Ukrainian oligarchs

Rinat Akhmetov, one of the oligarchs of Ukraine

Ukrainian oligarchs (Ukrainian: українські олігархи, romanized: ukrayinski oliharkhy) are business oligarchs who emerged on the economic and political scene of Ukraine after the 1991 Ukrainian independence referendum. This period saw Ukraine transitioning to a market economy, with the rapid privatization of state-owned assets. Those developments mirrored those of the neighboring post-Soviet states after the dissolution of the Soviet Union. Pro-Western sources have criticised Ukraine’s lack of political reform or action against corruption, and the influence of Ukrainian oligarchs on domestic and regional politics, particularly their links to Russia.[1][2]

In 2008, the combined wealth of Ukraine's 50 richest oligarchs was equal to 85% of Ukraine's GDP.[3] In November 2013, this number was 45% (of GDP).[4] Ukrainian GDP fell by 7% in 2014, and shrank 12% in 2015.[5] By 2015, due to the Russo-Ukrainian War, the total net worth of the five richest and most influential Ukrainians at that time (Rinat Akhmetov, Viktor Pinchuk, Ihor Kolomoyskyi, Henadiy Boholyubov and Yuriy Kosiuk) had dropped from $21.6 billion in 2014 to $11.85 billion in June 2015.[6] According to a research by The New Voice of Ukraine in November 2023 there were only two billionaires left in Ukraine, these being Rinat Akhmetov ($6.59 billion) and Viktor Pinchuk ($1.72 billion).[7] In November 2022 they had counted nine billionaires.[7] The February 2022 Russian invasion of Ukraine and its negative impact on the economy of Ukraine led to the decline in billionaires.[8]

  1. ^ Wilson, Andrew (2005). Virtual Politics: Faking Democracy in the Post-Soviet World. New Haven: Yale University Press. ISBN 0-300-09545-7.
  2. ^ Feifer, Gregory (2010-06-03). "Ukraine's New Rulers: What Do They Want?". RadioFreeEurope/RadioLiberty. Retrieved 2022-03-03.
  3. ^ Kuzio, Taras (2008-07-01). "Oligarchs Wield Power in Ukrainian Politics". Eurasia Daily Monitor. Vol. 5, no. 125.
  4. ^ Wilson, Andrew (2016). Survival of the Richest: How Oligarchs Block Reform in Ukraine (PDF). Policy Brief. European Council on Foreign Relations.
  5. ^ "The Ukrainian Economy Is Not Terrible Everywhere". The Economist. 2016-01-20. Retrieved 2022-03-03.
  6. ^ "A Decisive Turn? Risks for Ukrainian Democracy After the Euromaidan". Carnegie Endowment for International Peace. 2016-02-03. Retrieved 2022-03-03.
  7. ^ a b "There are only two billionaires left in Ukraine: last year there were nine of them" (in Ukrainian). Ekonomichna Pravda. 9 November 2023. Retrieved 9 November 2023.
  8. ^ "Business anatomy of an empire by Rinat Akhmetov. How impoverished was the richest Ukrainian due to the war" [Бізнес-анатомія імперії Ріната Ахметова. Наскільки збіднів через війну найбагатший українець] (in Ukrainian). Forbes Ukraine. 9 November 2023. Retrieved 9 November 2023.