World’s richest man is Putin, according to former ally
February 16, 2015, 3:44 pm
Yahoo7 Finance
Russia's former largest foreign investor says Vladimir Putin's wealth is $200 billion.
Is Vladimir Putin the world's richest man? Image: Getty.
According to Forbes, the world’s richest person is Bill Gates.
But Bill Browder, CEO of Hermitage Capital Management, formerly Russia’s largest foreign investor, begs to differ.
In a recent interview with CNN’s Fareed Zakaria, the former banker says he believes Russian President Vladimir Putin's net worth is an estimated $200 billion.
Related: Why Russia's rich and powerful still back Putin
Once an ally of Putin’s, Browder says that for the first decade of Putin’s reign over Russia, he was stealing as much money as he could.
“After 14 years in power of Russia, and the amount of money that the country has made, and the amount of money that hasn't been spent on schools and roads and hospitals and so on, all that money is in property, bank - Swiss bank accounts, shares, hedge funds, managed for Putin and his cronies,” Browder told CNN.
Related: S & P cuts Russia credit rating to 'junk'
Browder was once a big fan of Putin, because when Browder exposed the corruption of many oligarchs, Putin reigned them in and in doing so increased Hermitage's profits.
While Putin initially promised to end the corruption, he ended up working with the oligarchs and Browder was expelled from Russia in 2005.
If Browder is to be believed, Putin’s $200 billion would eclipse Bill Gates’ wealth by an astounding $121 billion.
Related: Russians urged to go without for Putin
Russia is ranked as one of the most corrupt countries in the world, according to the Corruption Perceptions Index.
In its 2014 report, Russia came 136 out of 175 countries on the corruption scale – with 175 – North Korea and Somalia tied first - being the worst.
Russia was found to be more corrupt than the likes of Pakistan, Sierra Leone and Nigeria.
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Once an ally of Putin’s, Browder says that for the first decade of Putin’s reign over Russia, he was stealing as much money as he could.
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