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#224 Sergey Galitskiy $7.01B

Random fact: Says he wanted to become a professional soccer player as a child.


Galitskiy is the founder and biggest shareholder of Magnit, Russia's largest food retailer. The publicly traded, Krasnodar-based company operates more than 14,000 convenience stores, cosmetics outlets and hypermarkets across the country. He also controls several regional food businesses and a Russian soccer team.

As of July 23, 2017:
Last change -$94.4M (-1.3%)
YTD change -$621M (-8.2%)
Industry Retail
Biggest asset MGNT RX Equity
Citizenship Russian Federation
Age 49
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Sergey Galitskiy's net worth of $7.01B 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 Galitskiy's fortune is derived from his 35.9 percent stake in Magnit, according to the company's website in June 2017. He owns shares directly and through his Cyprus-based holding company, Lavreno. Magnit sold shares in a 2006 initial public offering, raising $368 million, and followed it with a series of secondary public offerings. Galitskiy collected more than $550 million from selling shares in those offerings, and almost $900 million in dividends from Magnit since 2009. Magnit is Russia's largest network of food stores, according to its website.

The billionaire has a controlling stake in Plastiktreid, which produces consumer packaging materials, and had revenue of about $45 million in 2015, according to the Spark-Interfax database.

The value of his cash investments is based on an analysis of dividends, insider transactions, taxes, market performance and spending on his Krasnodar soccer team. He also owns a business jet and a yacht, valued at $70 million, according to data provided by Magnit. Those asset values couldn't be independently verified.

Galitskiy owns only ordinary shares traded in Moscow, not global depository receipts (GDR) traded in London, according to Magnit's investor relations department. The change from GDR to ordinary shares in his asset breakdown lowered his net worth by $1.4 billion on April 29, 2016 because of the price difference between the shares traded on the Moscow and London stock exchanges.


Birthdate: 8/14/1967
Family: Married, 1 child
Education: 1992, Kuban State University, Economics, Graduated

Galitskiy was born in Lazarevskoe, in the Krasnodar region of Russia, in 1967. Even though he dreamed of playing professional soccer, he joined the Soviet army at age 18 for two years before enrolling at Kuban State University in 1987. He earned a finance degree six years later and got into the retail industry.

At first, he worked with partners. They formed Transasia, a retail distribution company that specialized in the sale of cosmetics products from western companies such as Avon, Johnson & Johnson, and Procter & Gamble. Galitskiy left the partnership in 1995 and established his own company, Tander, which also distributed cosmetics and household products.

The billionaire took another gamble in 1998, at the height of Russia's economic crisis. Galitskiy opened his first retail shop, a 400-square-meter store he called Magnit, in his native Krasnodar, which he quicky expanded to 250 shops located throughout the region. By the end of 2005, he owned the largest food retail chain in Russia, with 1,500 stores.

Magnit sold shares on Russia's MICEX and RTS stock exchanges in 2006, raising $368 million. The company rose an additional $1.3 billion through three secondary offerings from 2006 to 2011. The company now trades on the London Stock Exchange.

Galitskiy eventually got involved with professional soccer. He started the Krasnodar soccer team in 2008. Since then, he has invested more than $250 million in the club, its arena and a related sports academy. He lives in Krasnodar with his wife and daughter.

  • 1967 Galitskiy born in Lazarevskoe, in Russia's Krasnodar region.
  • 1985 Begins his two-year service in the Soviet Army.
  • 1993 Graduates from Kuban State University with a degree in finance.
  • 1994 With partners, founds household products wholesaler Transasia.
  • 1998 Opens his first retail shop in his native Krasnodar.
  • 2006 Magnit sells shares on the London stock exchange.
  • 2010 Magnit announces expansion budget of more than $1 billion.
  • 2011 Krasnodar Football club debuts in Russia's soccer championship.