Russian Billionaire Alexei Mordashov Backs Putin’s Call For Companies To Reinvest Their Profits

Prof. Dr. Amarendra Bhushan DhirajStats GateJune 15, 2021

Alexei Mordashov, the billionaire owner of steelmaker Severstal, backs Putin’s call for businesses to reinvest profits. With a net worth of roughly $32.8 billion, Alexei Mordashov is the richest person in Russia.

Russian President Vladimir Putin wants to get the economy growing again after the coronavirus pandemic with a burst of spending. His government is working overtime to find the money to pay for it. Russia’s economy contracted by 3% in 2020. Russian GDP growth is forecasted at 3.2, 3.2, and 2.3 percent in 2021, 2022, and 2023, respectively.

Alexey Mordashov, a majority shareholder in steel company Severstal, said the company would “definitely” take up the president’s recent call for businesses to reinvest their windfalls rather than reward investors.

“It’s important to acknowledge that Mr. Putin is our president and the leader of our nation, and he reflects pretty much what every average Russian has in mind,” he added.

“There is certain public [demand], which is not reflected in hard structures or legislation but there is a certain request . . . There is demand for social justice and inclusion,” the country’s richest man has said. “And I believe big business should pay attention to it.”

Alexei Mordashov is the wealthiest person in Russia, followed by Vladimir Lisin (No. 2, $30.6 billion), Vladimir Potanin (No. 3, $30.5 billion); and Leonid Mikhelson (No. 4, $27.2 billion).

Vagit Alekperov is the fifth-richest person in Russia, with $26.2 billion. Gennady Timchenko ranked 6th with a personal wealth of $24.2 billion, followed by Andrey Melnichenko with $19.8 billion. Alisher Usmanov is placed 8th with a net worth of $18.7 billion. Pavel Durov ($17.2 billion) occupied the 9th position on the top 10 richest people in Russia list, followed by Suleiman Kerimov (No. 10, $16.5 billion).

Meet the top 10 richest Russian billionaires 2021

Alexey Mordashov: $32.8 billion
Vladimir Lisin: $30.6 billion
Vladimir Potanin: $30.5 billion
Leonid Mikhelson: $27.2 billion
Vagit Alekperov: $26.2 billion
Gennady Timchenko: $24.2 billion
Andrey Melnichenko: $19.8 billion
Alisher Usmanov: $18.7 billion
Pavel Durov: $17.2 billion
Suleiman Kerimov: $16.5 billion

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Prof. Dr. Amarendra Bhushan Dhiraj

Prof. Dr. Amarendra Bhushan Dhiraj is a media and technology executive, macro-economist, strategic thinker, chair, and chief executive officer of the CEOWORLD magazine, one of the world’s most influential and recognized global news publications. Under Dr. Amarendra's leadership, CEOWORLD magazine has become the world's most iconic news organization, whose rigorous reporting and unsurpassed storytelling connect with millions of business leaders daily. Additionally, he serves as the chair and founding member of the CEOWORLD magazine’s Inclusion Advisory Board.

In his current role, he counsels and collaborates with c-suite executives of large multinational corporations, helping them drive change in their companies to improve their competitiveness. Dr. Amarendra has extensive experience in serving on numerous boards. He leads and supports a globally dispersed team of columnists, correspondents, editors, journalists, reporters, researchers, and industry analysts.

He received his Ph.D. in Finance and Banking from the European Global School, Paris, France. He also received his Doctoral Degree in Chartered Accountancy from the European International University Paris, France, and a Doctorate in Business Administration from Kyiv National University of Technologies and Design (KNUTD), Ukraine. He earned his Master of Business Administration degree in Finance and his master’s degree in Chartered Accountancy (CA) from European Global School Paris. Dr. Amarendra also holds a Master of Business Administration degree in International Relations and Affairs from the American University of Athens, Alabama, United States.

As CEO, he transformed the CEOWORLD magazine into a highly efficient, digital-first, profitable enterprise. Today, CEOWORLD magazine is a standard bearer for modern responsible journalism. Dr. Amarendra retains a strong desire to continuously improve his skills and abilities and believes that the first step to being a true leader is to inspire others to lead with you.

Prof. Dr. Amarendra Bhushan Dhiraj is the CHAIR, CEO, AND EDITORIAL DIRECTOR of the CEOWORLD magazine. Connect with him through LinkedIn.

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