The Untold Story of Oleg Deripaska | His Early Life, Business Empire, Controversies, and 6 Facts

Oleg Deripaska is a name that is often associated with wealth, business, and controversy. As one of Russia’s most prominent oligarchs, his rise to fortune has been marked by both immense success and significant challenges. From humble beginnings to becoming a key player in Russia’s industrial landscape, Deripaska’s journey has been a fascinating one.

This article dives deep into his life, exploring his early years, businesses, wealth, controversies, and family. If you’re curious about how Oleg Deripaska built his empire, his net worth, or his influence in the world of business, you’re in the right place.

Who is Oleg Deripaska?

Oleg Deripaska is a Russian oligarch and businessman, best known for his involvement in the industrial sector. He is the founder and majority shareholder of Basic Element, a vast Russian industrial group with interests in metals, energy, and other sectors.

Deripaska became one of Russia’s wealthiest men, acquiring a vast fortune during the rise of the Russian oligarchs in the 1990s. He is also a key figure in the world of Russian politics, having had close ties to influential political figures.

Born on January 2, 1968, in the Soviet Union, Oleg Deripaska rose to prominence after the collapse of the USSR and the privatization of state-owned assets. His involvement in heavy industries, particularly in the aluminum sector, played a central role in his ascent to wealth and power.

What is Oleg Deripaska’s Net Worth?

As of 2024, Oleg Deripaska’s net worth is estimated to be around $2,7 billion. This figure fluctuates based on the performance of his various businesses and investments, many of which are tied to the volatile Russian economy and global markets.

Deripaska’s wealth is largely derived from his interests in the metals and energy industries, specifically his ownership of Rusal, one of the world’s largest aluminum producers.

Though his fortune has been affected by international sanctions, which were imposed by the U.S. and European Union, his wealth still ranks him among the richest men in Russia and the world.

Despite the challenges, Deripaska continues to hold significant assets across multiple sectors, maintaining his position as a powerful figure in the global business community.

How Did Oleg Deripaska Build His Fortune?

Early Life and Education

Oleg Deripaska was born in Dzerzhinsk, a city in the Soviet Union. His father, Viktor Deripaska, was an engineer, and his mother, Valentina Deripaska, was a teacher. Growing up in a modest family, Oleg’s early life was far from glamorous.

After completing high school, he went on to study at the Moscow State Institute of International Relations (MGIMO), a prestigious university known for educating many of Russia’s future political and business elite.

He graduated with a degree in international relations, which would later serve as a foundation for his business dealings and connections in the global arena.

Entering the Business World

Deripaska’s path to riches began in the 1990s, when Russia underwent a massive transformation following the collapse of the Soviet Union.

During this time, many state-owned companies were privatized, and a small group of businessmen, known as the oligarchs, took control of these newly privatized industries.

Deripaska was no exception. His initial foray into business was in the field of aluminum, which would become the cornerstone of his empire.

In 1993, he joined the Russian Aluminum Group, which would eventually become Rusal. By the late 1990s, he had taken control of the company, positioning it as one of the largest aluminum producers in the world.

His company became a key player in the Russian economy, benefiting from favorable political connections and a rising demand for aluminum in global markets.

Expanding into Other Sectors

Though aluminum was the foundation of his fortune, Deripaska was quick to diversify his holdings. Through Basic Element, a diversified conglomerate he founded, he expanded into several other industries. Basic Element includes holdings in construction, energy, telecommunications, and aviation, among others.

One of the most significant acquisitions was his purchase of a controlling stake in GAZ Group, a Russian automobile manufacturer. This move marked his entry into the automotive industry, further broadening his influence and wealth.

In addition to his industrial ventures, Deripaska has been involved in various financial investments, including real estate and private equity. Over time, his business interests have spread globally, particularly in Eastern Europe, Asia, and Africa.

What Businesses Does Oleg Deripaska Own?

Oleg Deripaska’s business empire is vast and spans multiple industries. Below are some of the key companies and assets under his control:

Rusal: The Aluminum Giant

The centerpiece of Deripaska’s fortune is Rusal, the world’s largest aluminum producer outside China. The company produces aluminum and alumina, and it operates plants in several countries.

Rusal is a critical player in the global aluminum market, with a large share of both production and supply. Under Deripaska’s leadership, Rusal became a major force in the aluminum industry, although it has faced challenges due to global market fluctuations and political sanctions.

Basic Element: The Conglomerate

Basic Element is the parent company of Deripaska’s vast holdings. It encompasses numerous industries, including energy, construction, transportation, and engineering.

Through Basic Element, Deripaska has invested in everything from hydropower plants to aviation companies, with stakes in businesses such as En+ Group, a global energy company, and Russian Helicopters, a leading manufacturer of rotary-wing aircraft.

GAZ Group: The Russian Automotive Manufacturer

One of the most notable non-aluminum ventures for Deripaska is his stake in GAZ Group, a leading Russian automobile and commercial vehicle manufacturer.

GAZ produces a wide range of vehicles, including passenger cars, buses, trucks, and military vehicles. Under Deripaska’s ownership, the company has expanded its reach both within Russia and internationally.

Other Investments

In addition to the core industries mentioned above, Deripaska has investments in real estate, banking, telecommunications, and mining.

His interests are spread across both Russia and other parts of the world, including Africa and Eastern Europe. Despite facing challenges from international sanctions and other factors, Deripaska has maintained control over these diversified business interests.

What Is Oleg Deripaska’s Family Like?

Oleg Deripaska has been married twice. His first marriage was to Polina Yumasheva, the daughter of a former Russian government official. They had two children together, but their marriage ended in divorce in 2001.

After the divorce, Deripaska remarried, this time to Tatiana Deripaska, a former model and businesswoman. The couple has one child together.

Deripaska’s personal life, much like his business career, has been the subject of media attention. He has largely kept his family life private, though his relationships and family background have often been discussed in the media due to his high-profile status as a businessman and oligarch.

What Are the Controversies Surrounding Oleg Deripaska?

Oleg Deripaska’s rise to power has not been without its controversies. As one of Russia’s wealthiest men, he has faced criticism for his connections to the Russian government and its political figures.

Many have accused him of using his political ties to secure favorable business deals, particularly during the privatization period of the 1990s. These political connections, including ties to Vladimir Putin, have raised questions about the fairness of his business practices.

Sanctions and Legal Issues

In recent years, Oleg Deripaska has faced international sanctions imposed by the U.S. and the European Union. These sanctions were a response to Russia’s political actions, including its involvement in the conflict in Ukraine.

Deripaska was included on the U.S. Treasury Department’s list of sanctioned individuals, which restricted his access to U.S. markets and financial systems.

Additionally, Deripaska has faced legal issues related to his businesses, including accusations of corruption, money laundering, and environmental violations. However, despite these challenges, he has maintained a significant influence in both Russia and international business circles.

Facts About Oleg Deripaska Most People Don’t Know

Here are some lesser-known facts about Oleg Deripaska that may surprise you:

• Close Ties to Russian Politics: Deripaska has been a close ally of Russian President Vladimir Putin. The two are said to have a personal relationship, with Deripaska being one of the prominent oligarchs who have supported Putin’s government.
• Influence in Global Aluminum Production: Deripaska’s company, Rusal, controls a significant portion of the world’s aluminum production, making him a key figure in the global supply chain.
• Sanctions Affected His Wealth: Due to U.S. sanctions, Deripaska’s wealth took a hit, as his companies were barred from doing business in Western countries. However, he has still managed to maintain a considerable fortune.
• Philanthropy: Despite his controversial reputation, Deripaska has been involved in several charitable efforts, particularly in the fields of education and healthcare in Russia.
• Business in Africa: Deripaska has invested in various projects in Africa, including mining operations, which are part of his strategy to diversify his business portfolio.
• High-Profile Relationships: Deripaska’s personal life has attracted media attention, particularly his marriage to Polina Yumasheva, the daughter of a high-ranking Russian official.

Oleg Deripaska is a complex figure with a fascinating rise to wealth and power. From his beginnings in the Soviet Union to becoming one of the wealthiest men in Russia, his journey has been marked by both impressive business achievements and significant controversies.

Whether you admire his business acumen or question the ethics of his rise to power, one thing is certain: Oleg Deripaska has left an indelible mark on both the Russian and global business landscapes.

Despite the challenges he has faced, including sanctions and legal issues, Deripaska remains a powerful and influential figure in the world of international business. As he continues to navigate the ever-changing landscape of politics and business, his story serves as a testament to the unpredictable world of the modern oligarch.