Roman Abramovich is a powerful Russian business magnate who owns the
investment company Millhouse LLC, Chelsea Football Club and steel and
mining firms. With a net worth of 12 billion dollars he ranks in the
list of the world’s richest people.
Abramovich was born on 24th October 1966 in Saratov, Russia. He faced
many hardships in his early life. After the death of his parents he was
raised by his aunts and various orphanages. He went to the Industrial
Institute before he entered the Soviet Army. His billion dollars
business began while he was in service, by selling stolen gasoline to
his unit’s commission officers. In 1987, he turned 2000 rubles that were
a wedding gift into triple the amount by investing in the smuggling of
black market goods. Soon he started an automobile parts business. He
continued to work his illegal business until 1988 when he finally got
the opportunity to legalize it when Perestroika allowed trade to
businessmen in the Soviet Union. He started a company with his wife that
made dolls; it was an instant success. During 90s, as his wealth
increased, Abramovich liquidated twenty companies in various sectors
such as tires and bodyguard recruiters.
From 1992 to 1995, Abramovich had started five companies in the oil
industry. He became the co-owner of one of the major oil companies
called ‘Sibneft’. He also bought holdings in aluminum companies becoming
one of the biggest aluminum producers. Abramovich had become quite
well-connected to the right people including the president. He entered
politics in 1999 and was elected as governor of Chukotka Autonomous
Okrug, a very impoverished region. He made huge developments in the area
by building educational institutes, hotels and renovating the airport
and the existing schools. It is said that he put 1.3 billion dollars of
his own money for the progress of Chukotka. The Russian magazine Expert
named him ‘Person of the Year’ and he was given the ‘Order of Honor’.
Abramovich faced many allegations of fraud, blackmail and bribery.
‘The Times’ magazine reports that he admitted to paying billions of
dollars to achieve political favors in order to attain big shares in
Russia’s aluminum and oil assets. His business partner Boris Berezovsky
claimed that Abramovich has threatened him to sell his shares at a lower
price than what they were worth. Boris won the civil case and got more
than 3 billion dollars as damages from Abramovich. Another company
Yugraneft received over billion dollars for a lawsuit they won against
him.
Forbes ranks him on number 53 as the world’s richest person. After
losing many billion dollars in lawsuits and other losses, his wealth has
declined but he is still the second wealthiest person in the United
Kingdom. He spends luxuriously on yachts and is the owner of five deluxe
yachts known as ‘Abramovich’s Army’. He also owns his private aircraft,
Boeing 767-33A/ER called the ‘Bandit’. He also has two bullet and bomb
proof Maybach limousines that reportedly cost one million dollars. He
has a private army of 40 people for his own security. This makes him one
of the best protected tycoons of the world.
