Russia is known worldwide not only for its powerful weapons but also for its vast natural resources. The country is rich in natural gas, oil, coal, diamonds, nickel, aluminium and iron, commodities that bring in massive revenues. Unsurprisingly, Russia’s wealthiest individuals have also built their fortunes on these very resources. At the top of this list stands Vagit Alekperov, who, according to Forbes, is currently Russia’s richest person with a net worth of USD 28.70 billion.
From oil rig worker to one of the world’s richest
Alekperov now ranks 62nd on the global list of the world’s richest people, but his beginnings were far more modest. He once worked on an oil rig in the Caspian Sea before rising through the ranks to become the Deputy Minister overseeing the Soviet Union’s oil industry.
In 1991, he took control of three major oil fields that were previously under the ministry’s authority and went on to establish Lukoil. Today, Lukoil stands as Russia’s largest independent oil company. The company is involved in the extraction, production, transportation and sale of petroleum, natural gas, petroleum products and electricity, making it one of the most influential players in the global energy market.
Stepping down but still in command
According to Forbes, the 75-year-old business tycoon stepped down as President of Lukoil in April 2022, just days after being sanctioned by the United Kingdom. Despite resigning, Alekperov still holds around 30% ownership in Lukoil, reinforcing his key role in the company’s direction.
In 2022, he also transferred his ownership in the Dutch shipyard Heesen Yachts, where his 230-foot luxury yacht Galactica Super Nova was built, to a Dutch foundation. Alekperov is regarded as a close associate of Russian President Vladimir Putin and Lukoil frequently faces sanctions from multiple countries, reflecting the geopolitical pressures surrounding Russia’s energy giants.
