How rich is Vladimir Putin?
As President of Russia, Vladimir Putin is one of the most influential people. Putin is the richest Russian and the richest man in Europe. But the fortune does not come from his salary as a politician, which is rather low compared to Angela Merkel or Donald Trump. The Russian President has his fingers in the largest oil companies and is drawing considerable sums of money from his foreign accounts. Of course, his name does not appear in any register of shareholders. There are also no official statements. Vladimir Putin’s estimated net worth is € 36 billion.
Putin has very powerful relationships with people in politics and business. Forbes magazine published a list of Putin’s 10 most influential friends, who control six of Russia’s ten largest companies. This also includes the local media group in Russia, which manages many television stations and newspapers.
Putin’s shares in oil companies
- Gazprom – 4.5%
- Surgutneftegas – 37%
The US Treasury Department also suspected direct access to Gunvor’s assets in 2014 (50% through close friend Gennady Timchenko). A Gunvor spokesman in July 2020 on VermögenMagazin.de:
The fact that Russian President Vladimir Putin was involved in any form in the oil trading company Gunvor based in Switzerland is completely unfounded. We note that President Putin has no economic or other ownership rights in Gunvor and never did in the past. He is not a beneficiary of Gunvor or any of the Company’s activities.
How much money does Putin have?
In early 2015, hedge fund manager Bill Browder claimed in an interview with CNN that Putin is the world’s richest person. He claims that Putin’s fortune, allegedly $ 200 billion, is far higher than we previously thought. If this claim is true, then the Russian President would be the richest person on the planet and would be ahead of entrepreneurs Jeff Bezos, Bill Gates, Carlos Slim Helu, Warren Buffett in the ranking with more than twice much wealth and Co. We do not yet trust this claim and continue to assume an estimated fortune of 36 billion euros, as the BBC informant and political scientist Stanislaw Belkowski put it in early 2016.
The career of Vladimir Putin
The future Russian President was born on October 7, 1952, in Leningrad (St. Petersburg) as the son of two factory workers. He first attended school and then completed a law degree at the University of Leningrad and then worked as a KGB officer from 1975. He had a rapid career and was stationed in the GDR (Dresden) from 1985, where he improved his German knowledge. Five years later, he moved back to the USSR and worked as an assistant for international issues at Leningrad University. In the same year, Vladimir Putin became an advisor to his former professor Anatoly Sobchak, who became head of the Leningrad city parliament.
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The political career now took its course. In 1994 Putin became the first deputy mayor and was the direct representative of Sobchak and accompanied several offices. When Sobchak lost his re-election as head of the city in 1995, Putin resigned his office and then supported Boris Yeltsin’s presidential election campaign. Under Yeltsin, Vladimir Putin continuously gained higher positions in the Kremlin and was thus able to rise politically. In 1997, Putin obtained a very controversial doctorate in economics because the doctoral thesis consisted of many transcripts. However, these allegations of plagiarism could never be proven.
Boris Yeltsin appointed Vladimir Putin as his prime minister on August 9, 1999. When Yeltsin resigned on December 31, 1999, on suspicion of money laundering on a large scale, Putin took over the Russian President’s office until his successor was elected. As one of his first acts, the interim President granted Boris Yeltsin impunity for his acts and then cleaned up the Kremlin and dismissed some corrupt people and filled their offices again.
The old and new Russian President
In the presidential elections in 2000, following Boris Yeltsin’s resignation, Vladimir Putin won with an absolute majority of 52.9 per cent and became Russian President in his first term. Because of his harsh actions in the war against Chechnya, Putin was held in high regard by Russian citizens. In the next elections in 2004, Putin became President again with a majority of 71% and took up his second term. According to the Russian constitution, a president can only serve two terms of four years each, after which a new president must move into the Kremlin.
In 2008, Dmitry Medvedev, a friend and close confidante of Putin, became the new President of Russia and Vladimir Putin became Prime Minister again. Medvedev was more or less Russia’s four-year-old legal frontman, and Putin continued to be the mastermind behind the scenes. Therefore, it was clear that Vladimir Putin would run for President again after four years (2012). However, in 2010 the term of office for the “new” future President was increased to six years.
Unsurprisingly, Putin won the presidential election again on March 4, 2012, and thus ruled Russia in his third term as President. The next presidential election followed on March 18, 2018, which he won with 76.6 per cent of the vote and on May 7, 2018, for his fourth term was sworn in. There were allegations of election manipulation, but these were quickly nipped in the bud. The President would have remained in power until 2024 and would have found another constitutional loophole afterwards to continue to govern in the background. In preparation for this, a constitutional amendment was carried out in March 2020, which annuls the President’s previous terms of office. The constitutional amendment (78% popular vote in June 2020) allows Putin to rule as President for another two terms. That would allow him to stay in the Kremlin until 2036 when he would be 83 years old.
The possession of Vladimir Putin
- 20 palaces and residences
- 43 aviators
- 15 helicopters
- 4 luxury yachts
- 700 luxury cars
- Considerable watch collection worth over 500,000 euros
- Gigantic art collection, which is constantly being expanded
Sochi 2014 Winter Olympics
The 2014 Olympics are generally considered to be “Putin’s baby”. It turned out to be the most expensive game ever. With investments of the equivalent of 37 billion euros, it was made possible to host the Winter Games on the north-eastern coast of the Black Sea. Boris Nemtsov, an opposition politician and great critic of Putin, estimated the embezzlement volume at around 30 billion and even described the Olympic Games in Sochi as an example of mismanagement and robbery by Putin’s government and its related oligarchs.