It was unbelievable when Muammar Gaddafi was estimated to be worth $400 billion. Putin’s net worth may be taking a similar shape.
Several business reports have strongly suggested that the Kremlin boss could be actually the world’s richest man with a deafening sum of $200 billion.
Last week Jeff Bezos, Amazon boss briefly surpassed Bill Gates with a total of $92 billion. Thanks to the hike in Amazon’s share price.
At the moment the 2 world richest billionaires still contending at the $90 billion net worth.
Making the battle of the richest more interesting is the recent supposition by Bill Browder that both tech-billionaires may have to labor for more years to meet up to the worth of Vladimir Putin.
According to the report, Bill Browder, a US financier bluntly suggested that Russian President, Vladimir Putin is richer than the joint net worth of Mr Bezos and Mr Gates.
Bill Browder, CEO of Hermitage Capital Management says Putin’s net worth is an estimated $200 billion. He made this known during the Senate Judiciary Committee on Thursday.
“I believe he is worth $200 billion,”
Browder is said to be one of the best authorities on Putin’s business dealings.
According to him, he had traveled to Russia on a business venture in the 1990’s. His vision was going well till he had a bumpy encounter with the oligarchs. In the course of this, he lost his companies and his friend as well.
The onetime major investor took stakes in former state-run enterprises in Russia. He speaks from his personal experience.
“The purpose of the Putin regime has been to commit terrible crimes in order to get that money, and he doesn’t want to lose that money by having it frozen,”
“So he is personally at risk of the Magnitsky Act.”
The Magnitsky Act, formally known as the Russia and Moldova Jackson–Vanik Repeal and Sergei Magnitsky Rule of Law Accountability Act of 2012, is a bipartisan bill passed by the U.S. Congress and signed by President Obama in November–December 2012, intending to punish Russian officials responsible for the death of Russian lawyer Sergei Magnitsky in a Moscow prison in 2009.(Wikipedia)
In 2008, Russian lawyer Sergei Magnitsky uncovered a tax fraud that implicated Russian officials worth $230 million. The lawyer was soon incarcerated till his death in prison.
Officially, President Putin is entitled to a $133,000 annual earning.
In the actual sense, Browder is of the view that Putin secretly makes money off Russia’s dubious Oligarchs.
He explains it thus:
“Putin was originally fighting with the oligarchs when he first came to power,”
“One by one by one after Mikhail Khodorkovsky was convicted these other oligarchs went to Vladimir Putin and said, ‘What do we have to do to not sit in that cage?’ He said very straightforward—’50 percent.’ Not 50 percent for the Russian government or 50 percent for the presidential administration of Russia, 50 percent for Vladimir Putin,”
In other words, these oligarchs bribe Putin with about 50% of their business deals. Browder says “they hold his money for him.”
He also suggests that he may have hidden investments in the United States.
It is worthy to mention that Putin’s net worth has not always been open for accurate estimation.