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What is Gennady Timchenko’s Net Worth?
Gennady Timchenko, a prominent Russian billionaire and businessman, has an estimated net worth of $14 billion. He has amassed a significant fortune through his extensive involvement in the oil, gas, and energy sectors.
Timchenko became the head of Kirshineftekhimexport, a state-owned oil company, in the late 1980s His career took a significant turn when he co-founded the Gunvor Group in 1997, a major global commodity trading company specializing in oil and energy markets. This venture played a crucial role in building his wealth, especially through lucrative deals involving Russian state-owned companies.
However, the imposition of sanctions in 2014, following Russia’s annexation of Crimea, led Timchenko to sell his shares in Gunvor. In addition to Gunvor, Timchenko’s investment firm, Volga Group, has been a cornerstone of his financial empire. Founded in 2007, Volga Group focuses on investments in energy, transport, infrastructure, financial services, consumer goods, and real estate.
The firm holds significant stakes in several major companies, including a 37.5% share in Sibur Holding, a leading petrochemical company, and substantial investments in Novatek, one of Russia’s primary natural gas firms.
Here’s the breakdown of Gennady Timchenko’s net worth:
Name: | Gennady Timchenko |
Net Worth: | $14 Billion |
Date of Birth: | November 9, 1952 |
Profession: | Businessperson, Trader |
If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.
Early Life and Education
Gennady Nikolayevich Timchenko was born on November 9, 1952, in Leninakan, Armenian SSR, Soviet Union, which is now known as Gyumri, Armenia. His father, Nikolai Timchenko, served in the Soviet military during World War II, which influenced the family’s movements during Gennady’s early years. Timchenko spent a significant part of his childhood in the German Democratic Republic and the Ukrainian SSR, where he learned to speak German.
In 1976, Timchenko graduated from the Mechanical Institute of Saint Petersburg, then known as Leningrad, with a degree in electrical engineering.
This technical education laid the foundation for his initial career in engineering and later facilitated his transition into the energy sector, where he would eventually build his substantial fortune.
Career
Gennady Timchenko’s career began in the late 1970s when he worked as an engineer at the Izhorsky plant near Saint Petersburg, a facility specializing in building power generators.
His proficiency in German led to his transfer to the trade department of this state-owned company, marking the start of his involvement in international business. From 1982 to 1988, Timchenko served as a senior engineer at the Ministry of Foreign Trade, further honing his expertise in trade and export.
In 1988, as Russia began to liberalize its economy, Timchenko was promoted to Deputy Director of Kirishineftekhimexport, a state-owned oil company. This role was pivotal as it involved setting up some of the first export routes for oil products from the USSR to Western countries, establishing Timchenko as a significant figure in the Russian oil trading industry.
In 1991, Timchenko left Russia and worked for Urals Finland Oy, a Finnish trading company, before co-founding the Gunvor Group in 1997. Gunvor quickly became one of the world’s largest commodity trading companies, specializing in oil and energy markets. This venture significantly contributed to Timchenko’s wealth, especially through lucrative deals involving Russian state-owned companies.
In 2007, Timchenko founded the Volga Group, a private investment firm based in Luxembourg. The Volga Group focuses on investments in energy, transport, infrastructure, financial services, consumer goods, and real estate. The firm holds significant stakes in several major companies, including a 37.5% share in Sibur Holding, a leading petrochemical company, and substantial investments in Novatek, one of Russia’s primary natural gas firms.
Despite facing international sanctions from the U.S., UK, EU, and other countries due to his close ties with Russian President Vladimir Putin and the geopolitical tensions surrounding Russia’s actions in Crimea and Ukraine, Timchenko has managed to maintain and grow his wealth.
Personal Life
Gennady Timchenko is married to Elena Timchenko, and together they have three children. The family primarily resides in Switzerland, although Timchenko himself spends a significant amount of time in Moscow due to his business commitments.
His eldest daughter, Natalia, is a graduate of Oxford University and has been involved in various business ventures, including film production and corporate management. His other children, Ksenia and Ivan, have also been active in business and philanthropy.
Despite the international sanctions imposed on him, Timchenko maintains a relatively private personal life, focusing on his family and close-knit circle of friends, which notably includes Russian President Vladimir Putin.
Philanthropy
Gennady Timchenko is deeply involved in philanthropic activities, primarily through the Elena and Gennady Timchenko Foundation, which he co-founded with his wife in 2010.
The foundation focuses on several key areas: supporting the elderly, promoting cultural heritage, advancing modern medical technology, and fostering sports and education among young people.
One of their notable initiatives is the Neva Foundation, established in 2008 to promote cultural and scientific exchanges between Russia and Switzerland. The foundation has supported numerous cultural projects, including partnerships with the Geneva Opera and the Verbier Festival.
In addition, Timchenko has been a significant benefactor in the fight against the COVID-19 pandemic, donating substantial sums to support healthcare efforts in Russia.
Sports and Hobbies
Gennady Timchenko is an avid sports enthusiast, with a particular passion for ice hockey and tennis. He has played a pivotal role in the development of ice hockey in Russia, serving as the Chairman of the Board of Directors of the Kontinental Hockey League (KHL) and the President of the SKA Saint Petersburg ice hockey club.
Timchenko has also invested in sports infrastructure, including the acquisition of Helsinki’s Hartwall Areena and a stake in the Finnish ice hockey team Jokerit. His love for tennis is evident through his sponsorship of the IPP Open tennis tournament in Finland and support for various Russian tennis players.
In addition, Timchenko has sponsored a sailing team that competes in the international RC44 yachting competition.
Awards
In 2013, Gennady Timchenko was awarded the title of Chevalier of the Légion d’honneur, one of France’s highest honors, in recognition of his efforts to foster Franco-Russian economic and cultural ties.
This award highlighted his role in establishing a permanent exhibition of Russian art at the Louvre and supporting the Russian Museum in Saint Petersburg.
Timchenko’s philanthropic work, particularly through the Timchenko Foundation, has also earned him widespread recognition.
Ashley Roberts is the founder of Real-Time Billionaires List. She founded this platform because she likes to know how much celebrities are actually making. She is always curious why these people can make much more money than the ordinary person.
With a Bachelor’s degree in finance, she is skilled at financial analysis and understands numbers related to wealth. Most of the articles on this site are edited by herself before publishing.
