Chelsea owner Abramovich’s wealth declaration reveals his billions from business

Thursday, February 17, 2011

LONDON - Chelsea owner and Russian billionaire Roman Abramovich owns 16 homes, seven cars, 22 bank accounts, six companies, one football club, and earned three billion pounds last year, according to a wealth declaration released under his country’s election law.

According to the Telegraph, Abramovich, who is currently worth 11 billion pounds and is Russia’s fifth richest man, made the declaration as part of a campaign to run for re-election as a MP for Chukotka, where he served as the Governor from 2000 to 2008.

Abramovich’s declaration, published on the Chukotka election commission’s website, listed seven properties in Britain, two in the United States, three in France, and four in Russia.

It includes two houses in London, which are together estimated to be worth up to 150 million pounds and a house in the South of France, which was once used by Edward VIII and Wallace Simpson, worth 30 million pounds.

He also disclosed that he had the equivalent of 71.78 million pounds in cash spread across 22 separate bank accounts and a further 25.48 million pounds tied up in shares.

The estimated value of Chelsea stands at 402.19 million pounds, according to Forbes magazine. Abramovich had bought the club for 140 million pounds in 2003.

He owns seven cars including BMWs, Mercedes, a Range Rover and a surprisingly modest Volkswagen Golf, which starts at 13,610 pounds.

His declaration for some reason made no mention of his collection of private jets and yachts.

In Russia where the gap between the haves and the have-nots is massive, and the average annual wage is just over the equivalent of 5,000 pounds, details of Abramovich’s wealth accumulation is likely to stir resentment.

It also comes after former Soviet Union President Mikhail Gorbachev launched a scathing attack on Abramovich, saying that he is a symbol of Russia’s ‘rich debauchery’.

“They (the ruling classes) are rich and debauched. Their ideal is to be something close to Abramovich. I scorn this idea. I am ashamed of this rich debauchery. I am ashamed for us and the country,” Gorbachev had said.

Abramovich’s declaration is a vast improvement on his 1999 filing, in which he claimed he had earned just 254, 865 pounds the previous year, owned no property, and was the proud owner of an old Lada. (ANI)

Filed under: Football, Golf

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