Biography Of Suleyman Kerimov
Biography of Suleyman Kerimov
Early Life, Education & Beginnings
Suleyman Kerimov was born in Derbent, Dagestan (Russian
Federation) in 1966. He studied economics, graduating from Dagestan State
University in 1989. Early in life, he worked as an economist at Eltav, an
electrical plant, and later entered the finance and banking sectors.
Rise in Business: Investments & Gold Fortunes
Kerimov made substantial gains by investing in distressed
assets in Russia (banking, energy). One of his biggest wins came via Polyus,
Russia’s leading gold producer. He initially made a $1.3 billion investment to
acquire about 37% of Polyus, which later increased many times over.
Journey /Biography Of Suleyman Kerimov - Russian billionaire#oligarch, philanthropist and politician#age#net worth#entrepreneur#startup#journey
Ownership Changes & Asset Transfers
Over time, Kerimov’s family controlled a large stake in
Polyus via Wandle Holdings, owned by his son, Said Kerimov. But in 2022 a big
shift happened: Said transferred his 100% ownership of Wandle Holdings (which
held ~46.35% of Polyus) to the “Fund for Support of Islamic Organizations.” As
a result, the family no longer has a direct or indirect economic interest in
that stake. Also, Wandle sold nearly 30% of its Polyus shares to Akhmet
Palankoyev’s group.
Sanctions & International Scrutiny
Kerimov has been sanctioned by the United States since 2018,
and by the European Union and the UK in 2022. These sanctions concern his ties
to the Russian state and government interests. His assets outside Russia
(including real estate, yachts, and offshore structures) have drawn
investigations, and some have been seized (for example, the yacht Amadea).
Wealth & Net Worth: Fluctuations and Current
Estimates
Kerimov’s wealth has seen large swings:
- In
2020, during high gold prices, his family’s wealth soared (at some point
estimated at ~$24.7 billion).
- As
of early/mid-2025, Forbes estimates his net worth at about $16.4
billion.
- Bloomberg
lists a lower figure, about $9.27 billion, recognizing that many of
his key assets (like the Polyus share stake) are no longer directly held.
Current Status & Influence
Kerimov remains a Senator in Russia’s Federation Council,
representing Dagestan. He continues to be a figure of interest internationally
due to his business history, political connections, and the effects of
sanctions. His fortunes are more tied now to holdings that are less exposed or
transferred (e.g., via family or foundations) due to the regulatory/sanctions
pressure.
Legacy & Outlook
Suleyman Kerimov’s story is one of rapid rise, strategic plays in gold and banking, and then ranked among Russia’s wealthiest during gold booms. However, his financial influence has been significantly modified by asset transfers and sanctions. Going forward, much depends on regulatory risk, international relations, the gold market, and how effectively he and his network navigate the constraints imposed by sanctions.
