Alexei Mordashov – Net Worth $23 Billion

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With a net worth of $23 Billion, Alexei Mordashov is a Russian businessman and main shareholder and chairman of Russia’s largest steel and mining company, Severstal.

The founder resigned from the role as CEO in 2015 after 19 years. He is the owner of the superyacht, LADY M. Mordashov is twice divorced, with seven children. 

Name:Alexei Mordashov
Net Worth:$23 billion
Source of Wealth:Severstal
Born:1965
Country:Russia
Yacht:LADY M & NORD

Alexei Mordashov Net Worth

Alexei Mordashov has been reported as Russia’s Richest man by Forbes, with a net worth of $23 billion, according to Bloomberg. Forbes states that TUI is the largest travel company globally, and it owns 30%.

Mordashov is the owner of the superyacht LADY M, a $55 million vessel. He owns a second vessel, NORD, the amazing $500 million superyacht. Mordashov is also the owner of the private jet, a Bombardier Global 6000 (M-YSSF) model.

Although he has interests in travel companies, Mordachov has no vacation property in the South of France like most typical billionaires. 

Mordashov is the largest shareholder in Rossiya bank, with 6% shares. The bank is the “personal bank” of senior Russian officials who have profited from the conflict in Crimea. 

Background

Alexei Mordashov was born in Cherepovets, Vologda Oblast, Russia, in 1965. He was the son of steel mill workers and has stated that he grew up on severe food rations.

He attended Leningrad Engineering and Economic Insitute in 1988, where he earned a degree in economics. He graduated in 1988 and began working for Cherepovets steel mill as an economist.

In 1992 he became the company’s financial director before the Soviet Union collapsed. Russian President Boris Yeltsin reorganized the company’s ownership structure into joint-stock ownership in 1993 and renamed it Severstal after issuing the respective shares.

Mordashov became the company’s chief executive officer in 1996 at age 31 after he created two investment funds to buy workers’ shares and claim a majority stake. He gained an MBA in 2006 from Northumbria University in the U.K. 

Business

Most of Alexei Mordashov’s wealth comes from his 77% stake in Severstal. Severstal is a steelmaker and was the 4th largest steelmaker by tonnage in 2020. Mordashov also owns a 34% stake in the publicly traded German shipping and tourism company TUI.

He owns several businesses that include industrial manufacturer Siloviye Mashiny, gold producer Nordgold, and hypermarket chain Lenta.

He also holds shares in two smaller Russian companies, Uktonos, an online supermarket, and plywood maker Sveza. Rostelecom, a communications operator, is also owned by Mordashov.

Political Ties

Mordashov has political ties to Russian President Putin. He withdrew his U.S. steel investments in 2015 under advisement from Putin. In the Russian – Ukraine conflict of 2022, Mordashov has been hit by sanctions from the E.U. 

These sanctions are due to his close ties to the Russian President. Mordashov argued that he is in no way involved in politics and only has global economic interests. Thanks to the conflict, Russian oligarchs have lost billions of dollars of net worth, with Mordashov losing $4 billion within 24 hours. 

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