Globally, the ultra-rich are preparing to embark on the largest wealth transfer in history. Russia stands out because the country’s legal framework offers little support to those seeking to pass down fortunes. Instead, its business environment depends on informal agreements and guarantees.
“My father told me that in our country business and politics are deeply intertwined,” said Alexander, adding that his dad always told him that he plans to transfer his wealth to charity. “I lived with the understanding that I wouldn’t inherit any fortune.”
Mikhail Fridman is one of founders of Alfa Group, which he started with two college classmates, German Khan and Alexey Kuzmichev, in the last days of communism.
Now the investment company owns stakes in Alfa Bank, Russia’s fifth-largest lender, and X5, the country’s biggest food retailer. In 2013, he co-founded LetterOne to invest the $14 billion his company reaped from the sale of their oil venture with BP to Kremlin-controlled Rosneft PJSC.
Fridman is also known as one of Russia’s toughest businessmen.
“We run our business aggressively but fairly,” Alexander Fridman said in response to a question about what lessons he’s learned from his father. “My father also always said to me: ‘I have partners in every project. If you want to earn, you should be able to share.’”
Gap Year
The younger Fridman was planning to attend New York University’s Stern School of Business in September, but decided to take a gap year. Now he’s considering whether to forgo NYU entirely to devote himself to his companies full time.
“I have friends who graduated from Yale and are 23 years old now and who earn $80,000 to $100,000 working 16 hours a day,” he said. “You can earn more money, and in a more clever way.”
This article was provided by Bloomberg News.