October 23, 2021
Feel good Winner Stories

Lifestyles of the Rich and Famous – Mikhail Prokhorov

Lifestyles of the Rich and Famous – Mikhail Prokhorov

Imagine having so much money that you could buy 15 private islands, or a month long family vacation in space, or how about buying Buckingham Palace with plenty of change left over to redecorate all 775 rooms. In fact why not buy Buckingham Palace AND Balmoral Castle, and let’s throw in the White House whilst we’re at it. Mikhail Prokhorov, with an estimated networth of $10 billion could do whichever he pleased and still have some change to spare. In fact, he is a well-known playboy and adventurer with a love of spending his many, many billions.


Mikhail Prokhorov

image from famous-entrepreneurs.com


Mikhail Prokhorov is a completely self-made billionaire. It seems almost crazy that anyone can become so wealthy from nothing, but he did it and he did it well!


How Mikhail Prokhorov Made his Billions

Mikhail grew up in a relatively normal family. His father was a lawyer who had grown up in poverty and his mother was an engineer who had had an equally challenging childhood, in the midst of WWII. Through his parents, Mikhail had instilled in him a passion for work and a drive to establish himself. He excelled at academics and had an affinity for sport. In 1982 he gained entrance to the Moscow Financial Institute (now the Russian Financial University) and graduated in 1989 with an already successful jeans business which he had started whilst studying.


This metallurgical tycoon then went on to make his fortune in the wake of the Soviet Union’s collapse. He met a man called Vladimir Potanin whilst working at the International Bank for Economic Cooperation (IBEC) and the two of them went on to capitalise on the rapid privatisation which was sweeping through Russia. They made their billions through cleverly buying shares in formerly state-run corporations for a fraction of their value and setting up a new bank called Onexim. Mikhail has since then made a career out of investing and finances, clearly making huge profits as the third richest man in all of Russia. His most recent purchase was a 51% stake in the Brooklyn Nets basketball team which set him back about $200 million. he also has full ownership of the Barclays Center arena. Obviously getting bored with the investment life, the 6ft 8” bachelor even decided to run for the Russian Presidency in March 2012. He was up against Vladimir Putin and lost, getting 7.98% of the votes.


How Does He Spend His Billions

What else does this Russian billionaire do with such an impossible amount of cash? Well, he has a beautiful home in Villefranche-Sur-mer, near Nice, which includes an indoor pool, a large gym with a virtual ski machine, and a party room. Yes, an actual party room. He owned a yacht called Solemar which he sold in 2016 and upgraded to the 95 meter yacht, Palladium worth $230 million– even though he gets sea sick.


Mikhail Prokhorov Palladium Yacht

image from charterworld.com


Mikhail also owns an Airbus A319 private jet which costs around $70 million. However, he isn’t all party playboy and lavish assets, he also set up the Cultural Initiatives Foundation (also known as the  Mikhail Prokhorov Foundation) in 2004. The foundation is a private charity which supports and helps develop cultural initiatives in Russia. Mikhail believes that “culture stimulates creativity, leads to a clearer understanding of social issues and can assist in their resolution and is the most important resource in social and economic development.”


He is also fan of kickboxing, snow skiing, and jet skiing, heads the Russian Biathlon Federation and dabbles in playing guitar. Oh, and he has his very own website, mprokhorov.com.


A Day in the Life of Mikhail Prokhorov

What about his private life? Well Mikhail has said that he makes sure to sleep six hours a night and exercise for at least 2 hours a day during the week and about 5 hours on weekends. He dedicates the rest of his time to work and socializing. For the last few years he has focused on the Tibetan martial art of Tescao in between jet and heli-skiing. He is not a fan of technology and doesn’t own a cellphone or a computer. He did however eventually give in to buying a tablet in order to receive documents whist traveling, but he says he hardly uses it. His question is: “How much really valuable information do these devices provide?”.


He says that the key to being so successful is to stay focussed, simplify your life and to keep pushing yourself.


The good news is, he is still a bachelor, with no prospective lucky ladies on the cards.


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