Cypriot ‘Expropriation’
Usmanov prefers to keep his funds as bank deposits, mainly in Russia, he said. Investments in sovereign bonds are also a good bet, he said. The billionaire and his companies weren’t affected by the one-time levy on Cypriot bank deposits, Usmanov said, calling what happened in the Mediterranean country “clear expropriation.”
The billionaire said there are investment opportunities in Russia too, including in the technology industry.
“Russia is a country that created free economy and market in the last two decades, while the U.S. and Great Britain have it for centuries,” he said. Usmanov holds stakes in Russia’s largest social network, VKontakte. He also tried to bid for shares in search engine Yandex NV in 2008.
Buffett, Gates
The billionaire said he “respects” Berkshire Hathaway Inc. Chairman Warren Buffett, whose business model appeals to him the most. Still, Usmanov says he doesn’t see the need to join Buffett and Bill Gates’ Giving Pledge initiative by committing to donate at least half of his fortune to charitable organizations and philanthropic causes.
Usmanov gave $247 million to charity in 2010 to 2012, a Bloomberg survey of the country’s richest people showed.
“I always thought that one should do all that one can,” Usmanov said. “It may happen that I won’t leave any heritage at all, but I would prefer to do everything I can to make this world better myself and right now, rather than someone else doing it after me as I don’t know whether he will do it better than me.”