Roman Abramovich: A Russian-Born Jewish Businessman with a Plan

There are three types of people in this world: people who make it happen, people who watch it happen and people who say, "What happened!" At only 36 years old, Roman Abramovich has made it happen. Forbes Magazine lists him as the second-richest man in Russia and the world's 25th wealthiest person, with a fortune of $10.6 billion. His meteoric rise is even more remarkable when his difficult start in life is factored into the equation.

Abramovich's mother died when he was only 18 months old and his father died in a construction accident when he was four. Adopted by his father's brother and raised by his Jewish family in the harsh environs of the Arctic Circle, he transformed hardship into significant success.

Abramovich attended the Industrial Institute in the city of Ukhta before he was drafted into the Soviet army. His interest in oil began early, and he concentrated his business activities on trading oil products out of Russia's largest refinery in Omsk, Western Siberia. His big break came in 1992, when Boris Berezovsky, then the most powerful of Russia's tycoons, befriended him, allowing him to enter the inner circle of former president Boris Yeltsin. Nine years later, Berezovsky fell out of favor with the new Putin regime, in large part due to a criminal investigation into fraud charges. When he emigrated to Great Britain, the pupil took over from his master.

Abramovich stepped into his mentor's shoes and began building up his financial empire. He accumulated 80% of Sibneft, Russia's fifth-largest oil company, 50% of Rusal, the Russian aluminum oil monopoly, and 26% of Aeroflot, Russia's national airline. Along the way came accusations of financial misdealing, as the Russian economy underwent its own version of robber baron capitalism. In 1992 he was investigated (and subsequently cleared) of the misappropriation of 55 railroad wagons filled with diesel fuel from the Ukhtinsky petroleum processing plant.

Recently, Abramovich has branched out into politics, following in the footsteps of other oligarchs who became regional governors. Regional governors wield enormous power on both a local and national level through their control over vast chunks of natural resources. In December 2000, he won 92% and became the governor of Chukotka, a desolate province in northeastern Russia. Since then, he has been pouring money into the frozen province, which has a population of just 73,000. According TIME Magazine, Abramovich spent between $200 million and $300 million of his own money to build everything from hotels and cinemas to supermarkets. Such largesse has aroused suspicions from his critics, who think he is using Chukotka as a springboard for higher political office. But he confidently told TIME, "It's a new endeavor for me. I've never run a territory. I've never talked publicly to people. I've got to try it just to see whether I like it."

Abramovich currently owns the Chelsea Football Club, and like Rupert Murdoch, he sees sports holdings as a solid investment. His British connections extend to Millhouse Capital, a British-registered investment fund, which controls billions of dollars of his assets. Roman Abramovich still appears to be reaching higher. His killer-smile says it all.