Oleg Tinkov, one of the richest men in Russia, is no longer a billionaire. War isn’t good for anybody and certainly not for Tinkov, who has suffered a massive tumbling. From enjoying a billionaire status with a net worth of $4.7 billion, the founder of Tinkoff Bank is today worth only $820 million (Even Kim Kardashian is richer). Russia’s assault on Ukraine also assaulted Tinkoff’s share value which slumped more than a whopping 90%.
It’s sad to see hardworking, self-made men and women suffer no matter which side of the border they thrive. Oleg Tinkov went from selling beer and dumplings to making a mark with his own digital bank Tinkoff on the London Stock Exchange.
Oleg Tinkoff is joined by the likes of other billionaires like Arkady Volozh, CEO and founder of Russian search engine Yandex. His rags to riches story were inspirational, but unfortunately, his fortune has plummeted by more than $5 billion in less than a month, taking away with it his hard-earned billionaire status.
The ruble is at a record low against the dollar, as an after-effect of the attack on Ukraine, sanctions, and owing to Russia’s growing isolation by the West.
Shares of Lukoil, Russia’s largest independent oil producer founded by billionaire Vagit Alekperov, have also plunged almost 93%. The Russian businessman and former billionaire had been diagnosed with acute leukemia in 2019. The wealthy Tinkov family set up a charitable foundation for blood cancer research. Tinkov took to Instagram to share a post regarding the foundation and the wrath unfolding on Ukraine. He wrote, ‘Friends We at the Tinkov Family Foundation @tinkovfund save the lives of people with blood cancers. We buy equipment, train nurses and help build transplant centers. I myself, twice almost being on the other side of life, over the past 2 years, I was convinced how fragile life is! And she is our only one! Now, in Ukraine, innocent people are dying every day, this is unthinkable and unacceptable! States should spend money on treating people, on research to defeat cancer, and not on war. We are against this war.’
Despite his drastically shrunk fortunes, all is not lost as the former billionaire still owns the La Dacha collection, luxury villas in Baja California, ski chalets in the French Alps, and a Dassault Falcon 7X. However, taking out his private jet on a trip would not be possible as all Russian aircraft are now banned from British and European airspace.
