Russian billionaire Mikhail Smirnov died in a car accident – he was on the Forbes list

Main points

• In the Leningrad Region, billionaire Mikhail Smirnov died in a traffic accident on a Triumph motorcycle, colliding with a Haval car.
• Smirnov was the chairman of the board of directors of the Baltic Fuel Company and was included in the ranking of billionaires with a capital of 7.79 billion rubles.

A billionaire from the oil business died in Russia / Collage of Channel 24, photo by Russian media

Russian businessman Mikhail Smirnov, the chairman of the board of directors of the Baltic Fuel Company and a member of the rankings of wealthy entrepreneurs, has died in a road accident in the Leningrad region of Russia.

What is known about the death of billionaire Smirnov?

The accident occurred on the Pisky – Sosnovo – Pidhirya highway at kilometer 49, writes Russian media outlet Meduza.

According to Russian media, he was riding a Triumph motorcycle when he lost control and veered into the oncoming lane, colliding with a Haval car. The businessman died at the scene from his injuries.

What is known about the circumstances of the accident?

According to preliminary information:

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• the motorcycle driver did not have the appropriate category of license;
• over the past two years, he has been prosecuted 19 times for traffic violations;
• The vast majority of fines are for speeding.

Such factors often increase the risk of serious accidents, especially on country roads with curves and high speeds.

Who is Mikhail Smirnov?

Mikhail Smirnov was a famous Russian financier and a major entrepreneur in the fuel market of the Northwestern region of Russia.

• Capital and ratings: In 2024, he entered the official billionaires rating of the publication “Business Petersburg” with a capital of 7.79 billion rubles.
• Main assets: Smirnov was a long-time co-owner and chairman of the board of directors of the Baltic Fuel Company and the owner of 50% of the shares of the Neva Oil company. These enterprises ensure the export of petroleum products and bunkering (fueling) of sea vessels in the Grand Port of St. Petersburg.
• Career path: Before the oil sector, Smirnov worked in top positions in the banking sector, in particular at Bank Saint Petersburg. In 2015, he also headed the large corporation AEON Corporation, which was included in the list of the 200 largest companies according to Forbes. In total, during his life he participated in the management of 26 companies in the fields of logistics, finance, real estate and the restaurant business.

Note! The Russian fuel industry is traditionally one of the most capital-intensive and export-oriented. Companies such as Baltic Fuel Company operate in the logistics of petroleum products and marine bunkering, making them important elements of the regional economy. The death of Mikhail Smirnov may primarily affect business structures associated with his assets.

How many dollar billionaires are there in Russia and what is their fortune?

Last year, the Russian Forbes list was expanded by 9 more people and now includes 155 billionaires with a combined fortune of $696.5 billion, writes The Moscow Times.

Compared to 2021, there were 22 more of them, and if you look at 2005, the number has increased more than fivefold. The total amount of wealth also continued to grow:

• Over the year, it added $70.1 billion, and compared to the pre-war year of 2021, it added $90.3 billion.
• In a longer retrospective, over 20 years, total wealth increased by $590 billion, or 553%.

It is known that Russian billionaires currently control assets worth 52.2 trillion rubles. This is approximately 24% of the entire Russian economy, which is estimated at 214 trillion.

Their combined capital is almost equal to the gold and foreign exchange reserves of the Central Bank of Russia, which amount to about $770 billion. It is also a quarter larger than the federal budget and more than double the combined budgets of all the regions.

Who is on the list of the richest people in Russia?

85 billionaires were able to increase their fortunes in a year:

1. The leader of the ranking was Alexey Mordashov , the owner of Severstal and Nordgold. His capital increased by $8.4 billion and reached $37 billion. He became the first Russian billionaire to surpass the $30 billion mark.
2. In second place is Vladimir Potanin , owner of Norilsk Nickel, who added $5.5 billion and is now valued at $29.7 billion.
3. Vagit Alekperov is in third place with an increase of $800 million and a fortune of $29.5 billion, despite the difficult situation in the energy sector.

Why is the number of billionaires growing in the world?

The number of ultra-rich people in the world continues to grow rapidly, and global capital is increasingly concentrated in the hands of a limited group of individuals, The Guardian writes, citing analysts from Knight Frank.

They estimate that there are currently about 3,110 billionaires in the world. However, the key trend is not the number itself, but the rate of its growth – it remains consistently high.

Experts predict that the number of billionaires could grow to around 3,915 by 2031. That's an increase of almost a quarter in just five years.

The segment of multimillionaires – people with a fortune of $30 million or more – is expanding even faster. While in 2021 there were about 162,000 of them, now their number exceeds 713,000. This is a more than threefold increase.

Knight Frank researchers attribute this dynamic primarily to the development of the technology sector. Artificial intelligence and the IT industry play a special role, significantly accelerating the creation and scaling of businesses.

Liam Bailey

Knight Frank Global Head of Research Liam Bailey

The opportunities for expansion have never been greater. What used to take decades can now be turned into a fortune in just a few years – and on a much larger scale than before.

As a result, the effect of rapid self-growth of capital is formed, when money generates new money much faster than in previous decades.

What does this mean?

1. Acceleration of capital concentration in high-tech sectors;
2. Widening the gap between different social groups;
3. The growing role of global financial centers;
4. Formation of the “self-acceleration effect” of wealth.

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