Sergei popov biography
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He later sold his shares in these companies for billions of dollars, converting his holdings into liquid capital which he now manages through a private investment portfolio.
What companies did Sergey Popov co-found?
Answer: Sergey Popov is a co-founder of three major Russian companies: MDM Bank (one of Russia’s largest private banks), SUEK (Siberian Coal Energy Company, Russia’s largest coal producer), and EuroChem (a leading global fertilizer producer).
What is Sergey Popov’s age?
Answer: Born on January 13, 1971, Sergey Popov is 54 years old as of 2025.
Who was Sergey Popov’s business partner?
Answer: Sergey Popov’s long-time and primary business partner was Andrey Melnichenko.
In 2010, he founded the private investment fund Agat, which includes a dedicated mentoring program providing startup capital and guidance to young entrepreneurs in Russia.[1] This initiative has continued operating into the 2020s, supporting early-stage ventures without Popov's direct involvement in large-scale public enterprises.[1]
Philanthropy and initiatives
Educational foundations
Sergei Popov served as a founding partner of the Moscow School of Management Skolkovo, a private business school established in 2006 to cultivate innovative business leaders for Russia's emerging economy.[26] As one of the initial supporters, Popov participated in key early activities, including conducting interviews for admissions to the school's Executive Master of Business Administration (EMBA) program alongside other founders.[26] His involvement reflected a commitment to fostering management education tailored to the challenges of post-Soviet business development, drawing from his own experiences in building major enterprises.[26]The school's curriculum emphasizes practical, innovative approaches to management and entrepreneurship, integrating case studies, project-based learning, and international perspectives to equip executives with skills for dynamic markets.[27] Popov contributed to shaping this educational framework through his foundational role, helping align programs with the needs of Russian business leaders seeking to navigate rapid economic transformation.[26]Popov maintains ongoing involvement as a patron of the institution, providing financial support for initiatives such as the annual SKOLKOVO MBA grant competition, which awards scholarships to promising students and promotes access to advanced training.[28] This patronage enables the school to deliver executive education programs that have collectively trained tens of thousands of professionals from public and private sectors since inception.[29]Entrepreneurial support programs
In 2008, Sergei Popov established the Agat private fund to invest in and mentor startup founders, particularly young entrepreneurs under 35 years old in Russia.[1][30] The fund operates as a charitable initiative providing hands-on support to early-stage businesses, with Popov serving as the lead mentor and overseeing the selection of promising ventures through a dedicated team.[31]The program's structure includes seed funding in the form of interest-free, no-collateral loans ranging from 200,000 to 1.5 million rubles for up to three years, enabling recipients to scale operations without immediate financial pressure.[30][31] Participants also receive advisory sessions from a network of over 30 experienced regional mentors who provide strategic guidance on business development, alongside expert consultations in areas such as legal compliance and human resources.[31] Networking events facilitate connections among entrepreneurs, mentors, and industry experts, fostering collaboration in cities including St.Petersburg, Yekaterinburg, Nizhny Novgorod, and Novosibirsk.[30]Agat has supported ventures across tech and industrial sectors, such as the tech startup "Knopka Zhizni" for emergency response services and industrial projects in plastic recycling and electrical equipment manufacturing.[31][30]Success metrics include the creation of over 300 enterprises and more than 2,000 jobs as of 2022, backed by an endowment exceeding 2 billion rubles as of 2022, demonstrating significant impact on Russia's entrepreneurial ecosystem.
The listing highlighted Popov's proximity to the Kremlin through his business activities in banking and commodities, though it did not impose direct sanctions.[33]In 2014, Ukraine imposed sanctions on Popov under its Law on Sanctions (No. Stay updated with the latest net worth updates and financial insights.
Frequently Asked Questions (FAQs)
What is Sergey Popov’s net worth in 2025?
Answer: Sergey Popov’s net worth is estimated to be approximately $2.9 billion as of 2025.
By co-founding and building industrial titans from the ground up and then executing a timely and lucrative exit, he secured his place among the world’s wealthiest individuals. This wealth was primarily generated from the sale of his significant stakes in coal producer SUEK and fertilizer giant EuroChem.
How did Sergey Popov make his money?
Answer: Popov made his fortune by co-founding MDM Bank with partner Andrey Melnichenko.
A key architect of the post-Soviet industrial landscape, Popov co-founded MDM Bank, which served as the financial engine to acquire and build two of the nation’s largest industrial powerhouses: coal producer SUEK and fertilizer giant EuroChem. He subsequently pursued higher education at an institution in the Ural region.[9]
Education
Sergei Popov, born in Yekaterinburg, Russia, attended the Ural State Technical University (also known as the Ural Polytechnic Institute), a prominent institution in his hometown.His current wealth is managed through a diversified portfolio of private investments, and the exact figure may fluctuate with global market performance and new investment activities.
Written by: NetWorthExplainer Editorial Team
| Estimated Net Worth (2025) | $2.9 Billion |
| Primary Income Source | Investment Portfolio, Past Asset Sales |
| Estimated Annual Income | $50 – $100 Million (from investments) |
| Key Affiliations | MDM Bank (co-founder), SUEK (co-founder), EuroChem (co-founder) |
| Age (in 2025) | 54 years old |
| Birth Date | January 13, 1971 |
| Nationality | Russian |
| Last Updated | January 2025 |
The Sergey Popov net worth in 2025 is estimated at a formidable $2.9 billion, positioning him among Russia’s most successful and private billionaires.
He was raised in Yekaterinburg, a prominent Soviet-era industrial hub in the Urals region, renowned for its heavy manufacturing, metallurgy, and engineering sectors that drove much of the USSR's economic output.[8][7]Popov's formative years coincided with the waning years of the Soviet Union and the turbulent post-Soviet economic transition of the early 1990s, a period marked by rapid liberalization, privatization, and widespread uncertainty in Russia's industrial heartland.
This was a high-risk, high-reward strategy. This transition from industrialist to financier defines his current financial status. They worked together for nearly two decades to build their industrial empire before Popov sold his stakes to Melnichenko.
Is Sergey Popov still involved with SUEK or EuroChem?
Answer: No, Sergey Popov is no longer involved with SUEK or EuroChem.
Through a series of complex transactions, they consolidated these acquisitions into two cohesive industrial giants:
- SUEK (Siberian Coal Energy Company): Formed by merging numerous coal producers, SUEK was transformed into Russia’s largest and one of the world’s leading coal companies.
- EuroChem: By consolidating various nitrogen and phosphate fertilizer plants, they created a vertically integrated company that would become a top-five global fertilizer producer.
For over a decade, Popov served as a key strategist, focusing on the financial architecture of their empire.
While his net worth is lower than that of his former partner, Andrey Melnichenko, and other magnates like Vladimir Potanin, his wealth is significantly more liquid and insulated from the direct operational and sanction-related risks associated with controlling major Russian industrial assets today.
Personal Life – Wife, Family & Relationships
Sergey Popov is exceptionally private, and very little information about his personal life is publicly available.
This partnership laid the groundwork for Popov's subsequent involvement in larger industrial investments.[12][14]
MDM Group development
In 2000, Sergei Popov co-founded the MDM Industrial Group alongside Andrei Melnichenko, assuming the role of Chairman of the Board of Directors to oversee its strategic direction.[1][15][10] This venture built upon their earlier partnerships in trading and asset management dating back to 1996, shifting focus toward large-scale industrial investments in post-Soviet Russia.[16]The group concentrated on three primary sectors: pipe production through the establishment of OAO TMK (Tube Metallurgical Company), a key player in oil and gas pipelines; fertilizers via EuroChem, which Popov co-founded with Melnichenko to consolidate production assets; and coal mining with the Siberian Coal Energy Company (SUEK), aimed at dominating thermal coal supply.[1][17][15] Between 2000 and 2002, MDM invested approximately $1 billion to build these entities, acquiring distressed industrial facilities and integrating them into vertically coordinated operations.[17]Under Popov's leadership, MDM pursued aggressive acquisitions of underperforming state assets during Russia's privatization wave, including key pipe mills for TMK, fertilizer plants for EuroChem, and coal mines for SUEK, which enhanced operational efficiencies and market share.[18][16] By 2003, these decisions had transformed MDM into a dominant force in Russia's industrial sector, with its portfolio companies emerging as leading exporters and contributors to national resource extraction.[18][19]Banking involvement
In 2003, Sergei Popov acquired a 50% stake in MDM Bank from his business partner Andrei Melnichenko, assuming the role of Vice Chairman of the Board of Directors.[20][21] He had joined the bank's board as a member in 2000, building on the institution's origins as an in-house financing arm for the partners' broader business interests.[20][22]Under Popov's leadership, MDM Bank expanded its operations significantly, growing into one of Russia's top 10 private banks by assets, valued at approximately $3.5 billion in 2007.[23] The institution focused on corporate lending and investment banking, with the industrial group serving as its primary client base through loans and financing tailored to group companies' needs.[22] This integration supported the financing of industrial projects while adhering to regulatory requirements for related-party transactions.In 2006–2007, Popov and Melnichenko restructured their partnership, with Popov increasing his ownership in MDM Bank to 90% and divesting his stakes in non-banking assets to streamline the institution's focus on financial services.[20] This separation allowed the bank to concentrate on core operations amid growing market competition.We then apply a conservative market growth rate to this capital base to estimate the current value of his investment portfolio. This venture capitalized on the chaotic market transitions, providing essential inputs to heavy industry during a period of industrial restructuring.[12]In 1996, Popov co-founded the MDM Business Concern (also known as the MDM Trade and Industrial Company) alongside Andrei Melnichenko, marking his shift toward diversified trading operations.
The core of his wealth valuation is based on the reported sums from his divestment from SUEK and EuroChem.