⬅ # 158 Johann Rupert|# 160 Lu Xiangyang

# 159 Mikhail Fridman 

$13.1B

Real Time Net Worth
as of 5/18/2024
-$93.9M (-0.72%)

# 159 Mikhail Fridman 

$13.1B

Real Time Net Worth
as of 5/18/2024
-$93.9M (-0.72%)
OccupationCofounder of LetterOne, Alfa Group, and Alfa-Bank
Source of WealthOil, Banking, Telecom
Age60
ResidenceLondon, United Kingdom
Marital StatusDivorced
Children5
EducationMS, Moscow Institute of Steel and Alloys
Age-Adjusted Net Worth$13.1B
Mikhail Fridman
Mikhail Fridman
Russia
Net worth: $13.1B

Self-Made Score 

Wealth History

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Biography

Early Life and Career

Mikhail Maratovich Fridman was born on April 21, 1964 in Lviv, Ukrainian SSR, USSR
Denied entrance to Moscow's top physics college due to being Jewish, attended Moscow Institute of Steel and Alloys, graduating in 1986
Founded businesses in late 1980s, including a window-washing business, apartment rental agency, used computers sales, and importing cigarettes and perfumes
Co-founded Alfa-Photo and Alfa-Eco with college friends in 1988-1989
Co-founded Alfa-Bank in January 1991, which grew to become one of the largest private banks in Russia
Collaborated with German Khan and Alexey Kuzmichev in the establishment of Alfa Group Consortium, a financial-industrial conglomerate

TNK-BP Venture and Sale

Collaborated with Len Blavatnik and Viktor Vekselberg to purchase TNK (Tyumen Oil Company) in 1997
Formed TNK-BP joint venture with BP in 2003, becoming the third-largest oil producer in Russia
Served as TNK-BP chairman for nine years and CEO for three years
TNK-BP sold to Rosneft in 2013 for $56 billion, with Fridman and partners receiving $28 billion for their stake

LetterOne and L1 Energy

Co-founded LetterOne (L1) investment company in 2013 with Alfa Group partners
Chairman of LetterOne
Established L1 Energy in 2013, focusing on international oil and gas assets
Acquired DEA from RWE for $7 billion in 2015, facing opposition and forced sale of North Sea assets in the UK in 2015
Sold L1 Energy's British North Sea assets to Ineos for $750 million in October 2015
Acquired E.ON's Norwegian oil and gas licenses for $1.6 billion in October 2015

LetterOne Technology and Additional Activities

Launched LetterOne Technology in April 2015, investing in struggling telecom or technology companies
Invested in Uber in February 2016 and telecommunications start-up FreedomPop in August 2016
Partnered with Jack Rosen in 2012 for a joint venture investing $1 billion in distressed real estate properties
Expanded into healthcare with the launch of L1 Health in June 2016
Acquired Ukrainian bank Ukrsotsbank in October 2016

Controversies and Sanctions

Hit with EU sanctions in 2022 after the Russian invasion of Ukraine
Subject of criminal case in Ukraine related to fraud charges in August 2023
Arrested in London in December 2022 on charges of money laundering, conspiracy to defraud the Home Office, and conspiracy to commit perjury
Sanctioned by the UK government in 2022 in relation to the invasion of Ukraine
Offered to transfer $1 billion of personal wealth to Ukrainian Sense Bank in October 2022

Current Posts and Personal Life

Member of the board of directors of ABH Holdings
Member of the supervisory board of DEA Deutsche Erdoel AG
Resides in London since 2015, owns Athlone House
Divorced with four children, announced in 2016 that his entire fortune will be left to charity

How long would it take you to become as rich as Mikhail Fridman?

If you started with $10,000 and invested an additional $500 each month at a 44.10% CAGR, it would take you 5 years to reach Mikhail Fridman's net worth of $13.1B.

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 42.76% compared to 11.89% for the S&P 500 benchmark.

Enter data in all but one field below, then calculate the missing value

Mikhail Fridman 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 Mikhail Fridman, Oil, Banking and Telecom 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