Top 10 Wealthiest Oil and Gas Billionaires in 2022

Fridman began his first job as a theater ticket checker while still a student. He graduated from the Moscow Steel and Alloys Institute in 1986. Before founding one of Russia's most renowned business conglomerates, Fridman worked at several financial-related businesses.

Fridman is a sharp businessman who recognized the potential in Russia's oil and gas industry. In 1988, he co-founded the Alfa Group Consortium with his friends and partners, German Khan and Alexei Kuzmichov. This marked his rise as an entrepreneur and he took the role of chairman of the supervisory board and became the largest shareholder. Today, thanks to his persistence through difficulties, his company has become one of the largest private investment firms in Russia. He is also one of the most respected and well-known business figures in the country, ranking as the second richest Russian with a net worth of $13.3 billion. Additionally, he is a member of the Council on Foreign Relations, a prestigious international advisory board. A Ukrainian-born Jew, Fridman plays a key role in the Jewish community, having helped establish a multi-million-dollar fund to support and promote Jewish achievements. He is also an art enthusiast and frequently sponsors theaters around Moscow. Fridman is regarded as an inspiring figure for many Russian entrepreneurs.

During a press conference in London, billionaire Mikhail Fridman expressed that war is a tragedy for both sides. He refrained from commenting directly on Russia's campaign in Ukraine, believing that personal statements could put him, his employees, and colleagues at risk.

Leonid Mikhelson is a prominent Russian businessman, one of the major shareholders of NOVATEK (24.8%), and the chairman of the board at SIBUR. In 2020, Forbes ranked Mikhelson as the 3rd richest Russian, with a net worth of $17.1 billion.

In 2019, Forbes named him the wealthiest Russian billionaire of the decade. His net worth during this period was $22.6 billion. Mikhelson has been the chairman of NOVATEK's board since 2003. In late 2010, one of his companies acquired a 50% stake in SIBUR's oil refining division from Gazprombank. Additionally, he owns 75% of a large bank in Samara, OJSC First United Bank (Pervobank), formed through the merger of Nova Bank and Samara Credit Bank. NOVATEK is Russia's largest independent natural gas producer, primarily involved in the exploration, production, processing, and marketing of natural gas and liquid hydrocarbons. As of December 31, 2020, NOVATEK held 72 exploration and production licenses with proven reserves of 16.4 billion barrels of oil equivalent (boe).

One of NOVATEK's key priorities is expanding its supply network and enhancing its presence in key markets. The company exports LNG from the Yamal LNG plant to the UAE and delivers oil by nuclear-powered icebreaker Arc7 to Japan via the Northern Sea Route.

The billionaire Timchenko was once a Soviet trade official before venturing into the oil trading industry. He met Vladimir Putin in the 1990s when Putin was responsible for foreign economic relations in the St. Petersburg mayor's office.

In 2006, following the bankruptcy declaration of Russian oil giant Yukos Oil by Mikhail Khodorkovsky, a move believed to be politically motivated, the Kremlin awarded Yukos’s oil trading contracts to Gunvor. Timchenko became a Finnish citizen in 1999 but regained his Russian citizenship in 2012. According to the Bloomberg Billionaire Index, Timchenko’s net worth stands at $8.5 billion. Besides his stake in Gunvor, Timchenko holds shares in OAO Novatek, Russia's largest independent gas producer, and the chemical company OAO Sibur. Despite US sanctions imposed on Timchenko, Gunvor continues to trade oil products in Europe as usual, including selling a large diesel shipment. Timchenko, the sole shareholder of the Volga Group, which primarily invests in energy, transportation, and infrastructure, has a net worth of $14.5 billion.

Russian entrepreneur Timchenko was also a co-owner of the energy company Gunvor until he sold a 43% stake to business partner Torbjorn Tornqvist in March 2014. However, his Volga Group still holds 23% of Russia's Novatek, 50% of Petromir, which operates the Angaro-Lenskoe gas field in Irkutsk, and 80% of Transoil, one of the largest private companies in the country.

This renowned billionaire from Saudi Arabia, Mohammed Al Amoudi, has a net worth of $10.8 billion, largely from his involvement in the oil trade and investments across various industries. He is the owner of Svenska Oil and Preem refinery.

Mohammed Al Amoudi began his career in construction in Saudi Arabia before expanding into multi-industry ventures, from healthcare centers to universities. A true multi-industry mogul, Al Amoudi has invested in agriculture in Ethiopia, including coffee, fruits, vegetables, and tea production, as well as cement manufacturing and gold mining. His coffee is supplied to the famous Starbucks, and his tea is sold to Lipton. The billionaire, who resides in one of the wealthiest cities in the Middle East, is also a dedicated philanthropist, contributing to organizations that support impoverished children globally. He works directly with the Clinton Global Initiative on efforts to combat the AIDS pandemic in Africa.

Mohammed Al Amoudi, the chairman, CEO, and sole owner of MIDROC, an international holding company, has a net worth of $14.4 billion, making him the second richest person in Saudi Arabia.

Vagit Alekperov is the head of one of Russia's largest oil companies, LUKOIL. The company holds significant oil reserves and controls nearly 20% of Russia's total oil production.

Founded by former Soviet Deputy Minister of Oil and Gas Alekperov in 1991, Lukoil is one of the few major oil companies in Russia not under government control. Known as a quietly influential billionaire, Alekperov shies away from flashy public displays of power. Today, Lukoil stands as one of the world’s most influential oil giants, with reserves second only to ExxonMobil. Behind this success is Vagit Alekperov, hailed as a master of blending capitalist management with socialist principles. After graduating from the Azerbaijan Oil and Chemistry Institute in 1974, Alekperov quickly advanced from a position pumping oil wells to becoming the deputy manager of an entire oil field. Known for his meticulous selection of staff, Alekperov recognized early that his projects would need to expand globally and strategically built a top-tier team to support this vision.

Alekperov has expressed his continued commitment to international investments. Recently, Lukoil acquired a $1.8 billion stake in the Italian refinery group ERG. His strategic mindset has been crucial in building the right team for his ambitious projects. Alekperov remains determined that Lukoil will soon become the world’s largest oil company.

German Khan, a German-Ukrainian, is the co-founder of Alfa Group and LetterOne (Luxembourg), alongside billionaires Mikhail Fridman and Alexei Kuzmichev.

Khan began his entrepreneurial journey in the late 1980s, initially selling electronics, carpets, and various consumer goods. A significant portion of his current wealth comes from selling his stake in TNK-BP, a joint venture between BP (UK) and Rosneft Oil (Russia). He used the proceeds from this sale to help establish LetterOne in 2013. According to the Bloomberg Billionaires Index, Khan’s estimated net worth is around $7.7 billion. Khan and his university friends became partners in 1989, when they started the trading company Alfa-Eco. German Khan is also the co-founder of Alfa Bank, the largest privately-owned bank in Russia, which was sanctioned by the US in April. Alfa’s oil arm, Tyumen Oil, merged with BP’s assets in Russia in 2003, forming TNK-BP. After 10 years, they sold 25% of their stake for $14 billion. Khan, along with Fridman, Aven, and Kuzmichev, was sanctioned by the EU and the UK in February and March 2022. Together with Fridman, Khan filed a defamation lawsuit related to allegations of their collaboration with the Kremlin to influence the 2016 US presidential election.

German Khan currently resides in Moscow, running Alfa Group from his office in the city’s financial district. The group has stakes in X5, the largest supermarket chain in Russia, and the telecommunications company Vimpelcom.

Carrie Ka Yee Wong, born in Singapore, inherited the international oil and gas company Perenco after the passing of her husband Hubert Perrodo in 2006. Perenco, one of the largest family-owned oil companies in the world, operates in countries such as Gabon, Peru, Vietnam, and others.

Carrie’s eldest son, Francois, now leads Perenco, while her daughter Nathalie oversees the family's winery investments in Bordeaux. Carrie, who was a top model in the 1970s, met her husband Hubert as he traveled the world searching for oil and gas. She later founded her own modeling agency, Carrie's Models, which, though sold years ago, still operates today. The Perrodo family, with their stake in Perenco—a private oil company with operations in 15 countries—has an estimated net worth of $11 billion. Hubert Perrodo founded Perenco before his passing in 2006, leaving Francois to head the family business. After marrying Hubert, Carrie pursued business ventures, establishing Carrie's Models and supporting her husband’s oil company, which generates annual revenues of around $6 billion.

At 64, Carrie still possesses a charming smile and a fit physique, earning her recognition as one of the wealthiest and most beautiful women in the West.

Charles and his brother David currently hold 84% of Koch Industries, with each having an estimated net worth of around $31 billion. According to Forbes, Charles Koch is one of the 50 most powerful people in the world, one of the 20 wealthiest individuals, and one of the 10 most controversial figures. He is one of the two influential leaders of Koch Industries.

Although Koch Industries is primarily owned by both brothers, Charles has managed the company since 1967 when their father appointed him CEO. Together, Charles and David Koch now own 84% of Koch Industries, with each having an estimated net worth of around $31 billion, placing them fourth on the Forbes 400 list (the richest Americans), following Bill Gates, Warren Buffett, and Larry Ellison. The Koch brothers inherited the oil refinery business from their father Fred. A family battle over control of the company in the early '80s led to Frederick and William leaving, while Charles and David stayed to build Koch Industries into a diversified conglomerate, with annual revenues of $125 billion. The brothers manage their wealth through the family office 1888 Management. Charles and David Koch are among the wealthiest individuals in the world, ranking equally at number 8 on the 2018 Forbes billionaire list.

The Koch brothers have not shied away from challenging policies they disagree with, notably opposing certain tariffs implemented by President Donald Trump on imported goods.

Considered a national treasure, India’s richest man, Mukesh Ambani, benefits from the Z+ security status provided by the government, with 55 armed guards protecting him. On February 28th, shares of his diversified conglomerate Reliance Industries, which generates most of its revenue from energy, saw a 3% rise. This boost came as oil prices recovered, helping energy sector stocks in India—one of the world’s largest oil producers—surge.

This resulted in a $2.8 billion increase in Mukesh Ambani's net worth, allowing him to reclaim his position as the richest man in India and Asia, surpassing infrastructure mogul Gautam Adani. As of the afternoon of February 28th, Ambani ranked as the 10th wealthiest person globally, with an estimated fortune of $89.7 billion, according to Forbes. Adani's wealth was pegged at around $87.8 billion, placing him 11th. Reliance Industries also made a major move by acquiring at least 200 stores from struggling supermarket chain Future Retail, expanding its reach and positioning itself as India’s largest retail brand. This success came after a lengthy legal battle with Amazon over a $3.4 billion deal to take over the unprofitable retail arm of Reliance Industries.

Having inherited half of his father’s business, Mukesh quickly ascended to the top, becoming Asia’s richest man in 2018 and one of the wealthiest globally. His decisive business strategies are evident in his aggressive pricing strategy in India’s competitive telecom market. The launch of Jio 4G services earned him respect from both friends and rivals. Mukesh’s wealth surged following significant investments in Jio Platforms. Major names like Facebook, KKR, and Saudi Arabia’s sovereign wealth fund have all shown interest in investing in this venture. Jio now boasts over 340 million customers, thanks to free internal calls and affordable data services, cementing Mukesh’s position as the leader in India’s telecom sector. Last year, at a shareholder meeting, Mukesh proudly declared that this is the golden decade for Reliance.

Harold Hamm, 76, co-founder of the shale oil giant Continental Resources, has reached the position of the 93rd richest person in the world, with a net worth of $18.6 billion. Recently, he executed one of the largest wealth transfers in American history. Like many of America’s ultra-wealthy, Hamm’s massive gift to his children is likely to be largely tax-free.

Born the youngest of 13 children in a poor Oklahoma family, Hamm entered the energy industry at the age of 18 with just $1,000 in borrowed funds, providing services to oil rigs. Four years later, he ventured into shale oil exploration, which led to the founding of Continental Resources. Rapid expansion played a critical role in his success. Over two decades, Hamm acquired 1,214 square miles of land in the Bakken field of North Dakota, an area previously known for minimal oil production. However, innovations like horizontal drilling and hydraulic fracturing allowed Hamm to transform the region into the third-largest oil producer in the U.S. by 2012.

Each of Hamm's children will inherit $2.3 billion worth of shares in the shale oil company he founded more than five decades ago. Hamm reassured investors that he would maintain control over Continental, as his children are not allowed to sell the shares until after his passing.