The Incredible Journey Of Roman Abramovich: From Orphan To Billionaire Oligarch

Author Dalboyy 15 Nov 2024

Russian oligarch Roman Abramovich is wildly wealthy, successful, and some would even say handsome. At first glance, it would be easy to assume that life clearly dealt him a winning lottery ticket. However, he wasn't always so well off. In fact, by the time he was four years old, he was an orphan. His mother died when he was just 18 months old, and his father was killed in an accident two years later. Raised by his paternal uncle and maternal grandparents, there was no way he could have ever imagined that someday he would grow up to be one of the richest men in the world. A man who owns the Chelsea Football Club, a $300 million house, and an $800 million yacht. He also married a gorgeous and much younger former model, but then again, that ended in 2018. Nonetheless, this is how Roman Abramovich went from rags to the ultimate billionaire playboy tycoon.

Early Life and Challenges

Roman Abramovich was born on October 24, 1966, in Saratov, Russia. His early life was filled with hardship, as he faced the loss of both parents at a young age. Despite these challenges, he showed signs of resilience and determination. He attended the Industrial Institute in Ukhta but dropped out before completing his degree, showcasing a common theme in his early years of seeking opportunities outside the traditional educational path.

After his brief educational pursuits, Abramovich served in the Soviet Army. During this time, he began to display his entrepreneurial spirit by selling stolen gasoline to officers, a move that hinted at his future business acumen. Following his military service, he secured a job as a commodities trader for a Swiss trading company named Runicom, marking the beginning of his journey into the world of business.

Transition into Business

Just before the Soviet Union's decline, Abramovich took a significant risk by using $2000 of his life savings to start smuggling black market goods into Russia. This venture quickly expanded, and he found himself trading a diverse range of products, from plastic toys to automobile parts. One notable story from this period is how he even sold imported rubber duckies from his apartment in Moscow during the height of perestroika!

In 1988, the political climate in Russia changed under Mikhail Gorbachev, allowing Abramovich to legitimize his smuggling operations. With the profits he made, he established a company that manufactured dolls, toys, and furniture. Throughout the early 1990s, he set up and liquidated at least 20 companies across various sectors, demonstrating his versatility and adaptability in the rapidly changing Russian economy.

Major Breakthroughs and Business Ventures

In 1992, Abramovich faced legal troubles when he was arrested for stealing government property. He had intercepted a train carrying diesel fuel valued at 3.8 million rubles. However, the case was dropped after the oil refinery received compensation for its losses. This incident was a minor setback in a life filled with audacious moves.

The turning point in Abramovich's career came in the mid-90s when he befriended Boris Berezovsky, a powerful businessman. This connection opened doors for him into the inner circle of President Boris Yeltsin. Together, they acquired a controlling interest in Sibneft, Russia's fifth-largest oil company, each contributing $100 million for a stake that was below its market value. The duo's efforts led to a significant increase in oil production and profits, marking Abramovich's ascent in the business world.

Wealth Accumulation and Investments

As a result of his strategic investments and partnerships, Abramovich acquired substantial stakes in several major companies, including a full 70% of Sibneft and significant shares in Rusal and Aeroflot. His ruthless business tactics paid off when Sibneft was sold to a rival firm, reportedly netting him $10 billion in cash. Today, much of Abramovich's wealth remains in liquid assets, showcasing his savvy financial management.

In addition to his business ventures, Abramovich has made a name for himself in politics. He served as the governor of Chukotka from 2000 to 2008, where he invested over $250 million of his own money to improve living standards in the region. His tenure resulted in restored schools and housing, attracting new businesses and investments.

Passion for Football and Personal Life

Abramovich's passion for football led him to purchase the Chelsea Football Club in June 2003 for $105 million. His goal was to elevate Chelsea to a globally recognized brand, similar to Manchester United and Real Madrid. Over the past decade, he has invested $800 million in upgrading Chelsea, attending nearly every game and showing a genuine love for the sport.

His personal life has been marked by three marriages, with his most notable being to Irina Malandina, a stewardess with whom he has five children. After their divorce, he married Dasha Zhukova, a billionaire heiress, with whom he shares two children. However, their marriage also ended, highlighting the challenges he faced in balancing a high-profile career and personal relationships.

Philanthropy and Legacy

Despite his wealth and the perception of being a playboy, Abramovich has made significant contributions to charitable causes. He has donated more money than any other living Russian, totaling over $2.5 billion. His philanthropy has helped build schools and infrastructure, making a lasting impact on communities that otherwise would not have seen such improvements.

Today, Roman Abramovich is the eleventh richest person in Russia, with a personal net worth of $18 billion. When he’s not supporting Chelsea or enjoying his luxurious lifestyle, he is often found traveling the world on his customized Boeing 767 private jet, visiting his various properties, including a $300 million mansion and $800 million yacht.

Not bad for an orphan who once sold contraband rubber duckies from his apartment!

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