The net worth of Ukrainian oligarch Rinat Akhmetov, according to Forbes magazine, has increased to $7.6 billion.
Akhmetov’s net worth has tripled since the magazine’s last update in May 2020.
On March 12, Forbes Ukraine has updated the list of Ukrainian billionaires. According to the magazine, seven Ukrainians have a net worth of over $1 billion.
The list is spearheaded by energy tycoon Akhmetov, followed by steel magnate Viktor Pinchuk and businessman Konstantyn Zhevago, who made a fortune on mining.
The list also includes oligarchs Ihor Kolomoisky and Hennady Boholubov, former owners of Privatbank, who are battling Ukraine in courts, confectionery magnate ex-President Petro Poroshenko and Akhmetov’s business partner lawmaker Vadym Novinsky.
Forbes also mentions Oleksandr and Halyna Hereha, the owners of Epicenter K home improvement stores, as having a combined net worth of $1.4 billion.
According to Forbes, Akhmetov’s net worth increased due to the improvement of the international business climate and the rise of prices on steel and oil.
According to Forbes, the oligarch’s Metinvest steel and mining holding is worth $3.3 billion, while his energy company DTEK is worth $2.1 billion.
Akhmetov’s DTEK company is the largest electricity producer in Ukraine, while Metinvest is the country’s coal mining monopolist.
Furthermore, Akhmetov owns property worth at least $700 million writes Forbes. The oligarch is known for spending astonishing sums on luxury properties in Europe.
In December 2020, Akhmetov’s 32-year-old son Damir Akhmetov, paid an astronomical 60 million francs, or Hr 2 billion, for two houses — a luxurious villa in Geneva and a smaller house next door, as well as 7,600 square meters of land.
Read More: Sergii Leshchenko: Akhmetov’s son buys Swiss villa as oligarch sucks Ukraine’s enterprises dry
Earlier, Akhmetov bought the most expensive apartment in the world, taking up three floors of the residential complex One Hyde Park in London. In 2007, he paid $220 million for it and spent an additional $60 million for its furnishing.
Akhmetov also bought the palace of Belgium’s infamous King Leopold II on the French Riviera in Saint-Jean-Cap-Ferrat in 2019. He paid €200 million for Villa Les Cedres to the alcoholic beverage producer Campari Group.
Akhmetov also owns Shakhtar Donetsk soccer club, Ukraina media holding, PUMB bank and Lemtrans shipping company.
Richer and richer
According to Forbes Ukraine, all Ukrainian billionaires saw a massive increase in wealth.
Pinchuk’s net worth has increased from $1.4 billion in 2020 to $2.5 billion in 2021.
His main business asset Interpipe is worth $500 million, while most of his money is kept either in cash or property. Pinchuk also owns Star Light Media Holding which controls nearly 20% of Ukraine’s television market.
Zhevago’s net worth has doubled since 2020 and is now $2.1 billion. In 2018, the Deposit Guarantee Fund accused Zhevago of withdrawing around Hr 5 billion ($180 million) from the bank before it went bankrupt.
Despite U.S. sanctions and ongoing court hearings oligarchs Kolomoisky and Boholubov have increased their wealth to $1.8 and $1.7 billion respectively. Their main assets include oil, gas and ferroalloy companies.
Kolomoisky is also the owner of 1+1 Media Group, which controls nearly 15% of Ukrainian television.
Read More: Screen Masters: TV stations guard interests of oligarchs
Ex-President Poroshenko is ranked sixth with $1.6 billion. His net worth increased by a mere $200 million. Poroshenko’s main asset Roshen confectionery manufacturing company is worth over $1 billion.
The newest member of the billionaires list is lawmaker Novinsky. His net worth has increased by $600 million to $1.4 billion due to the rise of the capitalization of Akhmetov’s Metinvest holding in which he owns a share.
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