Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

#129 Gennady Timchenko $11.0B

Random fact: Sanctioned by U.S. after Russia annexed Crimea in 2014.


Timchenko controls Volga Group, a Russia-based business with interests in energy, transportation and construction. His biggest holdings include 23 percent of gas producer Novatek and 17 percent of chemical maker Sibur. He sold his 44 percent stake in oil-trading company Gunvor to partner Torbjorn Tornqvist in March 2014.

As of Dec. 18, 2017:
Last change +$126M (+1.2%)
YTD change -$436M (-3.8%)
Industry Diversified
Biggest asset NVTK RX Equity
Citizenship Russian Federation
Age 65
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Gennady Timchenko's net worth of $11.0B 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 Timchenko's net worth was derived from his 44 percent stake in Cyprus-based oil trader Gunvor Group, which he sold to partner Torbjorn Tornqvist on March 19, 2014, ahead of U.S. economic sanctions. Through Volga Group, his Russia-based investment vehicle, he also holds a 23 percent stake in publicly traded natural gas producer Novatek; a 17 percent stake in petrochemical company Sibur; and 80 percent of rail company Transoil.

He owns Sibur with billionaire partner Leonid Mikhelson. The pair acquired the company from Gazprombank, the lending affiliate of state-controlled energy company Gazprom, in 2010 and 2011. The investment cost is calculated using the value stated by Gazprombank in December 2010, when it sold the first 25 percent for $1.3 billion. He also has an 63 percent stake in Russian construction holding Stroytransgaz.

Through Volga, Timchenko holds about 10 percent of Bank Rossia, 25 percent of insurance company Sovag and 30 percent of coal mining company Kolmar. Where appropriate, risk discount is applied to account for the effects of western sanctions against Russia, Timchenko and some of the assets he holds.


Birthdate: 11/9/1952
Family: Married, 3 children
Education: 1976, Engineering, Leningradsky Mechanical University, Graduated

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 a 63 percent stake in construction company Stroytransgaz and 17 percent of petrochemical maker Sibur.

  • 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.