How Did Roman Abramovich Become Rich?
The majority of Abramovich’s riches come from earnings from the sale of previously Russian state-owned properties he bought when the Soviet Union fell apart.
In 2003, he sold 26 percent of Aeroflot to the National Reserve Bank for $135 million, and he began selling his shares in the enterprises.
According to media accounts, he then sold his aluminum businesses to fellow billionaire Oleg Deripaska for more than $2 billion.
According to media sources, Russian oil corporation Sibneft paid more than $3 billion in dividends to shareholders, including Abramovich.
According to a person familiar with the transaction, the billionaire sold his stake in the company for about $10 billion in 2005, accounting for more than 70% of the company.
Dividends, asset sales, taxes, and market performance are used to determine the value of his cash investments.
He owns stakes in Evraz, Russia’s second-largest steelmaker, and Norilsk Nickel, the world’s largest nickel producer, through the British Virgin Islands-based Greenleas International and Moscow-based Millhouse.
When Russian businessman Boris Berezovsky claimed in a London court action that he was a Sibneft shareholder, citing payments of nearly $2 billion made before the asset was sold in 2005, Abramovich’s stake in the company was called into question.
The money, according to Abramovich, was intended for political protection. In August 2012, a London judge decided in Abramovich’s favor.
In 2003, he paid $105 million for Chelsea Football Club in London, and since then, he has invested more than $800 million in the club.
It is valued based on reported financial results for 2020 and the average enterprise value-to-sales multiple of a publicly traded peer company.
He also owns a mansion, the Bandit, a custom Boeing 767-300, and the yacht Eclipse.