Iskander Makhmudov Net Worth

Iskander Makhmudov has an estimated net worth of $9.7 billion, according to Forbes Real-Time Billionaires, Iskander Makhmudov profile (figures as of October 20, 2026). That is up from $6.6 billion in 2019.

Iskander Makhmudov is a Russian businessman known for mining, metals, and machinery. He started out in trade and later moved into industrial assets. From 1984 to 1988, he worked as an interpreter for a group of Soviet military advisers in Libya and Iraq. In 1991, he moved to Moscow to manage coal trade at Trans Commodities. He later worked with Trans-World Group before focusing on copper industry assets in 1994.

A big part of his rise came through metal company deals that grew around copper and coal. He took part in acquisitions that included Uralelektromed, which became the core of Ural Mining and Metallurgical Company in 1999. In 2002, he bought Michael Cherney's shares in UMMC and Kuzbassrazrezugol. Forbes says his wealth comes from mining, metals, and machinery. It also notes that he was the main owner of copper producer UMMC and holds a non-controlling stake in Transmashholding.

How Iskander Makhmudov built his fortune

Makhmudov's wealth is tied mainly to heavy industry. Forbes says he made his money in mining, metals, and machinery. UMMC has been central to that story. Forbes notes that the company has controlling stakes in more than 40 plants across 11 regions of Russia. That gave him exposure to copper production and a broad industrial base. His business interests also extended beyond metals into transport equipment and related manufacturing.

Another major piece is Transmashholding, where Forbes says he is a non-controlling shareholder. The company is described as Russia's largest maker of locomotives and rail equipment. Earlier in his career, he handled coal trade and worked around large commodity businesses, then shifted toward ownership in copper mining assets. His portfolio also included stakes linked to passenger rail and industrial projects, but the biggest money drivers in the record are UMMC and Transmashholding.

Forbes value and ownership questions

Forbes currently puts Makhmudov at $9.7 billion on its real-time billionaires tracker as of October 20, 2026. That estimate sits in the Metals & Mining category and marks him as self-made. The figure is tied to the same broad business mix that appears throughout his career: copper, industrial plants, and rail machinery. His long record in ownership and dealmaking helps explain why heavy industry remains at the center of his fortune.

There is also an ownership wrinkle around UMMC. Forbes says that in 2022 the company's press office reported that Makhmudov was no longer the controlling beneficiary and had left the board of directors. Even so, Forbes still counts the shares as his. That matters because UMMC has been a core asset in his business history. Forbes also notes that UMMC spent $100 million to build the Shayba ice arena for the 2014 Sochi Olympics.