Top 10 Billionaires from Cyprus in 2020

2. Oleg Deripaska

Oleg Vladimirovich Deripaska is a Russian oligarch and industrialist. He is the founder of Basic Element, one of Russia’s largest industrial groups, and Volnoe Delo, Russia’s largest charitable foundation. Until 2018, he was the president of En+ Group, a Russian energy company, and until 2018 headed United Company Rusal, the second-largest aluminium company in the world.

In 2008, Forbes estimated his wealth at US$28 billion, making him the then ninth richest man in the world. In 2009, Deripaska’s ranking fell to a ranking of No. 164, with Forbes stating: “[H]e may not withstand collapsing markets and heavy debts”. In 2010, however, his estimated $10.7 billion fortune allowed him to rise to No. 57 of the World’s Billionaires list. According to Forbes magazine, he removed the heads of his two largest companies and personally negotiated with the Russian government, banks, and other creditors to restructure his loan obligations. Deripaska himself in 2007 was reported to have consistently said that the estimate of his wealth was exaggerated, that it did not completely account for the amount of debt he incurred, and that he should be ranked far below the top ten on the list of the Russian billionaires.

Deripaska’s Cypriot registered company Edenfield Investments acquired the Grade II listed Hamstone House in the St George’s Hill district of Weybridge, Surrey, in 2001. Deripaska has owned the Haft mansion near Embassy Row in Washington, D.C., through a company incorporated in Delaware since 2006. Forbes estimated his fortune at $3.3 billion in 2015, $5.2 billion in 2017, and $3.3 billion in 2019.

He was once Russia’s richest man, but lost a substantial part of his fortune amid the 2007–08 financial crisis. As of February 2020, his wealth was estimated by Forbes at $4.5 billion. He is the second richest Billionaire from Cyprus.

9 of 10

Leave a Comment

You cannot copy content of this page
%d bloggers like this: