The Forbes Russia 2025 ranking of the wealthiest people is led by two familiar names: Vagit Alekperov and Alexey Mordashov. They are the richest billionaires in Russia. Their net worth is nearly identical, yet their career paths highlight different industries — oil and steel — that have long been cornerstones of Russian economic power.
For personal finance readers, understanding how these billionaires built their fortunes offers insight into how timing, ownership, and strategy can turn careers into multi-billion-dollar legacies.
Vagit Alekperov – Oil Tycoon and Former Lukoil President
- Net worth (2025): $28.7 billion
- Position: Chairman of the Public Council at the “Our Future” Foundation
Born in Baku into a family of oil workers, Alekperov’s rise mirrors the story of Russia’s petroleum industry. After completing his studies in oil and chemistry, he quickly climbed the ladder in the Soviet energy sector. By the late 1980s, he was managing oil companies, and in the early 1990s, he led the creation of Lukoil, which has since become Russia’s largest private oil company.
By 2002, Alekperov held a 10.4% stake in Lukoil. Over the following two decades, that stake nearly tripled to 28.3%, cementing his fortune.
In April 2022, just days after the UK sanctioned him, Alekperov resigned as president of Lukoil. He later transferred his shares to his son Yusuf, with strict conditions preventing their sale or division, ensuring the family’s long-term influence and funding philanthropic initiatives.
Investor’s takeaway: Alekperov’s journey shows the enduring wealth potential of energy industries and the importance of building lasting equity in cornerstone companies.
Alexey Mordashov – Steel Magnate and Severgroup CEO
- Net worth (2025): $28.6 billion
- Position: CEO of Severgroup holding company
Mordashov’s career began in the industrial city of Cherepovets. After graduating with honors in economics, he joined the local steel plant. His sharp financial skills propelled him into leadership roles, and by 27, he was director of finance and sales.
During the chaotic 1990s, Mordashov seized opportunities created by the collapse of the Soviet Union. He privatized the steel plant, gradually consolidating ownership. By 2001, he controlled the enterprise outright, forming the foundation for Severgroup, a diversified conglomerate spanning steel, mining, energy, and media.
Connections with reformist political leaders, such as Anatoly Chubais, also helped position him at the center of Russia’s economic transformation.
Investor’s takeaway: Mordashov’s story demonstrates the importance of spotting market transitions — in his case, shifting steel sales from domestic to international buyers — and using privatization to secure controlling ownership.
Alekperov vs. Mordashov – At a Glance
| Feature | Vagit Alekperov | Alexey Mordashov |
|---|---|---|
| Net worth (2025) | $28.7 billion | $28.6 billion |
| Industry | Oil & Gas | Steel & Diversified Holdings |
| Main Company | Lukoil | Severgroup |
| Career Start | Soviet oil sector in Azerbaijan | Cherepovets steel plant |
| Ownership Strategy | Grew Lukoil stake to 28.3% | Privatized and consolidated steel plant |
| Key Lesson | Energy equity = enduring wealth | Market timing & privatization = lasting fortune |
Lessons from Russia’s Richest Billionaires
- Industry Choice Matters – Oil and steel remain major drivers of wealth.
- Equity Ownership Is Key – Long-term control of core assets is the backbone of billionaire fortunes.
- Timing Can Multiply Wealth – Both seized opportunities during Russia’s post-Soviet transformation.
- Diversification & Legacy – Alekperov’s philanthropy and Mordashov’s diversified holdings show foresight.
Bottom Line
The richest billionaires in Russia in 2025, Vagit Alekperov and Alexey Mordashov, built their fortunes on oil and steel — industries that defined Russia’s economic power. Their careers highlight lessons in timing, ownership, and strategy that resonate far beyond billionaires, offering takeaways for anyone building wealth today.
In Russia however it is very difficult to build what they did without connections with the government, so their way is not the regular investor’s way.
You can also check the net worth of Mark Cuban here.
FAQs on the Richest Billionaires in Russia
Q1: Who is the richest billionaire in Russia in 2025?
A: According to Forbes Russia, Vagit Alekperov tops the list with an estimated net worth of $28.7 billion, just ahead of Alexey Mordashov at $28.6 billion.
Q2: How did Vagit Alekperov build his fortune?
A: Alekperov made his wealth through Lukoil, Russia’s largest private oil company, where he expanded his ownership stake over decades.
Q3: How did Alexey Mordashov become so rich?
A: Mordashov rose through the steel industry, privatized the Cherepovets plant, and grew Severgroup into a multi-sector giant.
Q4: What can investors learn from these billionaires?
A: Key lessons include choosing strong industries, securing equity ownership, adapting to market shifts, and diversifying long-term.
Q5: Are Russian billionaires’ fortunes at risk due to sanctions?
A: Sanctions have pressured some Russian billionaires, but Alekperov and Mordashov remain among the wealthiest thanks to controlling stakes in critical industries.
Featured Image Kremlin.ru, CC BY 4.0, via Wikimedia Commons
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