Alexey Mordashov Net Worth (Updated 2024)

What is Alexey Mordashov’s Net Worth?

Alexey Mordashov is a prominent Russian billionaire businessman who has an estimated net worth of $25.5 billion. In March 2022, Bloomberg Billionaires Index estimated his net worth at $21.2 billion, making him the second-richest person in Russia at that time. By April 2022, his net worth had dropped to $13 billion due to the impact of sanctions and the Russian invasion of Ukraine.

The majority of Mordashov’s fortune comes from his 77% stake in Severstal. He also owns stakes in other companies, including Nordgold (a gold producer), Power Machines (an industrial machinery manufacturer), TUI Group (a European tour operator), Lenta (a hypermarket chain), and Rostelecom (a telecommunications operator).

Mordashov has been sanctioned by the EU, UK, and US following Russia’s invasion of Ukraine in 2022. These sanctions have led to asset freezes and a significant reduction in his net worth.

Here’s the breakdown of Alexey Mordashov’s net worth:

Name:

Alexey Mordashov

Net Worth:

$25.5 Billion

Date of Birth:

1950

Profession:

Businessperson, Investor

If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.

Alexey Mordashov

Early Life

Alexey Alexandrovich Mordashov was born on September 26, 1965, in Cherepovets, Vologda Oblast, Russia. He grew up in a modest family; both of his parents were steel mill workers. His family faced financial constraints, relying on welfare coupons for basic necessities like butter and sausages.

Mordashov graduated with a degree in economics from the Leningrad Engineering-Economical Institute (now ENGECON) in 1988. He later earned an MBA from Northumbria University in Newcastle upon Tyne, England, in 2001.

Business Career

Mordashov’s career began in 1988 when he joined the Cherepovets steel mill as an economist. By 1992, he had risen to the position of Chief Financial Officer. Following the privatization of the steel mill in 1993, Mordashov used investment funds to acquire a majority stake in the company, which was renamed Severstal. He became the CEO of Severstal in 1996 at the age of 31.

Under his leadership, Severstal grew into one of the largest steel and mining companies in the world. Mordashov diversified Severstal’s operations by acquiring various steel, coal, and mining companies. He also expanded his investments beyond steel, acquiring stakes in companies like Nordgold (a gold producer), Power Machines (an industrial machinery manufacturer), and TUI Group (a European tour operator).

Mordashov’s strategic vision and management skills transformed Severstal into a global player. He took the company public, selling a 9.1% stake on the London Stock Exchange, which raised over $1 billion. Despite facing challenges, such as losing a bid for Arcelor to Mittal Steel, Mordashov continued to expand Severstal’s global footprint.

Personal Life

Alexey Mordashov has been married twice. His first marriage was to Elena, with whom he has a son named Ilya. They divorced in 1996. His second marriage was also to a woman named Elena, with whom he has two more sons, Kirill and Nikita. Mordashov is known for his private and reserved personal life. He has transferred shares in some of his companies to his sons, including Nordgold and TUI, as part of his legacy planning.

Mordashov has faced legal and financial challenges in his personal life. In 2001, his first wife sued him for half of his pre-divorce property but lost the case. The case was eventually settled after she took it to the European Court of Human Rights.

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