Bloomberg Billionaires Index

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#416 Igor Olenicoff $4.58B

Random fact: Illegal copies of sculptures found on Olen properties.


Olenicoff is founder and chief executive officer of closely held developer Olen Properties. The Newport Beach, California-based company owns more than six million square feet of office space mainly in Orange County and Nevada, as well as more than 15,000 residential units in states such as Florida, Illinois and Arizona.

As of June 18, 2018:
Last change No change
YTD change +$880M (+23.8%)
Industry Real Estate
Biggest asset Olen Properties
Citizenship United States
Age 75
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Igor Olenicoff's net worth of $4.58B 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

Latest News

Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

Olenicoff is the owner of closely held Newport Beach, California-based Olen Properties, which owns more than 6 million square feet of commercial space and 37 apartment buildings in the United States, according to researcher Real Capital Analytics and Olen Properties' website.

He owns all of the company according to private company database, Orbis and court filings from 2012.

The company's 4.5 million square feet of commercial buildings and 37 apartment buildings have a total value of $4.4 billion, according to Real Capital Analytics data as of January 2018. That figure is appreciated by 25 percent to $5.5 billion to reflect the fact that RCA only values 75 percent of Olen’s portfolio, based on the square-footage provided on Olen’s website. The valuation also factors in debt of $1.1 billion that's held against the properties, based on data compiled by RCA.

Olenicoff declined to comment on his net worth.


Birthdate: 1942
Family: Married, 2 children

Igor Olenicoff was born in Iran in 1942. His parents, Michael and Zina, escaped communist Russia when Igor was 15 and his father worked as a janitor and his mother as a housekeeper after they moved to New York in 1957. Olenicoff worked at the local hardware store while attending school and later completed an MBA at the University of Southern California.

Olenicoff worked as an executive at Motown Records before starting Olen Properties Corp in Newport Beach, California in 1973. He started with a single 16-unit duplex and now owns more than six million square feet of office space mainly in Orange County and Nevada as well as 15,000 residential units in California, Florida, Arizona, Illinois and Georgia.

Olenicoff moved $200 million of his assets offshore with Barclays Bahamas and UBS in Geneva in the 1990s, according to court papers filed in 2007. The billionaire pled guilty to tax evasion, admitting he didn't disclose these assets to the IRS between 1998 and 2004 and agreed to pay $52 million in penalties and interests. He unsuccessfully sued UBS a year later, arguing that it misled him regarding taxation of his accounts.

The billionaire lives between homes in Florida, California and Las Vegas. He is married and has two children.

  • 1942 Igor Olenicoff is born in Iran.
  • 1957 Moves to New York with his family.
  • 1973 Leaves Motown Records to start real estate career.
  • 2005 Son Andrei dies in a car crash.
  • 2007 Pleads guilty to failing to disclose foreign bank accounts to the IRS.
  • 2012 Loses $1.7 billion claim for damages against UBS.
  • 2013 Acquires office complex in Irvine, California for $73.5 million.
  • 2014 Found guilty of copyright infringement for commissioning forged sculptures.