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Mikhail Prokhorov Net Worth - Billionaire Russian Oligarch

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As of April 2023, Mikhail Prokhorov net worth is in billions, and owns the American basketball team the New Jersey Nets, In 2011, Mikhail Prokhorov had $18 billion and was the 39th richest person in the world.

He was the third richest person in Russia. He is thought to be one of the most interesting business moguls in New York. His net worth has gone down while he was busy running against Vladimir Putin.

Quick Facts About Mikhail Prokhorov

NameMikhail Prokhorov
BirthdayMay 3, 1965
ProfessionPolitician
Net worth$13.5 billion

Who Is Mikhail Prokhorov?

COPYRIGHT_PNW: Published on https://purenetworth.com/mikhail-prokhorov-net-worth/ by - on 2023-01-16T06:00:36.931Z

Mikhai Prokhorov wearing a black suit while talking
Mikhai Prokhorov wearing a black suit while talking

Mikhail Prokhorov is a Russian politician and a person with a lot of money. Mikhail Prokhorov was born in the Soviet Union in 1965, in the city of Moscow. His lawyer father, Dmitri, ran international relations for the Soviet Committee of Physical Culture and Sport.

His materials engineer mother, Tamara, worked at the Institute for Chemical Machine-Building. He was born into a Jewish family and has an older sister named Irina. Prokhorov went to school at the Moscow Finance Institute and got his degree there in 1989.

After that, he worked at the International Bank for Economic Cooperation as a manager until 1992. After that, he ran the MFK Bank and the United Export-Import Bank as the head of their management boards. At the last one, Prokhorov worked with Vladimir Potanin, a business partner who he met through a college friend.

At age 27, Prokhorov and Potanin started working together to run the holding company Interros. In 1995, they bought Norilsk Nickel through this company. Norilsk Nickel is one of Russia's largest nickel and palladium producers.

During this time, the country had a lot of deregulation and privatization of industries that had been owned by the government.

This made it possible for Prokhorov and Potanin to buy workers' shares for a fraction of what they were worth on the market and take over Norilsk. When Prokhorov left the company in 2007, his share was worth $7.5 billion.

Mikhail Prokhorov Career

'How To Be A Russian Oligarch' With Billionaire Mikhail Prokhorov

After a famous Christmas party in the French Alpine town of Courcheval, Prokhorov became famous. The French police held him for four days. He wasn't charged with anything, but Mikhail had to sell his share of Norilsk because of the scandal.

Later, Prokhorov made an offer to buy Villa Leopolda, a 20-acre estate built by Belgian King Leopold II on the French Riviera. After putting down a deposit of $55 million toward the $750 million sale price, he changed his mind and walked away. According to French law, he would have to lose his whole deposit.

In 2010, Prokhorov got the OK to buy the NBA team New Jersey Nets. He soon changed the team's name to the Brooklyn Nets and moved them to a brand-new stadium. He paid $223 million and agreed to take on $160 million in debt to buy 80% of the team and 45% of the arena.

Bruce Ratner, a real estate developer, was also on the team at the time of the deal. Jay-Z also used to own a very small share of the team. In 2019, Prokhorov made a deal to sell for $3.5 billion what was then a nearly 100% share of both the stadium and the team.

Mikhail Prokhorov Net Worth

Mikhail Prokhorov is a well-known Russian businessman and politician who used to own the Brooklyn Nets. At the time this article was written, Mikhail Prokhorov was worth $13.5 billion. Mikhail Prokhorov made his money in a way that was new for Russia.

He "bought" Norilsk Nickel from the government and turned it into a huge global energy company. Prokhorov used to be the head of Polyus Gold, which makes more gold than any other company in Russia.

Before he became one of the most successful businessmen in the country, worked in the financial sector. Prokhorov ran for president of Russia as an independent candidate in 2012. Later that same year, he started a new national political party called Civic Platform.

ONEXIM Group Of Mikhail Prokhorov

After leaving his job as CEO of Norilsk in 2007 and leaving Interros, Prokhorov started the private investment fund ONEXIM Group. At the time, the assets of the company were worth $17 billion.

In 2008, Prokhorov gave United Company RUSAL his share of Norilsk in exchange for RUSAL stock and about $5 billion in cash. Only three months later, there was a huge crash in the stock market that cut the value of most Russian companies in half.

Prokhorov was one of the few businesspeople who had cashed out before the crash. The value of his shares in other companies, however, did go down. ONEXIM invests in many cutting-edge technology projects and works on developing nanotechnology, among other things.

In 2007, the Russian Prime Minister announced that the Government Council for Nanotechnology would be made up of 15 people. Prokhorov was one of those 15 people.

At the end of 2008, ONEXIM Group bought 50% of a well-known Russian investment bank called Renaissance Capital. It also bought Optogan.

New Jersey Nets Investment

Mikhail Prokhorov Shops The Brooklyn Nets | Forbes

In May 2010, Mikhail Prokhorov was given permission to buy the NBA team New Jersey Nets. Soon after, he changed the team's name to the Brooklyn Nets and moved it to a brand-new stadium. He paid $223 million and agreed to take on $160 million in debt to buy 80% of the team and 45% of the arena.

At the time of the deal, he was on the team with Bruce Ratner, who was in the real estate business. Jay-Z, an entrepreneur, and hip-hop artist, also used to own a very small share of the team.

In August 2019, Mikhail made a deal to sell the stadium and the team, in which he had nearly 100% ownership, for $3.5 billion.

Mikhail Prokhorov Further Business Successes

Prokhorov's first big success in the financial world was with MFK bank, a place where the Russian government kept its money. He was the bank's Chairman of the Board from 1992 to 1993.

After that, Potanin, who ran Onexim bank, made him the head of the board. Later, Onexim bought the oil company Sidanko, the shipping company Novorossiisk, and a big part of the Northwest shipping company.

Prokhorov was put on the Board of Directors of Norilsk Nickel in 1996. After selling most of Norilsk's non-mining assets, Prokhorov worked to update a complicated mining operation that moved metal across the frozen Arctic using icebreakers.

His solution was to buy a freighter from Finland that was innovative and didn't need icebreakers. Later, Prokhorov turned Norilsk's interests in gold mining into the company Polyus Gold, which is estimated to be worth $8.5 billion.

With 64.4 million ounces of proven and probable reserves, Polyus has the third-largest gold reserves in the world.

Other Interests And Investments In Business

Prokhorov has businesses in a lot of different areas. These include utilities, media, and real estate development, in addition to mining and metallurgy. He has shares in companies like IFC-Bank, the Soglassye insurance company, Quadra, and Open Investments.

Prokhorov also has many investments around the world, including two private hospitals in Israel. In the past, he has given money to the CSKA Moscow basketball, football, and hockey teams. In 2004, he started the Cultural Initiatives Foundation, a charity run by his sister.

In 2009, Prokhorov bought the NBA team the New Jersey Nets, which later changed its name to the Brooklyn Nets. This made him the first person outside of North America to own an NBA team. He also bought a 45% stake in the arena at the Barclays Center.

Later, in 2017, Prokhorov sold Joseph Tsai 49% of the Nets. Two years later, he sold him the other 51%. Prokhorov is one of the biggest investors in the virtual reality company Sensorium Corp., which is not the only business he runs.

Real Estate Properties Of Mikhail Prokhorov

At one point, Prokhorov made an offer to buy Villa Leopolda from heiress Lily Safra. Villa Leopolda is a 20-acre estate on the French Riviera that was built by King Leopold II of Belgium.

After putting down a deposit of $55 million toward the $750 million sale price, he changed his mind and walked away. According to French law, he would have to lose his whole deposit. So, yes, he did lose the $55 million.

Interesting Facts About Mikhail Prokhorov

  • In 2018, Mikhail Prokhorov sold Alibaba executive Joseph Tsai 49% of the Brooklyn Nets for $2.3 billion.
  • A big part of Prokhorov's wealth comes from the sale of his stake in Norilsk Nickel in 2008.
  • He has investments in the Russian insurance, banking, and power industries.
  • In 2012, he ran for president against Vladimir Putin and got 8% of the vote.
  • He sold his last group of shares in UC Rusal a month before the US Treasury put sanctions on the company.

People Also Ask

Who Are The Main Russian Oligarchs?

Roman Abramovich, Alexander Abramov, Oleg Deripaska, Mikhail Prokhorov, Alisher Usmanov, German Khan, Viktor Vekselberg, Leonid Mikhelson, Vagit Alekperov, Mikhail Fridman, Dmitry Rybolovlev, Vladimir Potanin, Pyotr Aven, and Vitaly Malkin are all well-known oligarchs from the Putin era.

How Did Mikhail Prokhorov Make His Money?

Prokhorov made his fortune, which is thought to be $13.5 billion, as a top businessman in Russia's precious metals industry. He used to own Norilsk Nickel and is now the president of Onexim Group and chairman of Polyus Gold, which is Russia's largest gold producer.

What Happened To Russian Owner Of Nets?

ESPN that Prokhorov had agreed to sell the 49 percent to Joseph Tsai, who helped start Alibaba and is now its executive vice chairman. The value of the stake was $1.2 billion. Tsai bought the other 51% of the Nets from Prokhorov.

Conclusion

Mikhail Prokhorov is a Russian businessman who currently owns the NBA team Brooklyn Nets. He made money in a way that was new for Russians. Since he sold his share in 2017, he has flown around the world in private jets to invest and taken expensive trips with the money he made.

He is also getting better at kickboxing and biathlon, two sports he loves. As of 2023, it is thought that Mikhail Prokhorov has a net worth of about $13.5 billion.

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