How Vladimir Putin spends his mysterious fortune rumoured to be worth $70 billion
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.No one knows exactly how much Russian President Vladimir Putin is worth.
Some claim Putin is the richest man in the world, yet according to the Kremlin, he earns around $133,000 a year and lives in a small apartment.
One former Russian government adviser estimated his fortune is worth $70 billion. Hedge fund manager Bill Browder, a noted critic of Putin, claimed it was more like $200 billion.
We’ve put together a list of things that Putin is believed to have spent money on.
As President of Russia, Putin's official residence is the Moscow Kremlin. However, he spends most of his time at a suburban government residence outside of the city called Novo-Ogaryovo.
He reportedly has access to 20 different palaces and villas.
Official records published in 2016 by the Kremlin would have us believe that Putin has a very modest real estate portfolio. The report said he owned a small plot of land and an apartment with a garage.
But over the years, Putin has been linked to other properties. The most controversial of which is the so-called "secret palace." This was reportedly built for Putin using illegal state funds.
This epic mansion reportedly cost $1 billion to build. It has a private theater and landing pad with room for three helicopters.
The bedrooms are suitably grandiose.
In 2012, a dossier was drawn up by a political rival of Putin which claimed that Putin owned multiple private jets, helicopters, and yachts.
The report claimed his lifestyle could be compared to that of a "Persian Gulf monarch or a flamboyant oligarch," not, as Putin had formerly claimed, to the life of a "Galley Slave."
He is accused of owning 58 different types of aircraft, including a Dassault Falcon, which seats 19.
One of his planes was said to have an $11 million cabin fitted out by jewelers and that toilet which cost close to $100,000. This plane has room for up to 186 passengers. Putin is accused of owning five of these.
The dossier claimed Putin has a collection of four yachts, each costing thousands of dollars to maintain. Rossiya, one of his yachts, was upgraded in 2005. It reportedly cost $1.2 billion to do. "The Graceful," another of his yachts, (shown below) reportedly sleeps 14 people and has six bedrooms.
Then there's Olympia. He was reportedly given this 57-meter luxury yacht, worth $35 million, as a gift from Chelsea football club owner and oligarch Roman Abramovich. According to a former head of a state shipping company in Russia, Putin runs the yacht using state money.
Putin also likes to take pride in his appearance. The 2012 dossier claimed it Putin has 11 watches worth an estimated $687,000.
According to the Russian government-owned paper "Russia Beyond the Headlines," Putin owns an A. Lange & Söhne Tourbograph Perpetual 'Pour Le Mérite,' which costs half a million dollars.
A $1 million Patek Phillippe going up for auction in July 2017 was also said to be owned by Putin. Accompanying documentation claimed he was the owner. The Kremlin denied these claims.
In the past, Putin has even given away his watches. The president reportedly owned five Blancpain watches at one time but gave away one to a Siberian boy while on vacation and another to a factory worker. The watches were reportedly worth $10,500 each.
Then there's his clothing. Newsweek's Ben Judah spent three years researching Putin for his book and claimed that Putin prefers bespoke suits and Valentino ties over anything else.
Russian government-owned paper “Russia Beyond the Headlines” confirmed Putin’s expensive taste for tailored suits. In 2015, it published an article claiming that the president's preferred brand of suits was Kiton and Brioni, “Such suits are made from start to finish by one tailor, take dozens of hours to complete, and have a starting price tag of $5500,” the article said.
According to "Russia Beyond the Headlines", Putin also has a stylist who has been dressing him for over 10 years. “The stylist rips off all the labels from his clothes, so these do not accidentally catch the eyes of journalists."
In 2015, Putin was photographed working out with Russian Prime Minister Dimitri Medvedev. Quartz reported that his Loro Piana silk and cashmere-blend sweatpants cost $1,425.
Putin teamed this with a matching top, making the outfit cost a whopping $3,200 in total.
Read more:
• A faulty Hotpoint fridge was the cause of Grenfell Tower's catastrophic blaze
• Brexit one year on proves it has been a diabolical and costly waste of time
• New poll finds the British public have turned against a 'Hard Brexit'
Read the original article on Business Insider UK. © 2016. Follow Business Insider UK on Twitter.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments