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# 61 Gennady Timchenko $18.6B

Random fact: Travels 500 hours a year by private jet.

Overview

Timchenko controls Volga Group, a Russia-based business with interests in energy, transportation and construction. His biggest holdings include 23.5% of the publicly traded gas producer Novatek and 17% of chemicals manufacturer Sibur. Novatek is responsible for about 9% of Russia's natural gas production.

As of :
Last change -$105M ( -0.6%)
YTD change +$4.81B ( +34.8%)
Industry Diversified
Biggest asset NVTK RX Equity
Citizenship Russian Federation
Age 67
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Gennady Timchenko's net worth of $18.6B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Timchenko's biggest holding is a 23.5% stake in Novatek, a publicly traded natural gas producer. He holds the shares through Volga Group and ENA Invest, his Russia-based investment vehicles, according to Interfax's SPARK database in July 2018. Novatek is responsible for about 9% of Russia's natural gas production, according top its website.

Other holdings include a 17% stake in petrochemical company Sibur, 80% of rail company Transoil, and 71% and 50% stakes in Russian construction companies Stroytransgaz and StroyTransNefteGaz, according to public filings and media reports.

The billionaire sold a 44% stake in Gunvor Group, a Cyprus-based oil trader, to partner Torbjorn Tornqvist in March 2014, ahead of U.S. economic sanctions. Details of the transaction aren't disclosed and this analysis calculates that he received $2 billion from the sale.

Timchenko and his billionaire partner Leonid Mikhelson acquired Sibur from Gazprombank, the lending affiliate of state-controlled energy company Gazprom, in 2010 and 2011. The investment cost used here was calculated based on the value stated by Gazprombank in December 2010, when it sold the first 25% for $1.3 billion.

His smaller holdings include about 10% of Bank Rossia, 25% of insurance company Sovag and 30% of coal mining company Kolmar, according to Volga's representative. 

Risk discounts are applied to account for the effects of western sanctions when most of the peer companies used to value his holdings trade outside of Russia.

Biography

Birthdate: 11/9/1952
Family: Married, 3 children
Education: Leningradsky Mechanical University

Gennady Timchenko was born in Armenia in 1952, the son of a Soviet military officer. He grew up in Ukraine and East Germany, and attended Leningrad Mechanical University, where he earned an electrical engineering degree. In 1976, Timchenko began working at Izhorsk Plants, a Soviet builder of nuclear power reactors in St. Petersburg and after eight years, he joined the Soviet Ministry of Foreign Trade. He became deputy head of Kirishineftekhimexport, a state exporter of oil products to the West in 1988, at the age of 36.

Timchenko joined Urals Finland, a European importer of Russian oil and petrol products in 1991. Meanwhile, as the Soviet Union was falling apart in the early 1990s, he met and befriended Vladimir Putin, then the deputy mayor of St. Petersburg. Putin was also the chairman of a judo club Timchenko co-founded. 

Timchenko started his own oil trading company, Gunvor, in 2000 with a Swedish partner, Torbjorn Tornqvist. By 2007, the first year it disclosed its financial details, Gunvor reported $43 billion in revenue. The billionaire formed Volga Resources, a Luxembourg-based investment company, which he used to purchase 5 percent of Russian gas producer Novatek for $460 million. Volga acquired an additional 13 percent of the gas producer in 2009, and Timchenko joined the company's board. He sold his stake in Gunvor to Tornqvist on March 19, 2014, for an undisclosed amount ahead of U.S. economic sanctions.

The mogul has since expanded his investments into other industries. He has 71 percent and 50 percent stakes in construction companies Stroytransgaz and StroyTransNefteGaz, and 17 percent of petrochemical maker Sibur.

Milestones
  • 1952 Born in Armenia, then part of the Soviet Union.
  • 1976 Begins working for a state-run construction plant in Leningrad.
  • 1982 Starts working at Russian foreign trade ministry in Leningrad.
  • 1988 Named deputy general director of oil company, Kirishineftekhimexport.
  • 1997 Founds oil-trading company Gunvor.
  • 2007 Gunvor reports $43 billon in revenue in first financial disclosure.
  • 2011 Acquires 38 percent of petrochemical company, Sibur.
  • 2014 Sells Gunvor stake to Tornqvist for undisclosed sum.
  • 2014 U.S. authorities start money-laundering probe of Timchenko.