in 2003. After Russia’s war of aggression and as a result of the economic sanctions that also affected him, he sold the club again in 2022.
- Due to the sanctions imposed on Russian oligarchs, the multi-billionaire’s fortune was more than halved in 2022. In 2023, Forbes estimates his fortune at $9.2 billion. This makes Abramovich the 199th richest person in the world. (As of March 2023)
Abramovich: Real estate, yachts, and women
In addition to more than 70 properties worldwide and several aircraft, Abramovich is said to own two luxury yachts worth $600 million each. In early 2022, these were anchored off the Turkish coast to avoid EU sanctions.
- In early 2023, it became known that Abramovich transferred all his assets from real estate, aircraft, and yachts to his children shortly before the Russian troops invaded Ukraine.
- Abramovich’s first marriage was relatively short: the future multi-billionaire was married to his wife Olga Lysova for just under two years. They had no children together.
- In the early 1990s, Abramovich met flight attendant Irina. The couple married in 1991 and had five children. They divorced in 2007. Irina received a settlement of $300 million.
- Abramovich was married to Daria Zhukova, a gallery owner and patron of the arts, until 2017. They have two children together.
- Officially, Abramovich is single. However, rumors suggest that the multi-billionaire is involved with Russian-Ukrainian TV beauty Alexandra Korendyuk. An official announcement of a romantic relationship would catapult Korendyuk onto the next sanctions list.
Abramovich and Putin: Between politics and profit
Roman Abramovich was already Putin’s closest confidant and most important oligarch during his first term in office. This relationship of trust brought him not only political power, but also further financial growth.
- In 2000, Abramovich was elected governor of the Chukotka Autonomous Okrug for the first time, thus entering the political sphere of the Russian power apparatus. He was re-elected in 2005.
- In 2008, he resigned from office at the request of Russian President Medvedev. During his term in office, Abramovich used his own money to support local infrastructure in the remote region of East Asia.
- After his term in office, the 1.77-meter-tall billionaire wanted to devote himself to his companies again and invested once more in private-sector infrastructure projects, this time to promote tunnel construction in Russia.
- With Putin’s re-election as president, Abramovich received construction contracts for the 2014 Winter Olympics in Sochi, where he was heavily involved in tunnel and road construction.
- In 2016, Abramovich sought permanent residency in Switzerland. He was denied a residence permit due to suspicions of money laundering and possible contacts with criminal organizations.
- Due to his Jewish ancestry, Abramovich decided to apply for both Israeli and Portuguese citizenship. As Abramovich comes from a Jewish family, he has a birthright to Israeli citizenship. Portugal also grants citizenship to all Jews due to the pogroms and expulsions in the early modern period.
Both Israeli and Portuguese citizenship allow the Kremlin-close oligarch freedom of travel within the European Union. However, since Russia’s war of aggression, Abramovich has been living in Moscow again. The UK has since refused him entry.
Abramovich and the war in Ukraine
Since 2022, there has been war between Russia and its neighbor Ukraine. Abramovich, a confidant of Putin, has been a member of the Russian delegation at the peace negotiations between Russia and Ukraine since the same year.
- Abramovich’s position in particular is causing concern among observers of the peace negotiations. For Abramovich, politics and business are inseparable, and British Foreign Secretary Liz Truss, among others, has criticized Abramovich’s presence at the negotiations.
- Abramovich has a primarily financial interest in a quick end to the war. His sanctions could be lifted if the conflict ends, and the war is also blocking potential projects for companies in which Abramovich has a stake.
- The Russian oligarch is said to have been poisoned during the negotiations between the Russian and Ukrainian delegations. Both the Kremlin and Kiev deny the poisoning attempt.
- Abramovich not only enjoys the favor of Russian President Vladimir Putin, but the multi-billionaire is also said to have a good relationship with Ukrainian President Zelensky. There are said to be enough Ukrainians who are grateful to Abramovich for his participation in the peace negotiations.
- Many observers consider it unlikely that Abramovich would have any interest in bringing peace to Ukraine without financial gain. Nevertheless, there are motives that suggest that Abramovich’s political involvement could be altruistic. After all, his mother was born in Ukraine, making Abramovich half Ukrainian. His daughter has also spoken out critically about Putin’s invasion of Ukraine.
