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Grizzly Bulls’ Billionaires Index

⬅ # 337 Edward Roski Jr|# 339 Murali Divi ➡

# 338 Igor Olenicoff 

$7.91B

Real Time Net Worth
as of 7/25/2024
-$26 (-0.00%)

# 338 Igor Olenicoff 

$7.91B

Real Time Net Worth
as of 7/25/2024
-$26 (-0.00%)
OccupationFounder, Olen Properties
Source of WealthReal Estate
Age81
ResidenceLighthouse Point, Florida
Marital StatusMarried
Children2
EducationBS, University of Southern California; MBA, University of Southern California; MS, University of Southern California
Age-Adjusted Net Worth$1.91B
Igor Olenicoff
Igor Olenicoff
United States
Net worth: $7.91B

Self-Made Score 

Wealth History

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Biography

Early and Personal Life

Igor Olenicoff was born in Moscow, Russia, in 1942 to tzarist-connected parents who fled the Soviet Union for Iran after World War II.
In 1957, Olenicoff and his family immigrated to the United States.
He attended the University of Southern California, earning an undergraduate degree in corporate finance and mathematics, followed by an M.B.A.
Olenicoff married Jeanne M. Patterson, a Los Angeles native, and they have a daughter named Natalia; tragically, their son Andrei died in a car accident in 2005.

Career

Olenicoff founded Olen Properties in 1973, starting with the purchase of a 16-unit duplex.
His real estate empire now spans 8 million square feet of office space and 17,000 residential units across California and seven other U.S. states.
Despite claims that the company was owned by an offshore entity, investigations by the IRS suggested otherwise.
He attempted to block a competing real estate development in 2022 using environmental regulations.

Legal Issues and Controversies

Olenicoff became entangled in the UBS scandal, utilizing the Swiss bank to evade taxes on assets totaling $200 million.
In 2007, he pleaded guilty to a felony count of filing a false tax return for 2002, resulting in a $52 million fine.
He attributed his situation to bad financial advice and thoughtlessness, avoiding a jail sentence.
Olenicoff filed a lawsuit against UBS and Birkenfeld in 2008, seeking damages for alleged fraud and conspiracy, which was later dismissed.
He was sued by sculptors for copyright infringement regarding art pieces displayed in his properties.
Olenicoff's legal proceedings became a reference point in the defense strategy of another billionaire, H. Ty Warner, in a tax evasion case.

Family and Philanthropy

After the death of his son, Olenicoff and his wife established the Andrei Olenicoff Memorial Foundation, supporting causes such as retinitis pigmentosa research and assistance for visually impaired individuals.
The foundation has contributed to organizations like the Foundation Fighting Blindness, Guide Dogs for the Blind, and Makapo Aquatics.
Their philanthropic efforts extend to providing assistance to Russian orphans in need of prosthetic devices and corrective surgeries.

Succession and Heir

Olenicoff's daughter, Natalia Ostensen, is involved in the day-to-day operations of Olen Properties, positioning her as a potential heir to his business empire.

How long would it take you to become as rich as Igor Olenicoff?

If you started with $10,000 and invested an additional $500 each month at a 44.11% CAGR, it would take you 5 years to reach Igor Olenicoff's net worth of $7.91B.

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 52.22% compared to 16.62% for the S&P 500 benchmark.

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Igor Olenicoff 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 Igor Olenicoff, Real Estate is the primary source. 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