Maxim Shubarev Net Worth

Maxim Shubarev has an estimated net worth of $1.2 billion, according to Forbes Real-Time Billionaires, Maxim Shubarev profile (figures as of October 20, 2026). That is down from a peak of $1.4 billion.

Maxim Shubarev is a Russian entrepreneur and the founder of Setl Group, one of Russia's largest real estate developers. He was born on May 25, 1968, in Leningrad, now St. Petersburg, and Forbes describes him as self-made.

He finished high school in 1985 and enrolled in the evening program of the Leningrad Institute of Aircraft Instrument Engineering, while working at NPO Leninets as a radio equipment fitter. He served in the Soviet Navy from 1986 to 1989, then transferred to the Leningrad Polytechnic Institute, where he earned a degree in economics and management in 1993.

He has long been active in the building industry. He was president of the Association of Builders of St. Petersburg from 2008 to 2015 and is now its vice president.

How Maxim Shubarev made his money

In 1994 Shubarev set up Petersburg Real Estate and became its general director. A year later he created a real estate division inside a construction company, and by the mid-2000s the business ranked fifth among developers in St. Petersburg.

In 2006 the company became a holding and was renamed Setl Group, with Shubarev as chairman of the board and owner of a 70 percent stake. In 2016 it entered the top three Russian developers by volume of housing delivered, and its revenue rose tenfold between 2011 and 2016. Since 2020 it has been on Russia's list of systemically important companies.

Setl has built about 350 apartment buildings in three decades. Shubarev also led the company's work restoring several heritage sites, including the Konstantinovsky Palace and the Mikhailovsky Castle.

His career mirrors the growth of the St. Petersburg housing market after the end of the Soviet Union. He started with a small agency in the early 1990s, when private property was new in Russia, and turned it into a developer that builds entire neighborhoods. The company's scale makes it one of the main suppliers of new homes in the city.

How Forbes has valued Maxim Shubarev

Forbes first counted Shubarev as a billionaire in 2024, at $1.4 billion. His figure dipped to $1.1 billion in 2025 and rose to $1.2 billion on the 2026 World's Billionaires List.

As of October 20, 2026, the Forbes real-time billionaires tracker also showed $1.2 billion. His fortune rests on his stake in Setl, a private company, so it reflects the health of the St. Petersburg housing market rather than daily stock prices.