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# Filaret Galchev

Random fact: Holds Greek citizenship. Uses name Filaretos Kaltsidis in Greece.

Overview

Galchev is the founder and chairman of Eurocement group, Russia's biggest cement producer. The closely held company has 19 plants and had $1 billion of revenue in 2015. He owned 6 percent of Jona, Switzerland-based LafargeHolcim, the world's largest cement maker, until a February 2016 margin call claimed most of the shares.

As of Sept. 22, 2017:
Last change ()
YTD change ()
Industry Bldg Prod-Cement/Aggreg
Biggest asset N/A
Citizenship Russian Federation
Age 50
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Filaret Galchev's net worth of can buy ...

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

Latest News

Net Worth Summary

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Biography

Birthdate: 1963
Family: Married, 2 children
Education: 1991, Moscow Mining Institute

Filaret Galchev was born in 1963 in Tbilisi, Georgia. He attended the Moscow Mining Institute and graduated with a degree in mining engineering in 1991. Two years later, he took a job at Rosugol, a state-run organization that handled the privatization of all coal producing enterprises after the collapse of the Soviet Union, where he became responsible for the development of the country's coal market.

He left Rosugol to establish the coal-trading company Rosuglesbyt in 1995. Five years later, he partnered with former Russian energy minister Sergey Generalov to buy the Krasnoyarsk coal company. The partners separated in 2002 after Generalov sold his stake to MDM group, a company controlled at the time by Russian billionaires Andrey Melnichenko and Sergey Popov. Galchev sold his stake to MDM group afterwards.

He then bought a controlling stake in Moscow-based cement producer Stern with Georgy Krasnyansky, a former Rosugol colleague. The company owned four cement plants in Russia. Using money borrowed from Sberbank, Russia's largest state-run bank, Galchev spent $800 million to buy five additional plants in 2005 from Elena Baturina, a wife of former Moscow mayor Yury Luzhkov. He grouped the assets under the name Eurocement and disclosed that the company also owned about 1.7 percent of Sberbank.

He agreed to buy back 24 percent of Eurocement from Krasnyansky for about $1 billion in 2007 and, a year later, spent $2.3 billion to purchase 10 percent of publicly traded Holcim, the world's largest cement maker. Krasnyansky sued the billionaire in 2009, claiming he had been paid only $400 million of the agreed amount for his Eurocement stake, and withdrew the suit in 2010. That year, backed by financing from VTB, Russia's second-biggest bank, Galchev joined a group of investors led by billionaire Suleiman Kerimov to acquire shares in publicly traded Uralkali, the country's biggest potash producer, accumulating almost 11 percent. He sold his stake in Uralkali in December 2013.

Galchev lives in Moscow. He declined to comment on his net worth.

Milestones
  • 1963 Filaret Galchev is born in Tbilisi, Georgia.
  • 1996 Founds Rosuglesbyt, a coal trading company.
  • 2000 Acquires Krasnoyarsk coal company with a partner.
  • 2002 Buys Stern cement company with a former Rosugol colleague.
  • 2002 Changes name of Rosuglesbyt to Eurocement.
  • 2004 Named chairman of Eurocement's board of directors.
  • 2007 Becomes sole owner of Eurocement.
  • 2008 Purchases a 6.5 percent shares of cement maker Holcim.
  • 2010 Buys a stake in Russia's biggest potash producer Uralkali.
  • 2013 Sells his stake in Uralkali.