Ukrainian oligarch

Ukrainian oligarchs 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. The influence of Ukrainian oligarchs on domestic and regional politics, particularly their links to Russia, has been the source of criticism from pro-Western sources critical of Ukraine’s lack of political reform or action against corruption.^[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] 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.^[5] (In 2014, Ukrainian GDP fell by 7%; in 2015, it shrank 12%.^[6])

Usage[]

Oligarchs are usually defined as businessmen having direct influence on both politics and the economy. During the 1990s, the oligarchs emerged as politically-connected entrepreneurs who started from nearly nothing and got rich through participation in the market via connections to the corrupt — but democratically elected — government of Ukraine during the state's transition to a market-based economy. Later, numerous Ukrainian business-people have "taken over control" of political parties (examples of this are Party of Greens of Ukraine, Labour Ukraine and Social Democratic Party of Ukraine (united)^[1]) or started new ones to gain seats and influence in the Verkhovna Rada (Ukrainian parliament).

The rise of the oligarchs has been connected to the processes of privatization of state-owned assets. These processes usually involved the distribution of property titles of such enterprises, land, and real estate, on equal base to the whole population of the country, through instruments such as privatization vouchers, certificates, and coupons. Given the different preferences of people in relation to risk-aversity, property titles were easily re-sold. Businessmen who could provide an initial investment capital to collect such property titles could thus easily arrive to the property of whole former public holdings.

The oligarchs' influence on the Ukrainian government is extreme. In 2011 some analysts and Ukrainian politicians believed that some Ukrainian businesses tycoons, with "lucrative relations" with Russia, were deliberately hindering Ukraine's European Union integration.^[7]

List of oligarchs by wealth[]

In total, the top 100 wealthiest business people in Ukraine control around $44,5 billion, according to Forbes,^[8] which accounts for 27% of Ukrainian GDP in September, 2021.^[9]

The top 10 Ukrainian oligarchs were identified as:

Chernenko study[]

An economic study by Demid Chernenko identified 35 oligarchic groups based on data points between 2002–2016:^[10]

See also[]

• List of Ukrainians by net worth
• Political parties in Ukraine
• Russian oligarchs
• Business magnate
• History of post-Soviet Russia#Rise of the oligarchs
• Oligarchy
• Robber baron (industrialist)

References[]

External links[]

• Chernovetsky enters Wprost list of 100 richest people by Kyiv Post (October 22, 2008)
• To Catch an Oligarch by Jason Felch and Justin Kane, Center for Investigative Reporting (October 4, 2004)