Suleiman Kerimov

Concentrated investing created Kerimov's early fortune

Kerimov trained as an economist and developed his wealth through investments rather than an inherited operating company. Forbes describes a career buying distressed Russian assets and later taking large positions in companies including Sberbank and Gazprom. ^[1]

After selling major Russian holdings in 2007, Kerimov moved capital into global financial companies shortly before the financial crisis. Forbes reports that margin calls during the downturn cost him billions, making leverage and concentration important parts of the path rather than a simple uninterrupted rise in wealth. ^[1]

Kerimov rebuilt much of the lost fortune through Polyus. Forbes says he paid about $1.3 billion for a 37% stake in the gold producer, and the value of that position increased sharply as Polyus grew and gold-related assets appreciated. ^[1]

Family ownership of Polyus later changed substantially

The Polyus interest later moved through Kerimov's family rather than remaining a simple personally held stake. Forbes records transfers to his son Said, while Polyus disclosed in April 2022 that Said Kerimov reduced an indirect interest from 76.34% to 46.35% through a large share sale. ^[1][2]

Polyus's total market value and gold reserves are not Kerimov's personal net worth, and historical family percentages should not be treated as a current personal holding. His fortune was created through investment gains and concentrated ownership, but the later ownership structure became more complex than a direct stake in the mining company. ^[1][2]