More than 200 billion dollars for ten people. Who is getting rich in North-West Russia

While the authorities are looking for ways to plug budget holes and curb inflation, Russia's largest businessmen continue to increase their fortunes. “Chronicles.Media” once again talks about the richest entrepreneurs in Russia doing business in the North-West.

“Chronicles.Media”, based on the annual ranking of Russian billionaires compiled by Forbes magazine, for the third time, talks about the ten richest entrepreneurs associated with the North-West of Russia. The list has not changed over the year, only its participants have changed places. Their combined wealth grew from $183.8 billion to $207.8 billion over the year.

First place was taken by Alexey Mordashov (second place in Russia, included in the world top 200 ). The fortune grew from 28.6 billion dollars to 37 billion.

In 2024, it took fifth place in the Northwestern Federal District. In recent years, Mordashov’s fortune has been growing, and at the end of 2025, he became not only the richest businessman in the Northwestern Federal District and the richest native of the North-West of Russia (Mordashov was born in Cherepovets), but also topped the Russian ranking. And this is against the backdrop of the fact that at the end of 2025, Severstal, headed by Mordashov, reduced its net profit by almost five times.

The owner of Severstal was the first Russian to reach a fortune of 37 billion dollars - approximately 124 thousand dollars for each resident of his native Cherepovets, which brings the lion's share of income to the oligarch.

Earlier, Chronicles.Media wrote that because of control over political processes in the region, Mordashov quarreled with the Orthodox pagan, the governor of the Vologda region, Filimonov. But this year the conflict was left behind - the richest man in Russia and the governor communicated through the Telegram messenger blocked in Russia and discussed all controversial issues.

Second place goes to Vladimir Potanin (second place in Russia, included in the world top 200 ). Wealth increased from $24.2 billion to $29.7 billion.

In 2024, he took second place, but in 2025 he briefly moved to fourth. The entrepreneur owns the mining and metallurgical company Norilsk Nickel, one of the largest in the world.

In 2025, the veteran of loans-for-shares auctions had some joyful moments: for example, a series based on his script was released, but there were also sad ones - the London Court of Appeal allowed his ex-wife to demand half of Norilsk Nickel. So maybe in the next ranking the oligarch’s place will be taken by his ex-wife.

It is Norilsk Nickel that owns two large assets in the Murmansk region, united into the Kola Mining and Metallurgical Company : Severonickel in Monchegorsk and Pechenganikel in Zapolyarny.

Leonid Mikhelson took third place (fourth place in Russia, included in the world top 200 ). The fortune decreased from 28.4 billion dollars to 28.3 billion.

The entrepreneur is the chairman of the board of the largest gas production company Novatek, the second largest after Gazprom. Mikhelson’s partner in this business is Gennady Timchenko, who, according to the United States, is part of Vladimir Putin’s inner circle.

After the introduction of sanctions, Mikhelson’s largest project in the Northwestern Federal District, Murmansk LNG, stalled, and its implementation dates were postponed by at least two years.

Fourth place , as in 2024, went to Vladimir Lisin (sixth place in Russia, included in the world top 200 ). The fortune dropped from $26.5 billion to $25.5 billion.

Having successfully avoided sanctions from the US and the EU, the businessman still received another “black mark” - in 2025, sanctions from Australia were added to sanctions from Canada. Although Ukrainian drones are becoming a much bigger problem for a businessman. They are attacking not only its main asset, the Novolipetsk Metallurgical Plant in the Lipetsk Region, but also Lisin’s port assets in St. Petersburg.

In the Northwestern Federal District, Lisin's First Port Company owns JSC Sea Port of St. Petersburg , CJSC Container Terminal St. Petersburg and LLC Universal Transshipment Complex .

Fifth place goes to Gennady Timchenko (seventh place in Russia, included in the world top 200 ). Wealth increased from $23.2 billion to $24.2 billion.

As Mikhelson's partner at Novatek, Timchenko became rich trading Russian oil. Now the entrepreneur is also a shareholder of the petrochemical company Sibur . In 2021, Putin’s former son-in-law and son of his friend Nikolai Shamalov, Kirill, joined its board.

The businessman also controls the construction company Stroytransgaz. In addition, Timchenko holds part of the shares of the St. Petersburg Rossiya Bank. The European Union noted that this institution is the personal bank of high-ranking Russian officials.

The United States included Timchenko on the sanctions list in 2014 as a person from President Putin's inner circle.

Andrey Melnichenko took sixth place (eighth place in Russia, included in the world top 200 ). The fortune grew from 17.4 billion dollars to 20.4 billion.

The businessman often displays media activity unusual for sanctioned oligarchs - for example, he said that the Russian economy is in a full-fledged recession , and Ukrainian drones are destroying the chemical industry in Russia.

The entrepreneur controls the fertilizer production company Eurochem . It supplies goods all over the world. In the Northwestern Federal District, it owns such enterprises in the Leningrad region as EuroChem-North-West and Phosphorit, and in the Murmansk region - Kovdor Mining and Processing Plant.

Russia is one of the world's main suppliers of fertilizers. The European Union did not ban their import, explaining that it did not intend to deliberately cause a food crisis.

Seventh place goes to Vyacheslav Kantor (13th place in Russia). His fortune grew from $9.5 billion to $12 billion.

In our ranking, he swapped places with Andrei Guryev. For Kantor, 2025 was a very successful year - after all, EU sanctions were lifted from him. Perhaps this is due to the businessman moving to Israel.

The entrepreneur is the main shareholder of the mineral fertilizer manufacturer Acron Group of Companies. The main enterprise of the group is located in Veliky Novgorod. The company positions itself as the largest employer in the region. Also in the village of Koashva, Murmansk region, there is the North-West Phosphorus Company, also controlled by Kantor.

Despite the lifting of sanctions, Ukrainian drones do not leave its factories. After the UAV attacks, one of Kantor’s largest factoriesstopped working for three months , which led to a temporary ban on the export of Russian fertilizers

Eighth place was taken by Andrey Guryev (15th place in Russia). The fortune grew from 9.5 billion dollars to 10.8 billion.

As Chronicles.Media wrote above, he swapped places in the rankings with Vyacheslav Kantor. He once did business with disgraced entrepreneur Mikhail Khodorkovsky.

After the criminal prosecution of Khodorkovsky, Guryev gained control over one of his former enterprises - OJSC Apatit in Kirovsk, Murmansk region. The company has become the main asset of the Phosagro holding, which produces fertilizers. Also in Cherepovets, Vologda Region, Guryev owns JSC Apatit (with a branch in Volkhov, Leningrad Region), PhosAgro-Trans and JSC NIUIF im. Professor Ya. V. Samoilov."

Ninth place goes to Viktor Vekselberg (18th place in Russia). The fortune grew from 9.2 billion dollars to 10.2 billion.

In 2024, he was last in the ranking of the Chronicle.Media publication, and last year he rose to ninth place, where he remains to this day. Once upon a time, an entrepreneur started with oil and aluminum. Now his interests are broader: from energy to Internet providers. Vekselberg is a shareholder of the aluminum company Rusal. It owns, among other things, the Kandalaksha Aluminum Plant in Karelia.

Last year, Vekselberg publicly argued with Central Bank Chairman Elvira Nabiullina, demanding that banks be “dispossessed” in favor of the Industrial Development Fund. However, Elvira Sakhipzadovna is no stranger to this.

In last place is Iskandar Makhmudov (19th place in Russia). His fortune grew from $7.3 billion to $9.7 billion.

Founder of the Ural Mining and Metallurgical Company (UMMC) and Transmashinholding , which produces railway transport. Transmashholding also includes the Oktyabrsky Electric Car Repair Plant located in St. Petersburg.

The Sistema investigative project found that it was Makhmudov who became one of the main beneficiaries of the murder of Yevgeny Prigozhin - a company associated with him received contracts from the rebel “cook” to supply food for the Russian army.

Makhmudov also did business for many years with an influential employee of the Russian Presidential Embassy in the Northwestern Federal District, Lyubov Sovershaeva , The Bell wrote. German and Spanish investigators suspected that Makhmudov may be connected with the Izmailovo criminal community.

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The total wealth of Russia's richest people has reached a record $696.5 billion. More than 200 billion of this amount comes from ten entrepreneurs associated with the North-West.

At the same time, according to Rosstat, social inequality is also growing : the richest 10% of the population receive more than 30% of income, and the poorest receive 15 times less.

This gap continues to widen and is unlikely to narrow any time soon.

Ilya Krasnov