Who is Mikhail Prokhorov?
Background and Early Life:
Mikhail Prokhorov was born on May 3, 1965, in Moscow, Russia. His father, Dmitry Prokhorov, worked as a senior official in the Soviet sports industry, and his mother, Tamara Prokhorova, was a scientist specializing in polymers. His upbringing was rooted in academia and elite Soviet circles.
Education and Career Beginnings:
Prokhorov graduated from the Moscow Finance Institute in 1989, where he majored in international economic relations. His early career began at the International Bank for Economic Cooperation, where he gained experience in banking and international finance. In the early 1990s, after the Soviet Union collapsed, he co-founded Onexim Bank, which grew into one of Russia’s largest private financial institutions.
Rise to Prominence in Business and Politics:
Prokhorov’s rise began when Onexim Bank acquired Norilsk Nickel, Russia’s largest nickel and palladium producer, in 1995. By restructuring the company, he transformed it into a global leader in metals. His fortune skyrocketed as global nickel prices surged. In 2012, he ran for President of Russia, securing 7.94% of the vote, the highest result for a non-Kremlin-backed candidate.
Mikhail Prokhorov’s Estimated Net Worth
Current Estimated Net Worth:
As of 2025, Mikhail Prokhorov’s net worth stands at $14.5 billion. His wealth is largely derived from metals, banking, and sports investments.
Comparison to Previous Years:
- 2012: $13.2 billion
- 2015: $9.3 billion (decline due to economic sanctions)
- 2019: $11.4 billion (growth after selling Brooklyn Nets)
- 2025: $14.5 billion (rebounding due to new investments in tech and energy)
Factors Affecting Fluctuations:
His wealth fluctuates based on:
- Commodity prices: Nickel and gold prices heavily impact his fortune.
- Business deals: Profitable exits from assets like the Brooklyn Nets.
- Sanctions and political risks: Western sanctions affected Russian oligarchs, including Prokhorov.
Sources of Wealth
Metals and Mining Industry:
Prokhorov made his fortune by acquiring Norilsk Nickel in the 1990s. The company remains the world’s largest nickel and palladium producer. He later sold his stake for $7.5 billion in 2007.
Banking and Financial Ventures:
As co-founder of Onexim Bank, he played a key role in financing Russia’s privatization in the 1990s. The bank later evolved into Onexim Group, an investment fund with holdings in energy, real estate, and media.
Sports Investments:
In 2010, he became the first non-American owner of an NBA team after purchasing an 80% stake in the Brooklyn Nets for $200 million. By 2019, he sold the team and Barclays Center for $2.35 billion, securing one of the most profitable sports transactions in history.
Technology and Other Business Ventures:
Prokhorov has invested in artificial intelligence, blockchain, and renewable energy. His firm Onexim Group funds several tech startups, particularly in energy storage and electric vehicles.
Real Estate Holdings:
Prokhorov owns luxury properties in Russia, Europe, and the U.S.
- Moscow: Multi-million-dollar mansion in Rublyovka.
- France: Villa on the French Riviera (purchased for $120 million).
- New York: High-end penthouse in Manhattan valued at $75 million.
Major Business Transactions and Wealth Growth
Key Acquisitions and Sales:
- 1995: Acquired Norilsk Nickel during privatization.
- 2007: Sold Norilsk Nickel stake for $7.5 billion.
- 2010: Purchased Brooklyn Nets for $200 million.
- 2019: Sold Brooklyn Nets for $2.35 billion.
Significant Exits and Profit Margins:
Selling Norilsk Nickel and Brooklyn Nets yielded multi-billion-dollar profits, fueling new investments in tech and finance.
Impact of Economic and Political Factors:
- 2014 sanctions: Western restrictions limited his international financial movements.
- 2020 pandemic: Economic downturn briefly reduced his holdings.
- 2023 tech boom: Renewed investments in AI and renewable energy boosted his assets.
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Comparison to Other Billionaires
Net Worth Comparison with Russian Billionaires:
| Name | Net Worth (USD) | Primary Industry/Company |
|---|---|---|
| Andrey Melnichenko | $25.2 billion | Fertilizers (EuroChem Group) |
| Vladimir Potanin | $23.7 billion | Metals and Mining (Norilsk Nickel) |
| Vladimir Lisin | $22.1 billion | Steel and Mining (NLMK Group) |
| Leonid Mikhelson | $21.6 billion | Energy (Novatek) |
| Alexey Mordashov | $20.9 billion | Steel and Mining (Severstal) |
| Vagit Alekperov | $20.5 billion | Oil (Lukoil) |
| Gennady Timchenko | $18.5 billion | Oil and Gas (Gunvor) |
| Alisher Usmanov | $14.4 billion | Diversified Investments (Metalloinvest, MegaFon) |
| Mikhail Fridman | $12.6 billion | Banking and Investments (Alfa Group) |
| Viatcheslav Moshe Kantor | $11.3 billion | Fertilizers and Real Estate |
| Mikhail Prokhorov | $14.5 billion | Investments (former owner of Brooklyn Nets, stakes in Russian insurance and banking sectors) |
Financial Standing Against Global Business Tycoons:
While he is among Russia’s richest, he does not match Jeff Bezos ($250) or Elon Musk ($390B).
Industry-Specific Wealth Ranking:
He ranks in the top 5 Russian billionaires in mining and finance.
Philanthropy and Public Influence
Charitable Contributions and Foundations:
He funds education, sports, and medical research, contributing over $300 million to charity.
Political Ventures and Presidential Candidacy:
Ran for President of Russia in 2012, finishing third with 7.94% of the vote.
Influence on Russian and Global Markets:
His investments in mining and energy affect global commodity prices.
Lifestyle and Assets
Luxury Properties and Private Estates:
Owns multi-million-dollar estates in Moscow, New York, and France.
Yachts, Private Jets, and High-End Possessions:
Owns a $150 million yacht and private Gulfstream jet.
Publicly Known Expenditures and Hobbies:
Enjoys extreme sports, skiing, and luxury travel.
Financial Challenges and Controversies
Legal Battles and Disputes:
Faced disputes over Norilsk Nickel’s corporate control.
Economic Sanctions and Political Challenges:
Western sanctions limit his ability to expand internationally.
Business Setbacks and Risk Factors:
Global downturns and Russian economic instability pose risks.
Future Projections for His Net Worth
Potential Business Moves and Investments:
Likely to invest in tech, renewable energy, and digital finance.
Economic Trends That May Impact His Fortune:
- Nickel and gold price trends
- AI and renewable energy market growth
Speculations from Financial Analysts:
Analysts expect steady wealth growth from diversified investments.
FAQs
1. What is Mikhail Prokhorov’s current net worth?
- As of 2025, his net worth is estimated at $14.5 billion, with major assets in metals, banking, sports, and technology.
2. How did Mikhail Prokhorov make his fortune?
- He made his fortune through strategic investments in Norilsk Nickel, Onexim Bank, Brooklyn Nets, and tech startups.
3. Did Prokhorov lose money after selling the Brooklyn Nets?
- No, he made a significant profit, purchasing the team for $200 million in 2010 and selling it for $2.35 billion in 2019.
4. Is he one of the richest people in Russia?
- Yes, he is ranked among the top 10 richest people in Russia, alongside Vladimir Potanin and Alisher Usmanov.
5. What businesses does Mikhail Prokhorov currently own?
- He owns Onexim Group, which invests in energy, real estate, technology, and media.
Conclusion
Mikhail Prokhorov built his fortune through metals, banking, and sports. He remains a key figure in global finance and continues to expand into tech and energy markets.
