Viktor Rashnikov Assets: Steel Empire, Real Estate, and Luxury Delights $10 billion

Alexander HarrisDecember 9, 2023

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Viktor Rashnikov Assets — Viktor Rashnikov

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Overview of Viktor Rashnikov

Viktor Rashnikov, a Russian business magnate, has forged his considerable wealth within the resilient iron and steel industry. A family man, Rashnikov is married to Tatyana Kuzmina, and together they share two daughters, Tatiana Rakhno and Olga Viktorovna Rashnikova. Ultimately, his wealth finds its roots in his predominant ownership of MMK, a global steel giant, complemented by a diverse portfolio of Viktor Rashnikov assets and investments.

Born on October 13, 1948, in Magnitogorsk, Russia, Rashnikov embarked on his educational journey at the Magnitogorsk Institute of Mining and Metallurgy, culminating in a doctorate in Technical Sciences in 1998.

However, the shadows of international sanctions loom, as Rashnikov found himself sanctioned by the European Union in 2022 amidst the Ukraine conflict.

His professional trajectory took root in 1967 at Magnitogorsk Iron & Steel Works (MMK), where he initially served as a mechanic. Over the years, Rashnikov ascended through diverse managerial roles, ultimately reaching the pinnacle as the chairman of the company.

With an estimated net worth ranging from $9.1 billion to $10 billion, Rashnikov’s financial standing is underpinned by his strategic investments, including a Gulfstream G650 private jet and the Ocean Victory yacht valued at approximately $240 million. Beyond his business ventures, Rashnikov has delved into real estate, particularly focusing on commercial properties in Moscow.

Diverse Portfolio of Viktor Rashnikov Assets

Magnate’s Crown Jewel: Magnitogorsk Iron & Steel Works (MMK

Magnitogorsk Iron & Steel Works (MMK), situated in the city of Magnitogorsk, is a prominent Russian iron and steel company. As of 2021, it ranked as the 30th largest steel company globally, boasting a substantial $11.9 billion in revenue.

Viktor Rashnikov holds the majority ownership of MMK and has played a pivotal role in propelling it to become a leading force in global steel production. The company’s assets in Russia form an extensive steelmaking complex, covering the entire production cycle from iron ore preparation to the creation of downstream products. MMK specializes in a diverse range of steel products, with a notable focus on premium offerings.

Furthermore, MMK has strategically invested in the modernization and digitalization of its production processes. The company actively embraces advanced technologies and pursues promising investment projects, reinforcing its position as an industry innovator.

Viktor Rashnikov, with an estimated net worth of around $10 billion, possesses not only a significant stake in MMK but also a portfolio of luxury assets. This includes ownership of a Gulfstream G650 private jet and the opulent Ocean Victory yacht. These acquisitions underscore Rashnikov’s stature not only as a business magnate but also as a connoisseur of refined indulgences.

Magnate's Crown Jewel Magnitogorsk Iron & Steel Works (MMK — Viktor Rashnikov Assets

Gulfstream G650 Private Jet

The Gulfstream G650, crafted by Gulfstream Aerospace, stands as a remarkable large business jet labeled GVI in its type certificate. Tailored for flexibility, it can accommodate 11 to 18 passengers. Initiating in 2005, the G650’s inaugural flight soared on November 25, 2009. Its distinction lies in achieving a top speed of Mach 0.925, coupled with notable strides in cabin comfort and safety technology.

An extended-range variant, the G650ER, amplifies its reach by about 500 nautical miles. Its spacious cabin caters to up to 15 passengers, offering diverse interior layouts for dining, relaxation, and workspaces. Technologically advanced, the G650 features a streamlined flight deck and Gulfstream’s Enhanced Flight Vision System, optimizing handling and performance.

With a stellar track record of 500-plus aircraft in service and 125-plus world speed records, the G650 and G650ER have earned their place among the most trusted business jets globally. Recognized for its extended range, typically spanning 7,000 nm and outfitted with three cabin zones, the G650 has been in production since 2008. It’s a favored choice for ultra-long-range travel, delivering a luxurious and comfortable flying experience for its passengers.

Ocean Victory Yacht

Ocean Victory, a 140-meter (459-foot) motor yacht, was crafted by Fincantieri in Italy at their Muggiano shipyard, boasting a design by Espen Øino and Alberto Pinto. Completed in 2014, it once ranked among the world’s top 10 largest yachts. Sporting seven decks, a helipad, and six pools, this maritime marvel accommodates up to 36 guests with a crew of 50.

Noteworthy features include a floodable garage capable of housing a 14-meter tender. Owned by the Russian billionaire Viktor Rashnikov, the yacht is appraised at approximately $300 million. However, it has faced sanctions from the EU, UK, Canada, Switzerland, and Australia in connection with the conflict in Ukraine.

The Man Behind the Wealth

Viktor Rashnikov’s substantial wealth finds its roots in the iron and steel industry, notably as the principal owner of Magnitogorsk Iron & Steel Works (MMK), a major player on the global steel production stage. His commanding 79.8% share in the publicly traded MMK is the linchpin of his financial empire, with the company boasting a robust $11.9 billion in revenue for 2021.

Embarking on his journey with MMK in 1967, Rashnikov steadily amassed a significant stake in the company, culminating in its listing on the London Stock Exchange in 2007. This strategic move marked a pivotal moment in his career, solidifying his position in the industry.

Beyond his steel-centric ventures, Rashnikov has ventured into real estate, injecting over $300 million into commercial properties in Moscow. This diversification underscores his keen business instincts and ability to navigate various sectors successfully.

With an estimated net worth of around $10 billion, Rashnikov’s financial portfolio extends beyond industry leadership. Notable among his possessions are a Gulfstream G650 private jet and the Ocean Victory yacht, reflecting his penchant for luxury and a life well-lived.

Rashnikov’s success story is a testament to his business acumen and shrewd investments in the steel industry and beyond. His ability to adapt and strategically position himself in diverse sectors has been instrumental in crafting the impressive financial legacy he enjoys today.