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Grizzly Bulls’ Billionaires Index

⬅ # 82 Alexey Mordashov|# 84 John Menard Jr ➡

# 83 Gennady Timchenko 

$24.4B

Real Time Net Worth
as of 5/13/2024
$110 (0.00%)

# 83 Gennady Timchenko 

$24.4B

Real Time Net Worth
as of 5/13/2024
$110 (0.00%)
OccupationFounder, Volga Group
Source of WealthOil, Gas
Age71
ResidenceMoscow, Russia
Marital StatusMarried
Children3
EducationMS in Engineering, Leningrad Mechanical Institute
Age-Adjusted Net Worth$11.6B
Gennady Timchenko
Gennady Timchenko
Russia
Net worth: $24.4B

Self-Made Score 

Wealth History

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Biography

Early Life and Career

Gennady Nikolayevich Timchenko was born on November 9, 1952 in Leninakan, Armenian SSR (now Gyumri, Armenia)
Timchenko spent six years of his childhood in the German Democratic Republic and the Ukrainian SSR.
In 1977, he began his career as an engineer at the Izhorsky plant near Saint Petersburg, specializing in power generators.
From 1982 to 1988, worked as a senior engineer with the Ministry of Foreign Trade.
In 1988, became Deputy Director of state-owned oil company Kirishineftekhimexport during Russia's economic liberalization.
In 1991, left Russia and worked for Finland-based Urals Finland Oy, specializing in importing Russian oil to Europe.

Gunvor Group

Co-founded Gunvor Group in 1997 with Torbjörn Törnqvist.
Gunvor became a global commodity trading company.
Timchenko sold his stake in Gunvor in March 2014, a day before U.S. sanctions began.

Volga Group

Founded the Volga Group in 2007, a Luxembourg-based investment fund.
The group focuses on energy, transport, infrastructure, financial services, and consumer sectors.
Notable investments include stakes in Novatek and Sibur.

Redut PMC

Gennady Timchenko and Oleg Deripaska reportedly major backers of Redut, a Russian Private Military and Security Company (PMSC).
Redut provided services for Timchenko's companies and is deployed in the Russian invasion of Ukraine.

Sanctions

Timchenko was sanctioned by the U.S. in 2014 over Russia's annexation of Crimea.
Sanctioned by the EU and UK in 2022 after Russia's recognition of Donetsk and Luhansk independence and the invasion of Ukraine.
His yacht Lena was seized in Italy in March 2022, and his assets were frozen.

Personal Life

Married to Elena; three children.
As of March 2014, resides in Moscow while family lives in Switzerland.
Had Russian and Finnish citizenships; gave up Russian citizenship in 1999.
Paid taxes in Switzerland and Finland, transferred monies to the Russian budget.

How long would it take you to become as rich as Gennady Timchenko?

If you started with $10,000 and invested an additional $500 each month at a 44.01% CAGR, it would take you 5 years to reach Gennady Timchenko's net worth of $24.4B.

Is this realistic? It depends how closely the VIX-TA-Macro Advanced model performs to its history in the future. Since Grizzly Bulls launched on January 1, 2022, it's returned 40.45% compared to 10.08% for the S&P 500 benchmark.

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Gennady Timchenko is very wealthy, but what's stopping you from reaching that same level of success? As summarized in our five fundamental rules to wealth building, becoming wealthy in a modern capitalist economy is not complicated. There's actually only three variables:

  1. Your starting capital
  2. Your earnings after expenses
  3. The compound annual growth rate (CAGR) of your savings

Most people start with zero or very little, so if you weren't born into wealth, don't fret! The majority of the fortunate folks listed in our Grizzly Bulls’ Billionaires Index came from middle class or lower backgrounds. The most distinguishing characteristic of the group is their ability to consistently earn a high CAGR on their savings.

Every billionaire has a unique strategy to achieve high CAGR. For Gennady Timchenko, Oil and Gas are the primary sources. Whether you choose to invest your savings in your own businesses or the businesses of others is not as important. The salient piece of the puzzle is ensuring that your hard-earned savings are generating sufficient CAGR to reach your long term goals.

Most people simply invest their money in index funds and call it a day. There's nothing wrong with this approach, but it guarantees relative mediocrity. To achieve greatness, you need to invest your money to earn higher than average returns. In the long run, better investors will always finish ahead of better earners.

Source: Grizzly Bulls reporting

Methodology: Grizzly Bulls' Billionaires Index is a daily ranking of the world's billionaires and richest people. Grizzly Bulls strives to provide the most accurate net worth calculations available. We pull data from public equity markets, SEC filings, public real estate records, and other reputable sources.

The index is dynamic and updates daily at the close of U.S. stock market trading based on changes in the markets, economy, and updates to Grizzly Bulls' proprietary algorithm of personal wealth calculation. Stakes in public companies are tracked daily based on the relevant closing prices of the underlying securities. Additionally, stakes in private companies, cash, real estate, and other less easily valued assets are updated periodically through careful analysis of insider transactions, comparable public company sales / EBITDA multiples, etc.

Edited by: Lee Bailey