Ukrainian oligarchs
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. Pro-Western sources have criticised Ukraine’s lack of political reform or action against corruption, and the influence of Ukrainian oligarchs on domestic and regional politics, particularly their links to Russia.
In 2008, the combined wealth of Ukraine's 50 richest oligarchs was equal to 85% of Ukraine's GDP. In November 2013, this number was 45%. Ukrainian GDP fell by 7% in 2014, and shrank 12% in 2015. By 2015, due to the Russo-Ukrainian War, the total net worth of the five richest and most influential Ukrainians at that time had dropped from $21.6 billion in 2014 to $11.85 billion in June 2015. According to a research by The New Voice of Ukraine in November 2023 there were only two billionaires left in Ukraine, these being Rinat Akhmetov and Viktor Pinchuk. In November 2022 they had counted nine billionaires. The February 2022 Russian invasion of Ukraine and its negative impact on the economy of Ukraine led to the decline in billionaires.
Usage
Oligarchs were usually defined as businessmen with direct influence on both politics and the economy. During the 1990s, oligarchs emerged in Ukraine as politically-connected nouveau riche whose wealth came through ties to the corrupt — but democratically elected — government of Ukraine in its transition to a market economy. Later, numerous Ukrainian business people took control of a political party. The Party of Greens of Ukraine, Labour Ukraine and Social Democratic Party of Ukraine (united) are examples of this, while other oligarchs started new parties to gain seats and influence in the Verkhovna Rada.The rise of the oligarchs has been connected to the privatization of state-owned assets, the distribution of property titles to state-owned enterprises, land, and real estate, on an equal basis to the entire population of the country, through instruments such as privatization vouchers, certificates, and coupons. Given different levels of risk-aversity, property titles were easily re-sold. Businessmen who could provide initial investment capital were able to collect these property titles and thus take control over of formerly public holdings.
Various Western nations have raised national security concerns over the oligarchic kleptocracy since the early 2000s but these gained greater salience after the 2022 Russian invasion of Ukraine raised the national security implications of a great deal of money—sourced from Ukraine or Russia but spent in the West—finding its way into matters of national security.
The oligarchs' influence on the Ukrainian government was 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.
In 2021 Ukraine passed a law that defined an oligarch as someone fulfilling three of the following four criteria:
- They have a fortune of $80 million or more;
- They exert political influence
- Own media outlets
- Have beneficial ownership of a monopoly
List of oligarchs by wealth
In total, in September 2021 the top 100 wealthiest business people in Ukraine controlled around $44.5 billion, according to Forbes, 27% of Ukrainian GDP.The top five Ukrainian oligarchs with net worth of at least $1 billion in 2024 were identified as:
| rank | image | name | net worth | source | industry | reference |
| 1 | Rinat Akhmetov | $4 B | steel, coal | metals & mining | ||
| 2 | Victor Pinchuk | $2 B | steel pipes, diversified | metals & mining | ||
| 3 | Vadim Novinsky | $1.2 B | steel | metals & mining | ||
| 4 | Kostyantin Zhevago | $1.1 B | mining | metals & mining | ||
| 5 | Henadiy Boholyubov | $1 B | banking, investments | diversified |
Chernenko study
An economic study by Demid Chernenko identified 35 oligarchic groups based on data points between 2002–2016:Anti-Oligarch Law
In September 2021, Verkhovna Rada passed Law No. 1780-IX, aimed at reducing the disproportionate influence of wealthy individuals over politics, media, and the economy. The law defines an oligarch as someone who meets at least three of the following four criteria:- Participates in political life
- Has significant influence over mass media
- Is the ultimate beneficiary of a monopoly
- Possesses assets exceeding ₴2.5 billion
In July 2022, Rinat Akhmetov announced his complete withdrawal from the media business. His holding company SCM transferred licenses and broadcasting rights of Media Group Ukraine back to the state. This move eliminated one of the key criteria—media influence.
Soon after, his longtime associate Vadym Novinsky resigned from parliament, severing Akhmetov’s direct link to political life. According to Ukraine’s Minister of Justice Denys Maliuska, these actions meant Akhmetov no longer met the legal threshold to be classified as an oligarch.
Oligarchs during Russian invasion of Ukraine
Following the full-scale Russian invasion of Ukraine in February 2022, the role of Ukrainian oligarchs shifted significantly. Many of the nation's wealthiest figures adopted a public, pro-Ukrainian stance and provided substantial support to the war effort.Rinat Akhmetov, Ukraine's richest man, publicly condemned the invasion and pledged to help rebuild the country. SCM together with the Rinat Akhmetov Foundation have channeled over UAH 11.3 billion to help Ukraine. Similarly, former president Petro Poroshenko has leveraged his business and personal wealth to purchase and deliver military supplies, including armored vehicles, drones, and medical equipment, directly to frontline units. Viktor Pinchuk and his foundations have also provided millions in aid, focusing on medical supplies and humanitarian relief for civilians affected by the war.
In contrast, other prominent oligarchs have faced renewed legal challenges. In September 2023, Ihor Kolomoisky was arrested on charges of fraud and money laundering, a move seen as a major step in President Volodymyr Zelenskyy's campaign to combat oligarchic influence and corruption. Additionally, Dmytro Firtash, who has been fighting extradition from Austria to the United States on bribery charges since 2014, has also seen his assets within Ukraine come under legal pressure. The war has accelerated a decline in the political and economic power of these figures as the government seeks to consolidate power and reduce the influence of powerful business interests. According to Anastasia Fomitchova, the full-scale provides the authorities with the opportunity to legally overturn the balance of power with Ukraine’s main economic actors.