Oleg Vladimirovich Deripaska is a wealthy Russian business magnate and oligarch who amassed his fortune by acquiring state-owned assets following the dissolution of the Soviet Union.
|Date of Birth
|Jan 2, 1968
|55 years old
|Place of Birth
|Businessperson, Investor, and entrepreneur
Oleg Deripaska : Biography
Oleg Deripaska is a Russian billionaire and oligarch who accumulated his wealth through the privatization of state-owned assets following the dissolution of the Soviet Union. He is the creator of Basic Element, a diversified industrial conglomerate involved in various sectors, including aluminum, energy, construction, agriculture, and more. He held top positions at both En+ Group, a Russian energy firm, and United Company Rusal, the second-largest aluminum corporation globally, until he stepped down from these roles in 2018. At the height of his success in 2008, he was among the wealthiest individuals in Russia and the ninth richest globally. However, his fortune suffered significant losses during the global financial crisis, primarily due to substantial debts.
In 2017, he obtained Cypriot citizenship, which also granted him European Union citizenship.
Deripaska’s business and personal life have been marked by various controversies and legal disputes. He faced allegations of threatening the lives of business competitors, engaging in illegal wiretapping, extortion, and racketeering, which resulted in sanctions imposed by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) against him and some of his enterprises in 2018. These sanctions were tied to Russia’s annexation of Crimea and its interference in Ukraine. Furthermore, he was among the seven oligarchs sanctioned by the British government in response to the 2022 Russian invasion of Ukraine. Notably, he had connections with Paul Manafort, the former Trump campaign chairman, who offered private briefings on the 2016 U.S. presidential election.
Deripaska also found himself in the spotlight due to a tell-all book authored by Nastya Rybka, an alleged escort who claimed to be his mistress.
In his personal life, Oleg Deripaska was previously married to Polina Yumasheva, the daughter of Valentin Yumashev, a former chief of staff and the son-in-law of Russia’s first president, Boris Yeltsin. They have two children together, but the couple divorced in 2018. Deripaska is of Jewish descent and holds a master’s degree in physics from Moscow State University and a master’s degree in economics from Plekhanov Russian University of Economics. He is also the founder of Volnoe Delo, Russia’s largest charitable foundation, which supports various projects related to education, culture, science, and healthcare.
Oleg Deripaska, the Russian billionaire and founder of Basic Element and RUSAL, has experienced significant fluctuations in his net worth, which vary depending on the source and the date. As of October 11, 2023, Forbes estimated his wealth to be $2.3 billion, ranking him as the 1320th wealthiest individual globally. Conversely, Celebrity Net Worth reported a figure of $3 billion for the same date, and Market Realist also corroborated this amount as of October 20, 2021. On the other hand, the Employment Security Commission claimed his net worth to be $4.5 billion in 2021.
These fluctuations in Deripaska’s net worth can be attributed to various factors, including the performance of his businesses, fluctuations in the exchange rate of the Russian ruble, the impact of sanctions and legal disputes, and the volatility of global markets. In 2008, he held the title of the richest person in Russia and the ninth richest in the world, boasting a net worth of $28 billion. However, a significant portion of his wealth was eroded by the global financial crisis and heavy debts. Additionally, to have U.S. sanctions lifted in 2019, he had to reduce his stake in some of his companies.
Career of Oleg
In the 1990s, Oleg Deripaska, a Russian businessman, embarked on his entrepreneurial journey by co-establishing VTK, a metal trading company. His remarkable talent lay in procuring cost-effective Russian metals and then distributing them on a global scale, which contributed significantly to his early achievements. In 1994, owing to his impressive acumen, he assumed the role of director general at the Sayanogorsk aluminum smelter. This pivotal experience served as a stepping stone for his later endeavors, particularly his instrumental role in the merger of two companies that ultimately led to the formation of RUSAL.
Under Deripaska’s leadership, RUSAL ascended to become the foremost global aluminum producer, marking a significant milestone in its history. His achievements extended beyond the aluminum industry, notably with the establishment of the first Khakas aluminum smelter since the post-Soviet era. Over the years, he expanded his business interests into various sectors, including energy, manufacturing, automotive, finance, aviation, and agriculture. Within his diverse investment portfolio, several noteworthy assets stand out, such as EuroSibEnergo, Ingosstrakh, and the GAZ Group, all of which fall under the umbrella of Basic Element, a conglomerate he founded back in 1997.
In 2006, Oleg Deripaska initiated the establishment of the En+ Group, a diversified conglomerate primarily engaged in the fields of mining, metals, and energy. This corporate entity plays a pivotal role within the RUSAL and EuroSibEnergo enterprises. Additionally, in 2011, Oleg Deripaska ventured into the agricultural sector through the acquisition of Kuban Agroholding, which encompasses a vast expanse of 75,000 hectares of agricultural land.
Personal Life of Deripaska
Oleg Deripaska is wedded to Polina Yumasheva, who happens to be the daughter of Valentin Yumashev. Notably, Yumashev served as the former chief of staff and presently holds the title of son-in-law to Russia’s inaugural president, Boris Yeltsin. Oleg Deripaska and Polina share the responsibilities of parenthood, blessed with two children from their union. Despite their past, the couple underwent a divorce in 2018.
Oleg Deripaska himself is of Jewish descent, adding to the diversity of his background. Academically accomplished, he holds a master’s degree in physics from Moscow State University, showcasing his proficiency in the sciences. In addition, he holds another master’s degree, this time in economics, which he earned from the prestigious Plekhanov Russian University of Economics. This academic background underlines his versatility and depth of knowledge in both scientific and economic domains.
Q: Who is Oleg Vladimirovich Deripaska?
A: Oleg Vladimirovich Deripaska is a prominent Russian billionaire and a notable figure in the world of business who accumulated his wealth through investments in various industries.
- Q: How did Oleg acquire his wealth?
A: Deripaska acquired his wealth by taking advantage of the privatization of state-owned assets following the dissolution of the Soviet Union. He played a substantial role in shaping the Russian business landscape.
- Q: What are some noteworthy aspects of Oleg Deripaska’s personal life?
A: In 2001, Deripaska married Polina Yumasheva, and they had a son, Pyotr, and a daughter, Maria, before their divorce in 2018.