‘World’s secret richest man’ Vladimir Putin guards his secret billions like a mafia godfather, expert claims
THE "world’s secret richest man" Vladimir Putin guards his secret billions like a mafia godfather, an expert has claimed.
The Russian leader has just clinched another six years in office after a controversial election in which his popular rival Alexei Navalny was excluded and a communist candidate vilified by state media.
In the run-up to Sunday's vote, 65-year-old Putin revealed what he claims is the extent of his wealth and income.
Despite reports he's the world's richest man with a secret £160billion fortune, he claimed his modest spending habits reportedly run only to driving a Lada, owning a bachelor pad and earning £70k a year.
Jason Bush, a senior analyst at Eurasia Group, believes that if Putin has a hidden fortune, it would be based on an very informal idea of ownership.
He told : "There isn't going to be a shares certificate with Putin's name on it, or a bank account linked to him.
"The way mafia syndicates work is that you have a godfather who does favors for his underlings," he added.
"In return, at some point in the future, his underlings return the favor... it makes more sense to think about it like that."
In official finance documents released ahead of the Russian general election, the politician said he earned 38.5million rubles (roughly £450,000) between 2011 and 2016, according to details given to the Central Election Commission of the Russian Federation.
That gives the long-serving Russian president an average yearly salary of about £70,000 - roughly half of what Theresa May earns as British PM.
He also listed a number of assets including 13 bank accounts with a combined balance of 13.8million rubles (£170,000) and an 800-square-foot apartment in St Petersburg.
He also owns 230 shares in the Bank Saint Petersburg (worth around £160), two 1960s era Soviet-made Volga cars and a 2009 Lada.
Putin was required to give details of his income and assets as part of his registration for the election on March 18.
His stated income and wealth would make him relatively wealthy in Russia, where the average national salary is estimated to be less than £4,000 a year.
The Russian president claims his income came from his official salary and a military pension, as well as money from savings and shares,
But financial experts have long suspected Putin's true wealth could be as high as £160bn - making him the wealthiest man on the planet.
His political opponents say much of the money has come from plundering various public institutions and state-run businesses.
Russian fund manager and author Bill Browder says the Russian Premier has used his political might to amass his vast fortune.
He told CNN Putin was worth £160bn adding: "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”.
But he's never appeared on the famed Forbes rich list, which excludes world leaders and "dictators who derive their fortunes entirely as a result of their position of power."
And although he may have a Lada in his garage, that is reportedly now his only means of transport.
He is said to own a £28m superyacht called Olympia, a private jet with a £50,000 toilet, and have access to a further 58 planes and helicopters.
The outdoor-loving tycoon is also said to own a Black Sea palace worth £800m and another 20 country retreats scattered across Russia.
Putin also has a passion for luxury watches and his collection of timepieces is worth a reported £500,000.
The Russian leader's drive for power and fortune started when he was just a child growing up in destitute post-war Leningrad.
Determined to beat bigger boys in street fights he studied judo in his spare time, soon mastering the combat sport.
It was that drive which also won him a job at the KGB - the career of choice for ambitious men at the time.
Putin then landed a job at the mayor’s office in St Petersburg and developed a network of powerful friends.
These influential pals were behind his meteoric rise to power in his homeland.
He allowed this elite group to grow fabulously wealthy in exchange for their unwavering loyalty.
But Putin has consistently denied reports he is personally very wealthy.
Responding to the claims, he once said: "They have picked this in their noses and have smeared this across their pieces of paper."
Proving his exact fortune is difficult, though some details of the wealth of his family recently emerged.
MOST READ IN NEWS
his son-in-law acquired "billions of dollars" in shares of a Russian petrochemical giant after marrying into the family.
The two other candidates registered for March's election earned at least twice as much as Putin between 2011 and 2016, according to the documentation they filed with the Russian election commission.
Liberal Democratic Party candidate Vladimir Zhirinovsky earned 98m rubles (£1.2m) in that period, while Communist Party candidate Pavel Grudinin made 157.4m rubles (£2m).
We pay for your stories! Do you have a story for The Sun Online news team? Email us at tips@the-sun.co.uk or call 0207 782 4368 . You can WhatsApp us on 07810 791 502. We pay for videos too. Click here to upload yours.
