Vagit Alekperov, the indomitable leader of Lukoil, one of Russia’s largest oil companies, has become a pillar of the global energy business. As the year 2023 unfolds, a compelling question remains in the minds of many: What is Vagit Alekperov net worth in 2023?
In this feature, we plunge into the financial depth of Alekperov’s empire.
What is Vagit Alekperov’s Net Worth and Salary in 2023?
Vagit Alekperov has amassed an impressive net worth of $$20.5 billion in 2023. His wealth primarily stems from his expertise in the oil industry and his significant stake in Lukoil.
As for his annual salary, Alekperov earns an estimated $200 million per year, thanks to the skyrocketing oil prices and his strategic business ventures.
Vagit Alekperov’s Overview
Vagit Alekperov was born on September 1, 1950, in Baku, Azerbaijan SSR, a region rich in oil and deeply rooted in the international petroleum industry.
His father, an Azerbaijani Muslim, worked in the oilfields throughout his life and inspired young Vagit to follow in his footsteps.
Tragically, his father passed away when Vagit was just a boy, leaving his Russian Orthodox mother to raise him and his four siblings as a single parent.
In 1968, at 18, Alekperov began working in the oil fields while pursuing an advanced degree. He graduated from the Azerbaijan Oil and Chemistry Institute in 1974, setting the stage for a remarkable career in the oil industry.
Alekperov moved to Western Siberia in 1979, where he worked at Surgutneftegaz until 1985, quickly rising through the ranks and earning a reputation as an industry expert.
By 1985, he became the first deputy general director of Bashneft production company, and in 1987, he took on the role of general director of the newly created production company Kogalymneftegaz.
His impressive performance caught the attention of then-Soviet leader Mikhail Gorbachev. In 1990, Alekperov was appointed deputy minister of the Oil and Gas Industry of the Soviet Union, becoming the youngest deputy energy minister in Soviet history.
During this time, he promoted the establishment of vertically integrated state-owned energy companies to compete in the global market.
In April 1993, Alekperov became the president and chairman of the board of the joint-stock company LUKOIL, which was formed from the merger of Langepas-Uray-Kogalymneft. Under his leadership, LUKOIL grew into one of the largest oil companies in Russia. Alekperov continued to focus on worker welfare and efficient production margins, leading the company to success. By 2002, he owned 10.4% of LUKOIL.
In 2007, Alekperov founded the Foundation Our Future to promote social entrepreneurship in Russia. He has also stated that his stake in LUKOIL will be transferred to a charitable foundation upon his passing.
In 2018, Alekperov first mentioned that he was looking for a successor, with a potential staff reshuffle planned for 2023.
After serving as the president of LUKOIL for nearly three decades, Alekperov stepped down from his position in April 2022 following international sanctions imposed on him due to Russia’s invasion of Ukraine.
Vagit Alekperov is known for maintaining a low-key personal life. He is married to Larisa Victorovna Alekperova. Together, they have two children, including a son named Yusuf, born in 1990.
Despite his immense wealth and prominence in the oil industry, Alekperov prefers to keep his family life private, enjoying simple pleasures such as reading and traveling during his free time.
In 2007, he established the Our Future Foundation for Regional Social Programs, a non-profit organization dedicated to developing social entrepreneurship in Russia.
The foundation, financed entirely by Alekperov’s wealth, has provided interest-free loans totaling $4.8 million over five years to self-supporting projects that benefit disadvantaged or underserved individuals.
The foundation’s charity arm has donated 190 million rubles to 46 charity projects. In recognition of his philanthropic efforts, Alekperov was awarded the Philanthropist of the Year prize for supporting social entrepreneurship.
Why is Vagit Alekperov Famous?
Vagit Alekperov is renowned for his remarkable journey from humble beginnings to becoming one of the most influential businessmen in Russia’s oil and gas industry.
His expertise and vision led him to establish Lukoil, Russia’s largest privately-owned oil company, which he presided over from 1993 until 2022.
His absolute authority and success in the oil industry have earned him nicknames such as the General, Alek the First, and the Don, making Vagit Alekperov a true icon in business and energy.
FAQs about Vagit Alekperov
How old is Vagit Alekperov?
Vagit Alekperov age is 72 years old.
How tall is Vagit Alekperov?
Vagit Alekperov height is unknown.
How many billionaires are in Russia?
Forbes’ Russian edition said there are now 110 official billionaires in Russia, an increase of 22 from the previous year. Their combined worth had grown to $505 billion, up from $353 billion when the 2022 list was unveiled.
Why did Alekperov resign from Lukoil?
According to Reuters, Alekperov resigned after being sanctioned not to disrupt business operations.
His remarkable journey, impactful decisions, and strategic investments present an enlightening study of his net worth in 2023.
If you’ve found this exploration into Alekperov’s wealth both engaging and informative, we invite you to delve deeper with our series on World Celebrity Net Worth.