Bloomberg Billionaires Index

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#419 Mikhail Gutseriev $4.52B

Random fact: Left Russia for three years because of a tax fraud probe.

Overview

Gutseriev is the largest shareholder of Russneft, the sixth largest oil producer in Russia. The Moscow-based company is publicly traded and reported revenue of $1.7 billion in 2015. The billionaire also controls petroleum-products producer Neftisa, and a group of business centers, hotels and warehouses in Moscow.

As of July 23, 2017:
Last change -$48.4M (-1.1%)
YTD change +$124M (+2.8%)
Industry Diversified
Biggest asset Neftisa
Citizenship Russian Federation
Age 59
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Mikhail Gutseriev's net worth of $4.52B can buy ...

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troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

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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

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Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Gutseriev's fortune is derived from two Moscow-based oil companies: Neftisa, a petroleum products maker, and Russneft, the sixth largest oil producer in Russia, according to Russneft's website.

Neftisa is valued using the company's 2015 financials and the average enterprise value-to-Ebitda multiple of three publicly traded peer companies: Bashneft, Tatneft and Lukoil.

With his brother, Sait-Salam, and a nephew, Mikhail Shishkhanov, Gutseriev controls 18 office and shopping centers, as well as 11 hotels in Moscow, including the National and InterContinental. Their valuations are based on data provided by Moscow-based Cushman & Wakefield and Colliers International. Gutseriev has a 51 percent stake in these properties.

Gutseriev also controls Forteinvest, an oil refining company, and GCM Global Energy, a closely held conglomerate through which he controls coal, potash and oil projects outside of Russia.

The billionaire also controls Moscow-based construction companies Mospromstroy, Avgur Estate and Inteko, warehouse operators Multinational Logistics Partnership, Severnoe Domodedovo and PNK-Chekhov, and has interests in eight Russian radio stations and B and N Bank.

Other assets include a 51 percent stake in Russian Coal, one of Russia's leading producers of high-quality hard coal, and controlling stakes in Slavkaliy, a potash producer based in Belarus, and electronics retailers Eldorado, Tekhnosila and M.Video.

Biography

Birthdate: 3/9/1958
Family: Married, 2 children
Education: 2002, Gubkin Russian State University of Oil & Gas, Graduated 1999, Financial Academy of Russian Government, Graduated 1981, Dzhambul Technology University, Graduated Saint Petersburg State University Faculty of Law, Master's Degree Russian Academy of Economics, PhD

Mikhail Gutseriev was born in 1958 in Tselinograd, Kazakhstan. He started working as a loader in Dzhambul, Kazakhstan in 1975. After graduating from Dzhambul Technological Institute in 1981, he moved to Grozny, Russia, and took a job as head of enterprise that united 32 makers of handicrafts. He increased annual sales from 1 million rubles to 32 million rubles, mainly by branching into ceramics that was exported to Cuba.

With an Italian partner, Gutseriev formed a furniture factory in Chechnya in the late 1980s. He also opened one of the first private banks in the region, in an old police building, using a holding cell as a vault. He fled for Moscow in the early 1990s after Dzhokhar Dudayev, a former Soviet Air Force General, was elected president of the breakaway republic. He founded Bank of Investments and Innovations in Moscow in 1992. Two years later, after President Boris Yeltsin’s government created a tax-free zone in the new republic of Ingushetia, which was once joined with Chechnya, B&N bank became its sole administrator. More than 3,000 companies from across Russia registered there over the next two years, providing a windfall to Gutseriev’s bank.

Three years later, Gutseriev was elected to Russia's State Duma, the country's main legislative body and, in 2000, was named president of the Slavneft, Russia's sixth biggest oil company. He left Slavneft two years later after it was taken private. The company was later acquired by Sibneft and TNK. He founded Russneft the same year. Within a decade, he had transformed the company into one of Russia's ten biggest oil companies, producing about 14 millions tons of oil a year.

Gutseriev fled to London during a tax fraud probe of the business in 2007. His troubles started after he tried to acquire assets of Yukos, the oil producer that was seized from businessman Mikhail Khodorkovsky and his partners and sold off mainly to Rosneft, the state oil champion run by longtime Vladimir Putin ally Igor Sechin.

Before leaving Russia, he sold Russneft for $2.8 billion to billionaire Oleg Deripaska. He returned to Moscow in 2010 after the charges were dropped and bought back the company, paying Deripaska $600 million and the assumption of $7 billion in debt. He then sold a 49 percent stake in the company to Vladimir Evtushenkov, the billionaire owner of Moscow-based investment company Sistema. Gutseriev bought back the stake from Evtushenkov for $1.2 billion in June 2013.

Gutseriev lives in Moscow with his wife.

Milestones
  • 1958 Mikhail Gutseriev is born in Tselinograd, Kazakh Soviet Socialist Republic.
  • 1975 Starts working as a loader in Dzhambul, Kazakhstan.
  • 1981 Graduates from Dzhambul Technological Institute in Kazakhstan.
  • 1982 Moves to Grozny, Russia, and starts working in the ministry of local industry.
  • 1992 Founds Moscow-based financial company Bank of Investments and Innovations.
  • 1995 Elected deputy in the Russia's Duma, the main legislative body.
  • 2002 Leaves Slavneft to found his own oil company, Russneft.
  • 2007 Sells Russneft and leaves Russia because of tax fraud charges.
  • 2010 Buys back Russneft for $600 million and assumes $7 billion in debt.
  • 2013 Acquires Multinational Logistics Partnership, a wharehouse operator.