Early Life and Entry into Business
Dmitry Rybolovlev was born on November 22, 1966, in Perm, Russia. His parents were associated with the Perm State Medical University. Dmitry entered the business world in 1990 after graduating from the Perm Medical Institute. Before venturing into business, he worked as a doctor, establishing a small medical enterprise with his father to support his family during the challenging final years of the Soviet Union.
Rise in Business and Uralkali Development
Rybolovlev’s first million dollars came from reselling products that factories paid for in services rather than cash, a common practice in Russia at the time. In 1992, he obtained a brokerage license, founded a brokerage and investment company, and started acquiring shares of local enterprises, including Uralkali. Facing challenges in the violent landscape of 1990s Russia, Dmitry Rybolovlev was forced to hire a bodyguard and eventually moved his family to Switzerland in 1995 for safety.
Despite legal troubles, including a brief arrest for murder, Rybolovlev was acquitted in 1997. Over the next 15 years, he focused on developing Uralkali, turning it into a major global enterprise. Under his leadership, the company’s market capitalization soared from $15 million in 2000 to $20 billion in 2008.
Uralkali IPO and Sale
In 2007, Uralkali went public on the London Stock Exchange in one of the most successful IPOs in Russian business history. Dmitry Rybolovlev sold a 14.38% stake, raising almost $1 billion. In 2010, he sold a 53% share to Russian investors for around $5.3 billion. The same year, Uralkali acquired a 20% stake in Silvinit for $1.4 billion.
Brief details of Uralkali IPO
In 2006 and 2007, Uralkali, the Russian fertilizer conglomerate, strategized an inaugural public offering (IPO). A pioneering move in the Russian business landscape, Uralkali faced a setback in 2006 when it withdrew its IPO from the London Stock Exchange. The primary reason behind this withdrawal was the company’s inability to secure sufficient buyers for the offered shares.
The IPO’s objective was to divest a 29% stake, with an anticipated price range of $2.05 to $2.45 per share. Despite these efforts, the planned sale met an impasse as the company failed to broker a successful deal at a price level deemed equitable by its shareholders. Consequently, the IPO slated for 2006 was canceled.
Undeterred by the setback, Uralkali revisited its aspirations for a London listing in 2007. This time, the company aimed to issue global depositary receipts (GDRs), with a projected price range of $10.25 to $12.25 per unit. This strategic move aimed to confer upon Uralkali a market valuation of $4.3 billion.
The climax of this corporate narrative unfolded in 2012 when Uralkali’s CEO, Vladislav Baumgertner, earned acclaim by receiving a distinctive accolade for orchestrating the most commendable IPO of the year.
Berezniki Mine Collapse
In 2006, a freshwater spring caused a collapse in one of Uralkali’s mines in Berezniki. Rybolovlev decided to close the mine to avoid fatalities, leading to large sinkholes in the region. Investigations attributed the collapse to geological factors.
Alleged State Asset Grab
In 2008, an investigation was reopened, speculating a raider attack against Uralkali. Dmitry Rybolovlev pledged compensation, but industry analysts saw the investigation as an opportunistic move by individuals close to the government to gain control of assets.
Investment in the Bank of Cyprus
Rybolovlev bought a 9.7% stake in the Bank of Cyprus in 2010. Eurogroup later agreed to a deal where the Bank of Cyprus took over Laiki Bank. To save the bank, accounts over €100,000 suffered a haircut, resulting in a significant loss for Rybolovlev.
AS Monaco Ownership and Success
Dmitry Rybolovlev relocated to Monaco in 2010 and acquired a 66% stake in AS Monaco FC in 2011, investing significantly to revive the struggling club. Under his ownership, Monaco achieved success, winning the Ligue 1 title in 2017 and reaching the UEFA Champions League semi-final.
Net Worth of Dmitry Rybolovlev
Dmitry Rybolovlev‘s net worth is reported to be around $6.7 billion as of 2021, ranking him 391st on the Forbes list of billionaires.
His fortune is primarily derived from the sale of two Russian fertiliser companies, Uralkali and Silvinit, which amounted to more than $7 billion.
Additionally, he has made significant investments in various properties, including a Greek island and a Monaco penthouse, totaling approximately $1 billion.
Another source suggests his net worth is $7 billion, with most of his fortune coming from the successful potash company Uralkali.
His estimated net worth is also cited as $8.5 billion in some sources.
| Year | Net Worth (in billions) |
| 2014 | 8.8 Billion |
| 2015 | 8.5 Billion |
| 2016 | 7.7 Billion |
| 2017 | 7.3 Billion |
| 2018 | 6.8 Billion |
| 2019 | 6.8 Billion |
| 2020 | 6.6 Billion |
| 2021 | 6.7 Billion |
| 2022 | 6.6 Billion |
| 2023 | 6.4 Billion |
Personal Life and Divorce
Dmitry Rybolovlev married Elena Chuprakova in 1987, and they have two daughters, Ekaterina and Anna. The couple went through a highly publicized divorce, with Elena being awarded a record settlement of $4.8 billion in 2014. The amount was later reduced to 564 million Swiss francs in 2015, and the divorce was finalized with an undisclosed settlement.
The Rise and Fall of Dmitry Rybolovlev’s Personal Life
Dmitry Rybolovlev and Elena Chuprakova’s love story began in the halls of a medical institute in Perm back in 1980. Despite Elena’s initial success, she chose Dmitry, and the couple tied the knot in 1987. Their first daughter, Ekaterina, arrived in 1989, but by the time their second daughter, Anna, was born in 2001, cracks were starting to appear in their seemingly perfect family life.
While facing personal challenges, Dmitry’s professional ambitions were soaring. In the affluent Geneva suburb of Cologny, a colossal house was under construction. However, even the architectural prowess of Swiss designer Jean-Pierre Stefani failed to satisfy Rybolovlev’s growing appetite for opulence. He decided to build the Trianon Palace, albeit a replica.
Growing Tensions
As Dmitry’s focus shifted to grandiose projects, Elena found solace in the world of art. She developed a keen interest in painting and actively collected renowned works by the Impressionists. Despite their shared success, the Rybolovlev family was facing internal turmoil, marked by constant betrayals and strained relationships.
The breaking point came, leading to Dmitry and Elena’s divorce. Elena cited continuous infidelity as the reason for their separation. The divorce proceedings were protracted, spanning until 2015, primarily due to the intricate financial matters involved. In 2014, a Geneva court officially granted the divorce.
A Costly Settlement
The aftermath of the divorce saw Dmitry Rybolovlev ordered to pay his ex-wife a staggering $5 billion. This settlement also included the transfer of a house in Switzerland and valuable jewellery, totalling approximately $564 million. However, within a year, this sum was reduced, and by 2015, the former spouses had finally reached a consensus on their financial matters, putting an end to the legal battles.
Charitable Activities
Rybolovlev actively engages in charitable activities, contributing funds to restore historical sites and supporting Russian Olympians. He has also been involved in financing films and was one of the founders of the Russian Olympians Support Fund.
Controversies
Dmitry Rybolovlev faced controversies, including environmental concerns with Uralkali listed as a top polluter and his involvement in the Panama Papers scandal, where he was accused of hiding art during divorce proceedings. The Football Leaks scandal revealed a secret system for illegally buying players’ shares.
Charges Filed Against Dmitry Rybolovlev in Monaco Corruption Probe
December 1, 2023
In a recent turn of events, Monageque authorities have officially levied charges against Russian tycoon Dmitry Rybolovlev, linking him to a corruption inquiry. This comes more than a year after revelations of impropriety surfaced in a multi-billion-dollar art fraud case, prompting the resignation of Monaco’s justice minister.
The investigation led to Rybolovlev’s questioning by Monageque authorities last week, with the formal charges being filed on November 7, as disclosed by prosecutor Sylvie Petit-Leclair. However, the prosecutor refrained from specifying the nature of the charges.
Following a night of intensive questioning, Rybolovlev and other individuals implicated in the investigation were subsequently released. The Ministry of Justice in Monaco, however, remained silent on the matter.
According to a statement issued by Dmitry Chechin, Rybolovlev’s spokesperson, over the weekend, the billionaire is currently residing in Moscow, facing no travel restrictions or bail conditions. The statement emphasized that Rybolovlev is under judicial supervision, granting him the freedom to leave Monaco without constraints on his mobility.
Dmitry Rybolovlev‘s interaction with the individuals involved in the proceedings is the only restriction imposed, as highlighted by his legal representatives, Hervé Temime and Thomas Giaccardi. It is crucial to note that, at this stage, Rybolovlev is presumed innocent, as underscored by his legal team.
Reports suggest that nine individuals, including three police officers, are now facing charges of “trading in passive influence and violating the secrecy of the investigation.” Among the accused are Christophe Haget, the head of the judicial police, and his deputy Patrick Fusari, who remains in office. Another notable figure implicated is Regis Asso, the former director of public security, who is now retired. Additionally, Rybolovlev’s lawyer, Tetiana Bersheda, former justice minister Philippe Narmino, and Narmino’s wife and son are also among those facing charges.
The charges stem from how Monaco authorities handled a high-profile conflict between Dmitry Rybolovlev and his former adviser and art dealer, Yves Bouvier, the former owner of several freeports. Bouvier facilitated art transactions for Rybolovlev, including acquisitions of works by Picasso, Modigliani, and the renowned Leonardo da Vinci painting, Salvator Mundi, which fetched $450 million at a Christie’s auction last fall.
The dispute between Rybolovlev and Bouvier commenced in early 2015 when the Russian tycoon accused Bouvier of fraudulent overcharging, amounting to $1 billion in art deals. The events in Monaco have attracted international attention, particularly after last year’s revelations, dubbed “Monacogate” by the French media. Le Monde published text messages suggesting that former justice minister Philippe Narmino collaborated with Rybolovlev to influence the case.
The text messages exposed a “vast influence-peddling scandal at the core of Monaco institutions.” Subsequently, Narmino opted for early retirement, a decision confirmed by the Ministry of Justice at the time.
Reports indicated an extensive exchange of text messages between Dmitry Rybolovlev, Bersheda, and Narmino, outlining an all-expenses-paid skiing trip for Narmino and his wife to Rybolovlev’s Swiss chalet in Gstaad, complete with a private helicopter ride and other lavish gifts. The messages also purportedly detailed Bersheda’s close coordination with Monaco police regarding a plan to apprehend Bouvier after luring him to Monaco.
Bouvier’s legal representative, Ron Soffer, declined to comment on the matter.
Arrest and details
In 2018, Dmitry Rybolovlev was charged in a corruption probe by Monaco police based on claims that he attempted to influence senior Monegasque authorities involved in a dispute with a Swiss art dealer.
After detaining him overnight, authorities later released him, but imposed security constraints on his movement. In 2021, it was reported that he faces a Swiss criminal probe into whether he illegally helped to orchestrate the Monaco arrest of the art dealer, Yves Bouvier.
The investigation was reportedly launched in early 2021. These legal issues are part of a long-running feud between Rybolovlev and Bouvier.
Recent Years and Board Membership
In recent years, Dmitry Rybolovlev faced legal disputes, including a lawsuit against art dealer Yves Bouvier, which was later dropped in 2021. Despite controversies, he remained active in football, joining the Board of Directors for the Ligue de Football Professionnel (LFP) in November 2022.
Summary
Dmitry Rybolovlev, born on November 22, 1966, entered the business world in 1990 after working as a doctor. He faced challenges in 1990s Russia, including legal troubles and a move to Switzerland for safety. Rybolovlev focused on developing Uralkali, a fertilizer conglomerate, transforming into a major global enterprise. Despite setbacks like a mine collapse and alleged state asset grab attempts, Uralkali went public in 2007. Rybolovlev’s net worth fluctuated over the years, primarily from the sale of Uralkali and Silvinit.
In 2010, he invested in the Bank of Cyprus and later faced losses. Rybolovlev acquired AS Monaco FC in 2011, leading them to success. His net worth is reported around $6.7 billion in 2021. In his personal life, a high-profile divorce with a record settlement occurred in 2014. He engaged in charitable activities but faced controversies, including environmental concerns and involvement in scandals.
As of December 1, 2023, Rybolovlev faces charges in a Monaco corruption probe related to an art fraud case. The investigation involves individuals, including police officers and former officials, and centers around a conflict with art dealer Yves Bouvier. Despite legal disputes, Rybolovlev remains active, joining the Ligue de Football Professionnel board in 2022.
