It’s no surprise that oil has taken a hit as the pandemic begins to wane and inflation is at an all-time high. News of prices at the gas pump are showing some states in the U.S. paying well over $5 per gallon, causing families to cut costs elsewhere and cancel that upcoming vacation.
While the men and women behind the world’s oil companies may be billionaires, they too, do not have complete control over the economy and the direction prices are going, causing them to lose billions over the past few years.
Still, oil tycoons remain in the top percentage of business net worth today.
Check out some of the richest in 2022.
10 German Khan – $8.5 Billion
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The Ukrainian-Russian billionaire and businessman helps control Alfa Group and LetterOne. Alfa Group Tyumen Oil company merged with BP’s Russian assets in 2003 and 10 years later, Kahn sold his (along with his partners) 25 percent stake for $14 billion.
According to Offshore-Technology, Khan also holds interests in oil, gas, commercial and investment banking, asset management, insurance, retail and telecommunications.
9 George Kaiser – $9.7 Billion
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In 1969, when Kaiser’s father, owner of a small, independent oil company had a heart attack, Kaiser took over the family business and it became the 23rd largest private energy exploration company in the U.S.
The chairman of BOK Financial Corporation operates out of Tulsa, OK and in addition, Kaiser owns Excelerate Energy. According to CQHA, the American billionaire has used his financial windfall to purchase stakes in numerous companies, including the Oklahoma City Thunder.
8 Mikhail Fridman – $12.9 Billion
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The Russian Israeli businessman was one in the partnership with Khan when the group created Alfa Group and later, chose to sell their stake to BP. For that business deal alone, Fridman earned $5.1 billion in cash.
Before the sale, Fridman had built the Alfa Group into one of the biggest private investment firms in Russia and is very active in the Public Chamber of Russia. He is also the co-founder of the Genesis Philanthropy Group, supporting Russian Jews around the world.
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7 Harold Hamm – $18.6 Billion
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The American entrepreneur founded and chairs one of the United States’ biggest independent oil companies, Continental Resources. In the 1990’s, it was Hamm who began using horizontal drilling and hydraulic fracturing in North Dakota. Today, the company produces more than 160,000 barrels per day.
6 Gennady Timchenko – $19.6 Billion
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Russian oligarch and businessman Timchenko is the founder and owner of the private investment group Volga. The billionaire used to be co-owner of Gunvor Group and is one of the most powerful people in Russia and close friends with President Vladimir Putin.
He has been under U.S. sanctions since 2014 and partners with another billionaire on the list, Leonid Mikhelson.
5 Elaine Marshall – $20 Billion
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The only female on our list of oil tycoons, Marshall is an American attorney and politician, serving as Secretary of State since 1997. She controls 15 percent of Koch Industries. She sits on the board of Koch Industries and inherited her fortune from her late husband E. Pierce Marshall.
In an interesting twist, Pierce’s father, J. Howard Marshall II was famously married to American model Anna Nicole Smith for 14 months prior to his death in 1995, however, according to Celebrity Net Worth, the U.S. Supreme Court denied Smith any of the financial benefits of her marriage, leaving Elaine sole control as of 2006.
4 Vagit Alekperov – $21.2 Billion
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Vagit Alekperov is president of the leading Russian oil company LUKOIL. The businessman once worked as an oil rig worker on the Caspian Sea and eventually became deputy minister of the oil industry in the Soviet Union.
LUKOIL is the third-largest company in Russia after Sberbank and Rosneft.
3 Leonid Mikhelson – $22.8 Billion
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The Russian Israeli businessman is the CEO, chairman and major shareholder of Novatek, a Russian gas company. In addition, Mikhelson purchased a 17 percent stake in petrochemical company Sibur from Kirill Shamalov.
Mikhelson also is said to have close ties with President Putin.
2 Charles Koch – $62.9 Billion
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The American billionaire has been chairman and CEO of Koch Industries since 1967 and is possibly the most well-known name on our list. Koch owns 42 percent of the company, earning $115 billion in revenue from investments including pipelines, chemicals, Dixie cups and Stainmaster carpet.
According to Industry Leaders Magazine, Charles’ brother and partner David had a similar net worth of $60 Billion at the time of his death in 2019. He once held the title of wealthiest New York City resident.
1 Mukesh Ambani – $101.6 Billion
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The Indian businessman is chairman and managing director for Reliance Industries. The company invests in petrochemicals, oil, gas, telecom and retail, reporting more than $74 billion in revenue each year.
In the past two years, Ambani’s net worth has tripled according to Forbes, growing what was once a textile manufacturing company into a sprawling conglomerate ran from his home in Mumbai, India.
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Sources: Offshore-Technology, CQHA, Celebrity Net Worth, Industry Leaders Magazine, Forbes
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