Last Updated: August 30, 2023
Info
Category:
Richest BusinessRichest Billionaires
Net Worth:
$40 Billion
Birthdate:
Jun 14, 1957 (66 years old)
Birthplace:
Odessa
Gender:
Male
Profession:
Businessperson, Entrepreneur, Financier, Film Producer
Nationality:
United Kingdom
💰 Compare Len Blavatnik's Net Worth
Table of ContentsExpand
  1. Early Life
  2. Career
  3. Personal Life

What is Len Blavatnik's net worth?

Len Blavatnik is a Ukrainian-American businessman who has a net worth of $40 billion. He runs his empire through the holding company Access Industries, which he founded in 1986. Today Access owns the majority of Warner Music Group, sports media company DAZN and 1/5th of LyondellBasell Industries, one of the largest chemical companies in the world. Access Industries acquired Warner Music Group in 2011 for $3.3 billion. He is also a minority owner in Russia's largest producer of aluminum, United Co. Rusal. Between 2004 and 2012 Blavatnik earned more than $5 billion in dividends a 12.5% stake in a Russian oil venture called TNK-BP. He sold his stake in the venture in 2013 for $7 billion. His real estate and art collection are valued at $1.7 billion.

Early Life

Leonard Valentinovich Blavatnik was born on June 14, 1957 in Odesa, then in the Ukrainian SSR and part of the Soviet Union. He was born into a Jewish family. His parents then moved to Yaroslavl, a Russian city north of Moscow, when he was a child. He later attended Moscow State University of Railway Engineering. However, he was unable to finish his coursework due to his family's request for emigration visas. His family emigrated from the Soviet Union to the United States in 1978. He later received a master's degree in computer science from Columbia University's School of Engineering and Applied Science in 1981. In 1989, he earned an MBA from Harvard Business School.

Career

In 1986, Blavatnik founded the holding company, Access Industries Holdings, of which he is chairman and president. The business now controls a large portion of LyondellBasell, the world's largest producer of polypropylene. Through the holding company, he also owns most of Warner Music Group and also has stakes in several publicly traded assets.

After the collapse of the Soviet Union, Blavatnik purchased a number of former state assets in Russia that were privatized by the government through his holding company. In particular, he accumulated shares in aluminum smelters and has been described as a victor in Russia's aluminum wars. He made much of his early wealth during this period of time.

One of the investments he made during this time was in Sual, which later became part of United Company Rusal and developed into the world's largest aluminum producer. Blavatnik was a board member of Rusal from 2007 to 2016. He oversaw the company's investment in regional electricity generating stations. They then used the electricity supply to power their energy-intensive aluminum businesses.

Blavatnik formed the Renova investment vehicle with a friend from university, Viktor Vekselberg. Together, they obtained a stake in the Irkutsk Aluminum Plant and accumulated smelters and plants. They also obtained a coal mine in Kazakhstan. In 1997, a number of Blavatnik's companies formed together to create the company AAR (Alfa, Access, Renova). Blavatnik's key role within the group was to liaison with western businesses such as British Petroleum.

AAR bought almost half of the struggling oil producer Tyumen Oil (TNK) for $800 million upon its formation. TNK was one of few remaining state-owned oil companies at the time. In 2013, the Russian oil company Rosneft paid AAR $28 billion in cash for its 50% stake in TNK. This sale represented the liquidation of the majority of Blavatnik's Russian assets.

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Through Access Industries, Blavatnik also purchased the petrochemicals and plastics manufacturer Basell Polyolefins from Royal Dutch Shell and BASF for just under $6 billion. In 2007, Basell then acquired Lyondell Chemical Company. The resulting company, LyondellBasell Industries became the world's eighth largest chemical company based on net sales. However, by 2009, the U.S. operations of LyondellBasell filed for bankruptcy. The following year, it emerged from Chapter 11 bankruptcy protection in a much better financial position. Since then, its stock has increased significantly in value. Access Industries still owns about 21% of the company.

Access Industries also purchased Warner Music Group in 2011. Over the years, Access Industries has gotten more and more involved with other music and entertainment endeavors. In 2012, Access made a large investment in the music streaming service Deezer. In 2014, it acquired Perform Group. In 2016, Access launched Access Entertainment, which then bought a stake in RatPac Entertainment and Bad Wolf. In 2017, Blavatnik considered purchasing the publisher Time Inc. However, he ultimately walked away from the deal. The following year, he purchased the Theatre Royal Haymarket, Britain's third oldest theatre. Blavatnik also owns AI Film, the independent film and production company. The company backed Lee Daniels' film "The Butler." He also is the owner of DAZN Group, which has been described as the Netflix of sports. The company has been very successful over the years, though experienced some hardship around 2019. In 2022, Blavatnik agreed to a recapitalization of the company.

Outside of business, Blavatnik is also a philanthropist through the Blavatnik Family Foundation. Through his foundation, he has supported many cultural and philanthropic institutions. He has served as a benefactor for the British Museum, Tate Modern, Royal Opera House, National Portrait Gallery, and the Museum of Modern Art, among others.

Personal Life

Blavatnik is married to Emily Appelson Blavatnik. Together, the couple have four children. He has a number of high dollar residences around the world. He owns a Grade II listed building in Kensington Palace Gardens which he acquired in 2004. Other residences on the street are owned by both Israeli and Russian ambassadors. He also has a residence in Manhattan. Blavatnik is friends with various high-profile politicians. He is a friend of Israeli Prime Minister Benjamin Netanyahu and former president Donald Trump. He is also a friend and business partner of the Russian oligarch Viktor Vekselberg. He holds both British and American citizenship. In 2013, Blavatnik was made chevalier of the French Legion d'Honneur. He was knighted by Queen Elizabeth II in the 2017 Birthday Honors for services to philanthropy.

All net worths are calculated using data drawn from public sources. When provided, we also incorporate private tips and feedback received from the celebrities or their representatives. While we work diligently to ensure that our numbers are as accurate as possible, unless otherwise indicated they are only estimates. We welcome all corrections and feedback using the button below.
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