Alexei Mordashov Net Worth

Alexei Mordashov has an estimated net worth of $36.9 billion, according to Forbes Real-Time Billionaires, Alexei Mordashov profile (figures as of October 20, 2026). That is up from $20.5 billion in 2019.

Alexei Mordashov is a Russian businessman best known as the main shareholder and chairman of Severstal, a steel and mining company. He built his career inside the steel business, starting at the same plant where his parents had worked. By 1992, he had become finance director. During privatization, he bought up workers' shares and built a major stake. In 1996, he became CEO and began turning the company into a larger industrial group.

His wealth comes from steel and investments. Mordashov ran Severstal as CEO for 19 years before stepping down in 2015 and becoming chairman. He also expanded into mining, travel, media, telecom, and machinery over the years. Forbes puts his net worth at $36.9 billion on its real-time tracker as of October 20, 2026. That estimate is tied mainly to Severstal, where he still owns 77%, along with other industrial and mining holdings.

How Alexei Mordashov built his fortune

Mordashov’s fortune started with his rise at a steel plant in Cherepovets. After joining the business in 1988, he moved up fast and became finance director in 1992. When the company was privatized, he used investment funds to buy workers' shares and assembled a large holding. In 1996, he took over as CEO. That stake became the base of Severstal, which grew across steel, coal, and mining.

He later spread his money into other sectors, but metals stayed at the center. Severstal also pushed into the U.S., buying plants in Dearborn and Columbus in 2004. By 2014, the company had sold its U.S. steel plants and pulled back to focus on Russia. Mordashov also built positions in TUI, Nordgold, Power Machines, Tele2 Russia, and Rossiya Bank. Forbes still ties most of his wealth to steel and investments.

What happened to his Forbes net worth

Forbes valued Mordashov at $20.5 billion in 2019, then $16.8 billion in 2020, before a jump to $29.1 billion in 2021. In 2022, the estimate fell to $13.2 billion after sanctions hit Russian markets and export-focused assets. Forbes notes that he quickly transferred ownership of key holdings, including shares in TUI and Nordgold. Severstal also lost more than $400 million in 2022 because of Western sanctions, according to Mordashov.

After that drop, Forbes estimated his wealth at $20.9 billion in 2023, $25.5 billion in 2024, $28.6 billion in 2025, and $37 billion in 2026. That rebound tracked stronger industrial and mining asset values. The latest real-time Forbes estimate is $36.9 billion. Even after stepping down as CEO in 2015, his money remains closely linked to Severstal because he still holds a 77% stake in the company.