Melnichenko is the founder of EuroChem, a producer of mineral fertilizers and agricultural products, and Suek, Russia's largest supplier of thermal coal. He withdrew as a beneficiary of a trust controlling both companies in March 2022 ahead of European Union sanctions and later resigned from the boards of EuroChem and Suek.
The majority of Melnichenko's fortune is derived from stakes in two closely held Russian companies, EuroChem and Suek. Suek is headquartered in Moscow, Russia and EuroChem is based in Zug, Switzerland.
The trust established by Melnichenko controlled 90% of EuroChem, according to company's 2020 annual report. He also held a 92.2% stake in Suek, Russia's largest thermal coal supplier, according to its website.
Melnichenko withdrew as beneficiary a trust that holds the shares of Suek and EuroChem in March 2022 ahead of European Union sanctions. His wife, Aleksandra Melnichenko, became the beneficiary of it. Stakes in EuroChem and Suek remain credited to him in this analysis to reflect his status as the founder.
The value of the billionaire's cash investments and personal assets is based in part on local media reports and figures provided by his press representatives. He's netted more than $800 million based on available information about Suek and Eurochem dividends, the purchase and sale of stakes in those closely held business, and spending on personal assets. He's also collected more than $500 million from dividends and share sales of publicly traded companies through December 2017, based on an analysis company filings and Bloomberg data. Taxes and market performance are applied to these cash flows. Cash holdings were updated on Feb. 13, 2025 to reflect the performance of a Russia inflation index.
Andrey Melnichenko was born in Gomel, Belarus, in 1972. His first business was a currency exchange office he established in Moscow in the early 1990s. After the fall of the Soviet Union in 1993 he created closely held MDM Bank with two former classmates.
MDM had become one of Russia's largest non-state banks by 2000, when Melnichenko partnered with metals and oil trader Sergei Popov. The two started buying industrial plants and coal mines around Russia. Their acquisition spree resulted in three closely held companies: EuroChem, now Russia's largest fertilizer producer; Suek, Russia's largest thermal coal producer; and TMK, a steel pipe manufacturer.
In 2004 Andrey Melnichenko sold 25% stake in MDM Bank to Popov. In 2006 Popov and Melnichenko sold their TMK stakes to another partner, Dmitry Pumpyansky. The following year Melnichenko sold the remaining 25% stake in MDM Bank to Popov and a number of international investors while his trust bought out 50% which Popov had in EuroChem. In 2013 Melnichenko's trust became the sole owner of Suek.
Melnichenko is married to Aleksandra Nicolic, a Serbian model.