How Much Is Putin Worth?
Table of Contents
‘Putin’s Palace’ on the Black Sea. 1
it is. of course, not easy to assess accurately, even for specialist agencies like Forbes who do nothing but investigate an individual’s – net worth.
Best assessments suggest – he’s worth in the region of – $200 billion. Most of it in property and a variety of secret shareholdings in Russian utility companies – particularly oil and gas.
The only information from official Russian sources – is that his basic annual salary is the equivalent of $140,000 – the only property he owns is a small apartment in St Petersburg and he drives a soviet era car.
What this ignores is –
Putin’s Watch Collection
A collection of the most expensive watches in the world – the range of which is regularly demonstrated in TV broadcasts – a different one every time. Estimated value – $700,000 to $1 million.
A strange combination of flamboyance and denial.
His Car collection
–His basement garage is full of top of the range cars including a customised Maserati.
‘Putin’s Palace’ on the Black Sea.
Evidenced by a video released by one of his political opponents – Alexei Navalny, which explored the inside and lavish contents along with interviews with the builders involved and has had over 10 million views in Russia, since public release. The Kremlin, of course, denies the claims that the palace is owned by Putin and cost $1.37 billion.
Update
Since then – Navalny has been jailed for 11.5 years on a variety of charges including ‘failing to report to the prison service’ – while he was recovering from a nerve agent attack which was allegedly administered in prison.
You couldn’t make it up!
Just reinforces my growing cultural perception, that Russia’s / Putin’s blanket denials of everything – don’t seem to have merited any thought on their part, at all. They don’t even waste time coming up with something that has a trace of plausibility. This is not a lack of respect to their accusers – that went a long time ago.
It is simply that – he doesn’t give a toss.
An example – evidence of mass graves of civilians in rural villages of Ukraine, as the Russian army left – were dismissed as fake videos, with actors, produced by the western media.
There are many more, of course. But it does bring to my mind, watching a UK TV interview with a senior Russian defence official -then based in the Embassy in London – just after the actual invasion of Ukraine.
The interviewer said – “President Putin, assured people, many times, that, the assembly of so many troops and armaments on the border was simply a military exercise and Russia would not invade Ukraine. So, he is a liar?
The official – seemed to be outraged by the statement and actually raised his voice quite noticeably and almost shouted – “President Putin is not a liar – they were not lies, – they were – ‘Strategic Deception’.
So that’s OK then
The Oligarchs
From the Greek oligarkhía – ‘Rule by few’;
Their ‘worth’ is a little more transparent as it is predominately held outside Russia – on the grounds that, if they fell out of favour with their political benefactor/s they could lose it all overnight and – if lucky – be exiled. If unlucky – imprisoned for an indetermined time. – or worse.
You have to feel sorry for the ones who have had their cruise ships and apartment blocks seized in some countries –
One estimate – the top ten of them are worth a total of about – $232 billio
Abramovich
One of them with a high profile in the UK – Roman Arkadyevich Abramovich – known, mostly for his ownership of Chelsea Football Club – – which an international banker friend of mine described as – ‘
the biggest money laundering offence in UK history’
Abramovich net worth – about $29 billion – well it was then.
His fortune was founded on one original deal – the privatisation of the Russian oil company – Sibneft in 1995 in an – allegedly open auction.
He purchased it for just over $100 million and sold a large part of it back to the Russian government, later that same year – for$13 billion!
An example of what informed opinion considers Putin’s main source of funds:
Oligarchs paying commissions or transferring part of their share stock back – to Putin in return for him fixing the bidding process.
The current situation is that shares in Sibneft are now 25 times the value at which they were sold.
It Gets Worse
In a subsequent ‘open’ auction for another oil and gas company, called – Slavneft.
It was known that a Chinese bid was planned which was twice the price that Putin had agreed with Abramovich.
When the Chinese delegation of three arrived at the airport the senior member was seized by Customs officers and disappeared.
I can find no evidence on subsequent discussions – but do know that – the Chinese delegation did not bid, and their colleague was released after the conclusion of the auction – and they got out quick.
Conclusion
We just have to hope that it ends in tears for him – but I am not holding my breath!