Inspirational stories of the wealthiest business people in Russia
In the ever-evolving business, certain individuals carve a unique path, leaving an indelible mark on their industries and communities. Their journeys are often marked by innovative thinking, strategic decision-making, and a profound impact on the sectors they operate in. This document delves into the lives and careers of three such luminaries: Petr Aven, Yuri Milner, and Sergey Galitsky.
Each of them has demonstrated exceptional leadership and vision, from orchestrating significant economic strategies to pioneering advancements in technology and revolutionizing retail markets. Their stories not only motivate but also offer valuable insights into the principles of perseverance, ingenuity, and social responsibility.
Petr Aven
Petr Olegovich Aven graduated from the Moscow Physics and Mathematics School in 1972. In 1977, he received his degree from Moscow State University, which was named after M.V. Lomonosov. Three years later, he defended his dissertation in the specialty “mathematical methods in economic research” and has the degree of Candidate of Economic Sciences.
In graduate school, Petr Olegovich studied under academician Stanislav Sergeevich Shatalin. For more than seven years, he collaborated with Yegor Gaidar at the Institute of System Research of the State Committee for Science and Technology and the USSR Academy of Sciences, starting as a junior researcher. Later, Aven became an advisor to the Ministry of Foreign Affairs of the USSR while simultaneously working as a researcher for Applied Systems Analysis.
Following the USSR’s dissolution, Petr Olegovich was appointed Minister of Foreign Economic Relations for Russia and the President’s G7 representative. He later became Deputy Chairman of the Currency and Economic Commission and founded the financial consulting firm “FinPA.” Although elected to the State Duma as a member of the “Russia’s Choice” party, he declined his parliamentary mandate.
After working at “FinPA,” he served as president of “Alfa-Bank” until mid-2011. Since March 2015, he has chaired the board of directors of ABH Holdings S.A., and since 2018, the board of directors of “Alfa-Bank.” He is also a member of the Presidium of the Russian International Affairs Council.
Yuri Milner
Yuri Milner, captivated by the world’s complexity and beauty, graduated from Moscow State University with a physics degree. He left science in 1990 to pursue I.T. entrepreneurship, founding netBridge, which merged with Mail.ru in 2001. This merger marked the start of Mail.ru Group, a key industry player listed on the London Stock Exchange since 2010.
In 2012, Milner shifted focus to international projects, leaving Mail.ru Group but continuing to lead DST Global. He invested in top tech firms and re-engaged with scientific pursuits. Co-founding the Breakthrough Prize with notable figures, he awards $3 million to groundbreaking scientists. Milner values stimulating curiosity about the world as highly as his entrepreneurial successes, believing it to be humanity’s foremost mission.
Sergey Galitsky
The creator of the “Magnit” store chain, Sergey Galitsky, did not amass his wealth through collateral auctions, oil, metals, or other raw materials—he always followed his own path. In 1995, the Krasnodar entrepreneur founded the company “Tander,” which five years later grew into the retailer “Magnit.” By 2011, the chain, which included 250 discount stores, had become the leader in the Russian market by the number of locations.
Galitsky focused on opening convenience stores in small towns and villages, unlike other retailers targeting large cities with super- and hypermarkets. This strategy led “Magnit” to surpass X5 Retail Group in market capitalization in 2011 and in turnover in 2013, maintaining the lead for several years and remaining the leader in capitalization until 2018.
X5 regained its leading position across all metrics, marking a new era for “Magnit” without its founder, Sergey Galitsky. In February 2018, Galitsky sold most of his shares to VTB Bank and allocated the proceeds to social and charitable projects. His current focus is the football club “Krasnodar,” where he has invested in building a modern stadium and school.
