How Did Mikhail Fridman Make His Money?

Mikhail Fridman’s Profile Summary

Company	Alfa Group Consortium
Position	Former Chairman
Source of wealth	Diversified investments in banking, oil and gas, telecommunications, and retail
Also known as	Mikhail Friedman
Age	61
Education	Moscow Institute of Steel and Alloys
Citizenship	Russia and Israel
Residence	London, United Kingdom
Family	Divorced, four children
Website, Social Media	https://www.letterone.com/

Mikhail Fridman’s biography

Mikhail Maratovich Fridman, born on April 21, 1964, in Lviv, Ukraine, is a prominent Russian-Israeli businessman and philanthropist. He graduated from the Moscow Institute of Steel and Alloys in 1986. In 1989, Fridman co-founded Alfa Group Consortium, a multinational conglomerate with interests spanning banking, oil and gas, telecommunications, and retail. Under his leadership, Alfa Group became one of Russia's most influential privately-owned financial-industrial conglomerates.

In 1991, Fridman co-established Alfa-Bank, which has grown to be Russia's largest private bank. He played a pivotal role in the creation of TNK-BP, a joint venture with British Petroleum, serving as CEO for nine years. In 2013, Fridman and his partners sold their stake in TNK-BP to Rosneft for $13.86 billion. Subsequently, he co-founded LetterOne (L1), an international investment company focusing on energy, technology, and health sectors.

Fridman has been recognized for his business acumen, being named Businessman of the Year by Forbes in 2012 and 2017. In 2019, he was acknowledged as the wealthiest resident of London by Forbes. Despite facing sanctions and legal challenges in recent years, Fridman continues to be a significant figure in international business circles.

How did Mikhail Fridman make money?
Mikhail Fridman began his entrepreneurial journey in the late 1980s, capitalizing on the economic liberalization in the Soviet Union. In 1989, he co-founded Alfa Group Consortium, initially focusing on trading and financial services. Recognizing opportunities in the evolving Russian economy, Fridman expanded Alfa Group's portfolio into various sectors.

In 1991, he co-established Alfa-Bank, which has grown to become Russia's largest private bank, providing a substantial portion of his wealth. Fridman further diversified his investments by acquiring stakes in major oil companies. In 1997, he collaborated with partners to purchase Tyumen Oil Company (TNK), which later merged with British Petroleum to form TNK-BP in 2003. Serving as CEO for nine years, Fridman was instrumental in making TNK-BP one of Russia's top oil producers. In 2013, the consortium sold its stake in TNK-BP to Rosneft for $13.86 billion, significantly enhancing Fridman's fortune.

Beyond energy and banking, Fridman invested in telecommunications by acquiring stakes in VimpelCom and MegaFon, two of Russia's leading telecom operators. He also ventured into retail by obtaining a controlling stake in X5 Retail Group, encompassing major Russian supermarket chains like Pyaterochka and Perekrestok.

In 2013, Fridman co-founded LetterOne (L1), an international investment firm focusing on sectors such as energy, technology, and healthcare. Through L1, he continued to expand his global investment footprint, further solidifying his status as a billionaire.
What is Mikhail Fridman net worth?

As of 2025, Mikhail Fridman’s net worth is estimated to be $15.1 B.

What is Mikhail Fridman also known as?

Mikhail Fridman is sometimes transliterated as Mikhail Friedman, reflecting variations in spelling from Cyrillic to Latin alphabets. He is also known for his role as a co-founder of Alfa Group and LetterOne.

Prominent achievements of Mikhail Fridman

Co-founded Alfa Group Consortium and Alfa-Bank, leading them to become major players in Russia's banking and investment sectors. Instrumental in the creation and growth of TNK-BP, culminating in a significant sale to Rosneft. Recognized as Businessman of the Year by Forbes in 2012 and 2017.

What are Mikhail Fridman’s key insights?

Fridman emphasizes adaptability and diversification, seizing opportunities across various sectors to build a resilient and expansive business empire.

Mikhail Fridman’s personal life

Mikhail Fridman was previously married and has four children. He maintains a low profile regarding his personal life, and his children are not publicly involved in his business ventures.