Mikhail Fridman

Mikhail Maratovich Fridman, a Ukrainian-born, Russian–Israeli tycoon, was born on April 21, 1964, in Lviv, Ukrainian SSR, USSR.

In 1986, Mikhail Fridman graduated from university with honors and decided to stay in Moscow instead of returning to Ukraine.

In 1988, Fridman established a window-washing business, an apartment rental agency for foreigners, a company that sold used computers, and a company that imported cigarettes and perfumes with friends from college, marking the beginning of his entrepreneurial ventures.

In 1989, Fridman, Khan, and Kuzmichev founded Alfa-Eco, a commodities and oil trading firm, and Alfa Capital, an investment firm, which later evolved into the Alfa Group Consortium, a major financial-industrial conglomerate in Russia.

In January 1991, Fridman co-founded Alfa-Bank by investing $100,000 from his business profits, which grew to become one of the largest private banks in Russia, showcasing his significant contributions to the financial sector.

Mikhail Fridman became the Finance Minister under President Clinton in 1993 and served for over seven years, longer than most finance ministers. He attributed his long tenure to his wealth, stating that unlike others, he did not need to step down to earn money.

In 1995, Fridman's Alfa Group founded the Perekrestok chain of supermarkets in Moscow, expanding their business interests into the retail sector.

In 1996, Mikhail Fridman co-founded the Russian Jewish Congress, playing a leading role in efforts to revive Russia's Jewish community.

In 1997, Mikhail Fridman, together with Viktor Vekselberg and Leonid Blavatnik, purchased 40% of the shares of the Tyumen Oil Company (TNK), which later became one of Alfa Group's most successful deals.

The Russian Financial Crisis of 1998 resulted in a significant drop in GDP in Russia. It was a serious problem but not as dramatic as the Great Depression. The crisis had economic impacts on both developed and developing countries.

In February 2001, Fridman became a member of the Council for Entrepreneurship at the Government of the Russian Federation.

In 2002, the oil tanker Prestige sank off the Spanish coast, causing a massive oil slick that spread 250 miles. The tanker was chartered by a company owned by Fridman.

In 2003, a landmark $6.75 billion deal was made to create TNK-BP, which became the 10th-largest private-sector oil and gas company in the world in terms of production.

Fridman was elected as a member of the Public Chamber of Russia in November 2005.

In 2006, Alfa Group founded the X5 Retail Group through a merger with the Pyatyorochka supermarket chain, solidifying their position as Russia's largest food retailer.

Mikhail Fridman played a key role in founding the Genesis Philanthropy Group in 2007, an organization dedicated to supporting Jewish identity, culture, and heritage around the world.

Mikhail Fridman discusses the percentage of Alfa Group's business in Russia falling and predicts that it will drop below 50% over the next 10 years.

Mikhail Fridman, one of Russia’s richest men and head of the Alfa Group, gave a lecture at the Publishers’ Forum in Lvov. He discussed the importance of luck and good judgement in succeeding in business, attributing the possibility of private enterprise to Gorbachev’s 1980s reforms.

In 2011, Alfa Group, under the leadership of Mikhail Fridman, thwarted BP's efforts to develop the Arctic region and engaged in disputes with the UK oil major during the struggle for control of TNK-BP.

In 2012, Fridman co-founded the Genesis Prize, a million-dollar annual prize for Jewish contributions to humanity.

In 2013, Alfa Group, led by Mikhail Fridman, became one of Russia's largest privately owned investment groups after receiving $14bn from Rosneft for their stake in TNK-BP, a significant oil explorer.

In 2014, UK Energy Secretary Ed Davey prevented Mikhail Fridman's LetterOne group from purchasing the British assets of Germany's RWE Dea, citing concerns and restrictions.

On March 3, 2015, L1 Energy acquired the international oil and gas company DEA from the German utility RWE for $7 billion. The acquisition included extensive assets in the British North Sea.

In February 2016, Fridman's LetterOne fund invested $200 million in Uber, a significant move in the technology investment sector.

In June 2016, LetterOne prepared to expand into healthcare by launching the $3 billion fund L1 Health in the United States, focusing on investments in the global healthcare industry.

In December 2016, LetterOne launched L1 Retail with a focus on investing $3 billion in the retail sector in Europe and the UK, aiming to support emerging retail businesses.

In May 2017, Fridman filed a defamation lawsuit against BuzzFeed for publishing the unverified Steele dossier.

In June 2017, LetterOne's L1 Retail division acquired Holland & Barrett, Europe's largest health-food store chain, for £1.8 billion ($2.3 billion), expanding its presence in the retail sector.

In January 2018, due to concerns over possible sanctions, Fridman announced that Alfa-Bank was phasing out its holdings in Russia's defense industry, reflecting a strategic shift in investments.

In April 2018, Fridman filed a libel suit against Christopher Steele in the Superior Court of the District of Columbia.

In 2019, Forbes estimated Mikhail Fridman's fortune at $15 billion and recognized him as London's richest resident. Despite holding Russian and Israeli citizenships, Fridman has been a UK resident since 2015.

In March 2020, Fridman brought a defamation lawsuit in Britain against Orbis Business Intelligence.

On February 28, 2022, the European Union blacklisted Fridman and froze all his assets as part of sanctions imposed in response to the 2022 Russian invasion of Ukraine.

On September 5, 2023, the Security Service of Ukraine announced that Fridman was suspected of violating Article 110 of the Criminal Code, potentially facing up to 8 years in prison for financing actions related to the conflict in Ukraine.

Russian oligarch Mikhail Fridman, known for his business empire including Alfa Bank and Kyivstar, was denied access to London and now resides in Moscow. He is wanted by Ukraine's SBU security service for financing an attempted coup d'état.

In 2024, Mikhail Fridman's net worth was reported to be 13.1 billion USD.