In 2008, the combined wealth of Ukraine's 50 richest oligarchs was equal to 85% of Ukraine's GDP.[3] In November 2013, this number was 45% (of GDP).[4] Ukrainian GDP fell by 7% in 2014, and shrank 12% in 2015.[5] By 2015, due to the Russo-Ukrainian War, the total net worth of the five richest and most influential Ukrainians at that time (Rinat Akhmetov, Viktor Pinchuk, Ihor Kolomoyskyi, Henadiy Boholyubov and Yuriy Kosiuk) had dropped from $21.6 billion in 2014 to $11.85 billion in June 2015.[6] According to a research by The New Voice of Ukraine in November 2023 there were only two billionaires left in Ukraine, these being Rinat Akhmetov ($6.59 billion) and Viktor Pinchuk ($1.72 billion).[7] In November 2022 they had counted nine billionaires.[7] The February 2022 Russian invasion of Ukraine and its negative impact on the economy of Ukraine led to the decline in billionaires.[8]
Oligarchs were usually defined as businessmen with direct influence on both politics and the economy. During the 1990s, oligarchs emerged in Ukraine as politically-connected nouveau riche whose wealth came through ties to the corrupt — but democratically elected — government of Ukraine in its transition to a market economy. Later, numerous Ukrainian business people took control of a political party. The Party of Greens of Ukraine, Labour Ukraine and Social Democratic Party of Ukraine (united) are examples of this,[1] while other oligarchs started new parties to gain seats and influence in the Verkhovna Rada (Ukrainian parliament).
The rise of the oligarchs has been connected to the privatization of state-owned assets, the distribution of property titles to state-owned enterprises, land, and real estate, on an equal basis to the entire population of the country, through instruments such as privatization vouchers, certificates, and coupons. Given different levels of risk-aversity, property titles were easily re-sold. Businessmen who could provide initial investment capital were able to collect these property titles and thus take control over of formerly public holdings.
Various Western nations have raised national security concerns over the oligarchic kleptocracy since the early 2000s but these gained greater salience after the 2022 Russian invasion of Ukraine raised the national security implications of a great deal of money—sourced from Ukraine or Russia but spent in the West—finding its way into matters of national security.[9]
The oligarchs' influence on the Ukrainian government was extreme. In 2011 some analysts and Ukrainian politicians believed that some Ukrainian businesses tycoons with "lucrative relations" with Russia were deliberately hindering Ukraine's European Union integration.[10]
In 2021 Ukraine passed a law that defined an oligarch as someone fulfilling three of the following four criteria:
They have a fortune of $80 million (€75 million) or more;
They exert political influence
Own media outlets
Have beneficial ownership of a monopoly
There is a requirement to register on the "register of oligarchs". They are then banned from financing political parties, cannot participate in the privatisation of major companies and must submit a special declaration of their income.[11]
List of oligarchs by wealthedit
In total, in September 2021 the top 100 wealthiest business people in Ukraine control around $44.5 billion, according to Forbes,[12] 27% of Ukrainian GDP.[13]
^ ab"There are only two billionaires left in Ukraine: last year there were nine of them" (in Ukrainian). Ekonomichna Pravda. 9 November 2023. Retrieved 9 November 2023.
^"TBusiness anatomy of an empire by Rinat Akhmetov. How impoverished was the richest Ukrainian due to the war" [Бізнес-анатомія імперії Ріната Ахметова. Наскільки збіднів через війну найбагатший українець] (in Ukrainian). Forbes Ukraine. 9 November 2023. Retrieved 9 November 2023.
^"The Transnational Kleptocracy Threat / The Eastern Front: episode 44". AEI.org. 11 May 2022.
^Onyshkiv, Yuriy; Lavrov, Vlad (2011-12-16). "EU Hopes Fade As Gas Lobby Triumphs". Kyiv Post. Retrieved 2022-03-03.
^ abcd"Has Ukraine's anti-oligarch law had an impact?". Deutsche Welle. 26 February 2023.
^100 найбагатших українців 2021. Forbes (in Ukrainian). 2022-03-03. Retrieved 2022-03-02.
^ ab"Report for Selected Countries and Subjects". IMF.org. April 2021. Retrieved 2021-09-27.
^"Trump's Billionaire Buddy Victor Pinchuk Among Ukrainians Sanctioned By Russia". Forbes. 4 November 2018.
^"Privatbank's $1.9bn UK fraud claim returns for trial after Russia's invasion of Ukraine delays case". 5 June 2023.
^ abc"Russia imposes sanctions against Ukraine companies, businessmen, politicians". 1 November 2018.
^Chernenko, Demid (2018). "Capital Structure and Oligarch Ownership" (PDF). Economic Change and Restructuring. 52 (4): 383–411. doi:10.1007/S10644-018-9226-9. S2CID 56232563.
External linksedit
Chernovetsky enters Wprost list of 100 richest people by Kyiv Post (October 22, 2008)
ukrainian, oligarchs, ukrainian, українські, олігархи, romanized, ukrainsʼki, oliharkhy, business, oligarchs, emerged, economic, political, scene, ukraine, after, 1991, ukrainian, independence, referendum, this, period, ukraine, transitioning, market, economy,. Ukrainian oligarchs Ukrainian ukrayinski oligarhi romanized ukrainsʼki oliharkhy are business oligarchs who emerged on the economic and political scene of Ukraine after the 1991 Ukrainian independence referendum This period saw Ukraine transitioning to a market economy with the rapid privatization of state owned assets Those developments mirrored those of the neighboring post Soviet states after the dissolution of the Soviet Union Pro Western sources have criticised Ukraine s lack of political reform or action against corruption and the influence of Ukrainian oligarchs on domestic and regional politics particularly their links to Russia 1 2 In 2008 the combined wealth of Ukraine s 50 richest oligarchs was equal to 85 of Ukraine s GDP 3 In November 2013 this number was 45 of GDP 4 Ukrainian GDP fell by 7 in 2014 and shrank 12 in 2015 5 By 2015 due to the Russo Ukrainian War the total net worth of the five richest and most influential Ukrainians at that time Rinat Akhmetov Viktor Pinchuk Ihor Kolomoyskyi Henadiy Boholyubov and Yuriy Kosiuk had dropped from 21 6 billion in 2014 to 11 85 billion in June 2015 6 According to a research by The New Voice of Ukraine in November 2023 there were only two billionaires left in Ukraine these being Rinat Akhmetov 6 59 billion and Viktor Pinchuk 1 72 billion 7 In November 2022 they had counted nine billionaires 7 The February 2022 Russian invasion of Ukraine and its negative impact on the economy of Ukraine led to the decline in billionaires 8 Contents 1 Usage 2 List of oligarchs by wealth 3 Chernenko study 4 See also 5 References 6 External linksUsage editOligarchs were usually defined as businessmen with direct influence on both politics and the economy During the 1990s oligarchs emerged in Ukraine as politically connected nouveau riche whose wealth came through ties to the corrupt but democratically elected government of Ukraine in its transition to a market economy Later numerous Ukrainian business people took control of a political party The Party of Greens of Ukraine Labour Ukraine and Social Democratic Party of Ukraine united are examples of this 1 while other oligarchs started new parties to gain seats and influence in the Verkhovna Rada Ukrainian parliament The rise of the oligarchs has been connected to the privatization of state owned assets the distribution of property titles to state owned enterprises land and real estate on an equal basis to the entire population of the country through instruments such as privatization vouchers certificates and coupons Given different levels of risk aversity property titles were easily re sold Businessmen who could provide initial investment capital were able to collect these property titles and thus take control over of formerly public holdings Various Western nations have raised national security concerns over the oligarchic kleptocracy since the early 2000s but these gained greater salience after the 2022 Russian invasion of Ukraine raised the national security implications of a great deal of money sourced from Ukraine or Russia but spent in the West finding its way into matters of national security 9 The oligarchs influence on the Ukrainian government was extreme In 2011 some analysts and Ukrainian politicians believed that some Ukrainian businesses tycoons with lucrative relations with Russia were deliberately hindering Ukraine s European Union integration 10 In 2021 Ukraine passed a law that defined an oligarch as someone fulfilling three of the following four criteria They have a fortune of 80 million 75 million or more They exert political influence Own media outlets Have beneficial ownership of a monopoly There is a requirement to register on the register of oligarchs They are then banned from financing political parties cannot participate in the privatisation of major companies and must submit a special declaration of their income 11 List of oligarchs by wealth editIn total in September 2021 the top 100 wealthiest business people in Ukraine control around 44 5 billion according to Forbes 12 27 of Ukrainian GDP 13 The top 10 Ukrainian oligarchs in 2021 were identified as 13 failed verification Rank Oligarch Value Notes Sanctions 1 Rinat Akhmetov 7 6 billion Energy generation and distribution coal and iron ore mining metallurgy media industry No sanctions donating to Ukraine assets confiscated by Russia surrendered all licenses pertaining to his media group 11 2 Victor Pinchuk 2 5 billion Steel rolling media industry Sanctioned by Russia 14 donating to Ukraine 3 Kostyantyn Zhevago 2 4 billion Banking vehicle manufacturing iron ore mining On Interpol wanted list charged with bribing Supreme Court head Vsevolod Kniaziev 4 Ihor Kolomoyskyi 1 8 billion Banking crude oil Sanctioned in 2021 striped of Ukrainian citizenship under investigation of embezzlement 5 Henadiy Boholyubov 1 7 billion Banking Sanctioned by USA and being sued by Privatbank for 1 9bn 15 6 Oleksandr and Halyna Hereha 1 7 billion Retail Sanctions by Russia 2018 16 7 Petro Poroshenko 1 6 billion Vehicle manufacturing confectionery President of Ukraine 2014 19 no sanctions lost official control of his television stations 11 8 Vadym Novynskyi 1 4 billion Metallurgy shipbuilding Russian Orthodox Church Sanctioned by Russia 2018 2020 and by Ukraine in 2022 lost his parliamentary seat 11 9 Oleksandr Yaroslavsky 820 million Real estate metallurgy Sanctioned by Russia in 2018 16 10 Yuriy Kosiuk 780 million Agriculture food industry Sanctioned by Russia in 2018 16 Chernenko study editAn economic study by Demid Chernenko identified 35 oligarchic groups based on data points between 2002 2016 17 Oligarch group Owners members System Capital Management Rinat Akhmetov Smart Holding Vadym Novynskyi Andriy Klyamko Energy Standard Kostiantyn Hryhoryshyn Industrial Union of Donbas Serhiy Taruta Oleh Mkrtchian uk Vitaliy Haiduk Energo Viktor Nusenkis Leonid Baisarov uk Privat Group Ihor Kolomoyskyi Henadiy Boholyubov Oleksiy Martynov uk pl Group DF Dmytro Firtash Serhiy Lyovochkin Yuriy Boyko Universal Investment Group Vitaliy Antonov Azovmash Yuriy Ivanyushchenko Arsen Ivanyushchenko Kernel Andriy Verevskyi Motor Sich Vyacheslav Bohuslayev Ukrprominvest Roshen Petro Poroshenko Yuriy Kosiuk Oleksiy Vadaturskyi Nord Valentyn Landyk uk ru Finance and Credit Kostyantyn Zhevago Oleksiy Kucherenko Astarta Viktor Ivanchyk Valeriy Korotkov Dynamo Hryhoriy Surkis Ihor Surkis Viktor Medvedchuk Interpipe Victor Pinchuk TAS Serhiy Tihipko Konti APK Invest Borys Kolesnikov Obolon Oleksandr Slobodyan Ukrinterproduct Oleksandr Leshchinskyi Stirol Mykola Yankovskyi Creativ Group Stanislav Berezkin DCH Development Construction Holding Oleksandr Yaroslavskyi AVK Volodymyr Avramenko Valeriy Kravets Concern AVEC Oleksandr Feldman Aval Fedir Shpig Ukrsotsbank Valeriy Khoroshkovskyi Pravex Leonid Chernovetskyi and his family Forum Group Leonid Yurushev uk Uvercon Eduard Prutnik Continuum Ihor Yeremeyev Serhiy Lahur Stepan Ivakhiv EpiCentre K Oleksandr Hereha Halyna Hereha Cascade Investment Vitaliy Khomutynnik Naftohazvydobuvannia uk Nestor Shufrych Mykola RudkovskyiSee also editList of Ukrainians by net worth Political parties in Ukraine Russian oligarchs Business magnate History of post Soviet Russia Rise of the oligarchs Oligarchy Robber baron industrialist Corruption in UkraineReferences edit a b Wilson Andrew 2005 Virtual Politics Faking Democracy in the Post Soviet World New Haven Yale University Press ISBN 0 300 09545 7 Feifer Gregory 2010 06 03 Ukraine s New Rulers What Do They Want RadioFreeEurope RadioLiberty Retrieved 2022 03 03 Kuzio Taras 2008 07 01 Oligarchs Wield Power in Ukrainian Politics Eurasia Daily Monitor Vol 5 no 125 Wilson Andrew 2016 Survival of the Richest How Oligarchs Block Reform in Ukraine PDF Policy Brief European Council on Foreign Relations The Ukrainian Economy Is Not Terrible Everywhere The Economist 2016 01 20 Retrieved 2022 03 03 A Decisive Turn Risks for Ukrainian Democracy After the Euromaidan Carnegie Endowment for International Peace 2016 02 03 Retrieved 2022 03 03 a b There are only two billionaires left in Ukraine last year there were nine of them in Ukrainian Ekonomichna Pravda 9 November 2023 Retrieved 9 November 2023 TBusiness anatomy of an empire by Rinat Akhmetov How impoverished was the richest Ukrainian due to the war Biznes anatomiya imperiyi Rinata Ahmetova Naskilki zbidniv cherez vijnu najbagatshij ukrayinec in Ukrainian Forbes Ukraine 9 November 2023 Retrieved 9 November 2023 The Transnational Kleptocracy Threat The Eastern Front episode 44 AEI org 11 May 2022 Onyshkiv Yuriy Lavrov Vlad 2011 12 16 EU Hopes Fade As Gas Lobby Triumphs Kyiv Post Retrieved 2022 03 03 a b c d Has Ukraine s anti oligarch law had an impact Deutsche Welle 26 February 2023 100 najbagatshih ukrayinciv 2021 Forbes in Ukrainian 2022 03 03 Retrieved 2022 03 02 a b Report for Selected Countries and Subjects IMF org April 2021 Retrieved 2021 09 27 Trump s Billionaire Buddy Victor Pinchuk Among Ukrainians Sanctioned By Russia Forbes 4 November 2018 Privatbank s 1 9bn UK fraud claim returns for trial after Russia s invasion of Ukraine delays case 5 June 2023 a b c Russia imposes sanctions against Ukraine companies businessmen politicians 1 November 2018 Chernenko Demid 2018 Capital Structure and Oligarch Ownership PDF Economic Change and Restructuring 52 4 383 411 doi 10 1007 S10644 018 9226 9 S2CID 56232563 External links editChernovetsky enters Wprost list of 100 richest people by Kyiv Post October 22 2008 To Catch an Oligarch by Jason Felch and Justin Kane Center for Investigative Reporting October 4 2004 Retrieved from https en wikipedia org w index php title Ukrainian oligarchs amp oldid 1217765177, wikipedia, wiki, book, books, library,
