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#97 Petr Kellner $12.9B

Random fact: Established a boarding school near Prague in 2002.

Overview

Kellner controls PPF Group, an eastern European investment house with 27 billion euros ($28.3 billion) in assets at the end of 2016. The Amsterdam-based company has stakes in mobile network operator O2 Czech Republic, gold producer Polymetal International and consumer finance company Home Credit Group.

As of July 27, 2017:
Last change -$38.6M (-0.3%)
YTD change +$1.56B (+13.7%)
Industry Diversified
Biggest asset Home Credit
Citizenship Czech Republic
Age 53
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Petr Kellner's net worth of $12.9B can buy ...

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troy ounces of gold
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barrels of crude oil

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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

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Kellner's fortune is derived from his 98.9 percent stake in closely held investment company PPF Group, which had assets of 27 billion euros ($28.3 billion) as of Dec. 31, 2016, according to its website. The company owns stakes in mobile network operators O2 Czech Republic, Czech Telecommunications Infrastructure and Russian gold and silver miner Polymetal International.

PPF owns more than 88.6 percent of Home Credit Group. Home Credit had a book value of 1.5 billion euros in 2016, according to its website, and is valued using the average price-to-book multiple of five comparable publicly traded peer companies: Credit Acceptance, Provident Financial, World Acceptance, TCS Group Holding and Bank Otkritie.

The company completed its sale of closely held insurance company Generali PPF Holding, a joint venture with Assicurazioni Generali, in 2015, selling a 25 percent stake to Generali in March 2013 for 1.3 billion euros and a one-time dividend of 172 million euros, and the remaining 24 percent for 1.2 billion euros in March 2015. PPF sold a 40 percent share of closely held Czech energy company EPH in 2014 for $1.4 billion. The proceeds of these transactions, as well as debt disclosures provided by PPF and an analysis of dividends, market performance, insider transactions, taxes and charitable contributions, are included as a net liability.

Through PPF Kellner owns real estate, Czech bank PPF Banka and has assets outside of the holding company, all of which are valued based on information provided by a personal familiar with the assets who asked not to be identified because the information is private.

Biography

Birthdate: 5/20/1964
Family: Married, 4 children
Education: 1986, University of Economics, Prague, Bachelor's Degree

Petr Kellner was born in Ceska Lipa, a small provincial town in former Czechoslovakia, in 1964. After attending a high school focused on economics in Liberec, he moved to Prague, and enrolled in the city's University of Economics. He graduated in 1986 with a Master's degree in economics. Among his first jobs were working for local film studios and selling Ricoh photocopiers.

Kellner was quick to seek opportunities in the wake of 1989's Velvet Revolution, which prompted the fall of the Communist party of Czechoslovakia. With the new government beginning to privatize state-owned companies, Kellner helped create an investment fund aimed at buying up stakes in former Czech assets. Kellner and two partners founded what later became PPF Group in 1991. It had $225 million under management.

PPF bought stakes in various companies using vouchers and loans in the early 1990s. PPF had built up a 20 percent interest in Ceska Pojistovna, the country's largest insurer, which was losing money, by 1996. With a $170 million loan, Kellner brought the company back to profitability. PPF incorporated Ceska into Generali PPF Holding in January 2008 for $1.7 billion in cash and a 49 percent stake in a new joint venture with Assicurazioni Generali. PPF exited the venture in March 2015 by selling its final stake to Generali.

PPF's operations span finance, insurance, retail, agriculture, real estate and biotech. The company's Home Credit Group is one of the largest consumer banks in Central and Eastern Europe, and has since expanded into China, Vietnam, India, Indonesia, the Philippines and Kazakhstan. Kellner stepped down as PPF's chairman in 2007 and, according to the company, oversees the group's "strategic development and future direction."

With wife Renata, he founded Educa, a charitable foundation focused on education, in 2002. In 2011, the couple merged Educa with their other charity, The Kellner Family Foundation, which manages an annual budget of $3.9 million and donates to educational, cultural and health causes.

Milestones
  • 1996 Invests in Ceska Pojistovna, largest insurer in Czech Republic.
  • 1997 Establishes Home Credit, PPF's consumer financing arm.
  • 1998 Becomes chairman of PPF.
  • 2007 Forges joint venture with Italian insurer Assicurazioni Generali.
  • 2010 PPF allowed to set up a consumer finance company in China.
  • 2013 Buys controlling stake in Telefonica's Czech mobile phone business.
  • 2014 Agrees to sell stake in EPH to other shareholders.
  • 2016 Sells controlling stake in Eldorado, Russian electronics retailer.