Interest in Philanthropy Growing Among Russian Billionaires | News | PND

How do millionaire prokhorov learn to make money. Interest in Philanthropy Growing Among Russian Billionaires

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Frozen Assets? Russian comrades might have made a show of spreading the wealth equally in the days of communism -- but no more. The country's 1 percent has embraced capitalism to such an extent that dozens of fabulously wealthy oligarchs live super-sized lifestyles, splurging around the world.

Where the rich rest. Holidays for billionaires: how big businessmen of Russia spend their leisure time Where the rich rest.

In America and Europe, Russia's uber-rich have bought up expensive homes in New York and Miami, scooped up priceless artwork, taken stakes in businesses and landmark buildings, and even dropped millions for sports teams. These billionaires are not on the list of Russians whose assets have been ordered frozen by President Obama because of Moscow's moves to force the secession of Crimea from Ukraine, but their influence in the West has not gone unnoticed.

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Their fortunes are such that financiers in the world's banking capitals are falling over each other to help these loaded Russians make investments. Britain's financial center, the City of London, was even jokingly dubbed "LondonGrad" recently because of the amount of business done there on behalf of the Russian billionaires.

Here's a look at some of the bold-faced names, many of whom made vast fortunes in the energy and natural resources industries after the breakup of the Soviet Union. But his stake in steel giant Evraz lost almost two-thirds of its value indriven down by falling steel prices and a global steel glut. His 18 percent stake in Highland Gold Mining also did poorly.

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The deal fell through, but How do millionaire prokhorov learn to make money sources now say it's back on. Abramovich is well known in Europe as the owner of London's Chelsea FC soccer club, which has won three English Premier League titles and one European Champions League title since he took over the team 10 years ago. Barts, Colorado and Los Angeles.

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His art collection includes 40 paintings by Ilya Kabakov, the most expensive living Russian artist. The tycoon worked initially at an international bank that dealt with the former Soviet bloc and then moved to another financial institution that was acquiring state assets. He and Vladimir Potanin, now a fellow billionaire, formed Onexim Bank, which handled loans to the government and treasury obligations, then dealt with bankrupt state enterprises.

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  6. While impressive, the Russians' charitable largesse is modest compared with the mega-philanthropy of people like Warren Buffett and Bill and Melinda Gates, who launched the Giving Pledge in to convince the world's wealthiest individuals and families to commit more than half of their wealth to charitable causes.
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In the mid- to late s, during Russia's privatization process, Onexim supervised the auctions that gave it and other banks the right to lend to the government. When the government defaulted on the loans, the banks acquired the shares in conpanies.

He has one sibling, an elder sister, Irina. His maternal grandmother, Anna Belkina, was a Jewish [3] [4] microbiologist who remained in Moscow during World War II to make vaccines while her daughter Tamara was moved east to safety. His wife worked as an engineer for a research group at the institute specializing in plastics. They died within a year of each other, both from heart disease when they were in their late 50s.

In Onexim got control of mining giant Norilsk Nickel--the foundation of phenomenal wealth for both him and Potanin. Prokhorov, who is 6-foot-8, played basketball and enjoys other sports, including jet skiing.

Updated February 11, Published February 11, This article was published more than 10 years ago.

He joined with several partners, including rapper Jay-Z, in bidding for the Brooklyn Nets basketball team. Inthe NBA approved the sale to Prokhorov, making him the majority owner of the team with an percent stake. He also acquired a percent interest in the new Barclays Center sports and entertainment arena.

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He has also owned shares in U. In the partners sold all the shares in Facebook they owned, and they bought and then sold a stake in Apple for a substantial profit.

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He is famous for his real estates moves in the United States and elsewhere. And like many of his fellow Russian oligarchs, that's about all we know about him. He has covered everything from presidential elections to Hollywood, World Cup soccer to business.