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# 163 Mikhail Fridman $11.8B

Random fact: A frequent patron of Moscow theaters.


Fridman is the largest shareholder of Alfa Group, an investment company that owns stakes in Alfa Bank, Russia's fifth biggest bank, and X5, a Russian food retailer. Through Luxembourg-based LetterOne he owns stakes in German oil and gas producer Wintershall DEA and the international mobile-phone operator Veon.

As of :
Last change +$9.40M ( +0.1%)
YTD change +$499M ( +4.4%)
Biggest asset Cash
Country / Region Russian Federation
Age 58
Industry Diversified
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Mikhail Fridman's net worth of $11.8B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

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

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Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Fridman's fortune is derived from Alfa Group, which has interests in banking and retail. He's the largest shareholder of the holding company, which he created and controls with two former college classmates, German Khan and Alexei Kuzmichev. The three partners own the businesses controlled by Alfa Group through Gibraltar-based CTF Holdings.

He sold his share of TNK-BP International, Russia's third-largest oil producer at the time, to state-run oil company Rosneft for $5.1 billion in March 2013. He collected about $3.3 billion in dividends from the venture between 2004 and 2012. He's also collected more than $1.6 billion from dividends and share sales of publicly traded companies, according to filings and an analysis of Bloomberg data.

Fridman owns 32.9% of Alfa Bank, Russia's fifth biggest bank by assets, according to the ranking. In March 2015, through Luxembourg-based holding company LetterOne, he and his partners completed the 5.1 billion-euro ($5.8 billion) acquisition of German RWE's Dea unit, which produces oil and gas in Norway and Germany. A cash outflow of the same amount is included. In May 2019, Dea merged with Wintershall, BASF's oil and gas unit. Fridman owns 10.4% of the business. He resigned his bard position in March 2022 at LetterOne and Alfa-Bank's parent company ABH Holdings following EU sanctions.

He has stakes in three publicly traded companies, including 22% of X5, a food retailer; 21% of Veon, an international mobile phone operator; and 7.5% stake of Turkcell, a mobile phone company. 

He also has investments in health-food retail chain Holland & Barrett and FreedomPop, a wireless internet mobile service provider.

Fridman was sanctioned by the European Union and the UK in 2022 over the escalating conflict in Ukraine.


Family: Married, 4 children

Mikhail Fridman was born in Lviv, Ukraine, to a family of engineers, in 1964. Fridman's first forays into business were music-related. The billionaire, who performed with a band while in high school, ran a nightclub called Strawberry Fields while in college, and also made money scalping tickets outside Moscow theaters.

His other pre-banking ventures were equally varied. He set up a window-cleaning business in the late 1980s, and then teamed up with a couple of his college classmates, German Khan and Alexey Kuzmichev, to sell carpets and computers in the final years of the Soviet Union. As the Soviet Union collapsed in 1991, Fridman set up a commercial bank, Alfa Bank, which became the anchor business of Alfa Group, a holding company that today owns interests in telecommunications and retail. Fridman is the largest shareholder in Alfa Group.

Fridman has also made money from oil. In 1997, along with fellow businessmen Viktor Vekselberg and Len Blavatnik, Fridman and his Alfa partners bought a 40 percent stake in TNK, a former state-owned oil company with interests in several West Siberian oil fields. Two years later, they acquired the most productive subsidiary of a competitor, Sidanco -- then partly-owned by BP -- that had been declared bankrupt by a commercial court in Siberia. John Browne, BP's then-CEO, later said the legal system was rigged.

By 2004, BP had paid almost $7 billion for half of TNK, while the other half was consolidated by Fridman and his partners under the holding company Alfa-Access-Renova. The investment formed TNK-BP, which has become Russia's largest foreign oil investment. In 2008, TNK-BP then-CEO Bob Dudley was forced to leave Russia after a strategy dispute.

Legal complications arose in 2011. AAR sued BP over a separate Arctic development deal it tried to strike with Rosneft. BP executives said that the company would sell its stake and Fridman stepped down from his role as CEO in May 2012. In October, Rosneft announced it would acquire the entire company. TNK-BP paid $38 billion in dividends through 2012. The billionaires sold their half of the venture to Russia's state-owned oil company, Rosneft, for $27.7 billion in March 2013.

  • 1964 Mikhail Fridman is born in Lviv, Ukraine.
  • 1986 Graduates from the Moscow Institute of Steel and Alloys.
  • 1991 Founds Alfa Bank and becomes its chairman.
  • 2001 Alfa invests in VimpelCom, Russian mobile phone operator.
  • 2003 AAR sells 50 percent in TNK to BP, forms joint venture.
  • 2013 State-owned Rosneft buys AAR's TNK-BP stake for $27.7 billion.
  • 2013 Founds L1 Energy with billionaire partners.
  • 2015 L1 Energy acquires RWE Dea.