Sergey Galitsky Net Worth

Sergey Galitsky has an estimated net worth of $3.1 billion, according to Forbes Real-Time Billionaires, Sergey Galitsky profile (figures as of October 20, 2026). That is down from a peak of $3.5 billion.

Sergey Galitsky is a Russian businessman best known for founding Magnit, a major supermarket and cosmetics retailer. He started in 1994 as a wholesale seller of perfume and beauty supplies. In 1995, he launched Tander. After the 1998 Russian financial crisis, he opened the first Magnit grocery store in Krasnodar. He modeled parts of the business on Wal-Mart and used the slogan "Always Low Prices" to attract shoppers.

His wealth came mainly from building Magnit into a huge retail chain. He shifted fully into retail in 2000 and grew the company into Russia's largest network by number of stores. Magnit went public in 2006. He remained CEO until February 2018, when he sold almost all of his shares to VTB for $2.4 billion. Forbes says his fortune was $3.1 billion on its real-time billionaires tracker on October 20, 2026.

How Sergey Galitsky built his fortune

Galitsky made his money in retail. He began with wholesale cosmetics and perfumery in 1994, then founded Tander in 1995. In 1998, he built his first distribution center and opened the first Magnit grocery store in Krasnodar. From there, he expanded into a broad retail network. Forbes describes Magnit as one of Russia's biggest supermarket chains and cosmetics retailers, with more than 30,000 stores in 2024.

Retail is the main source of his wealth, but he has also put large sums into soccer and wine. He founded FC Krasnodar in 2008 and financed the club's stadium in 2013. Forbes says he invested about $460 million in the stadium and spent $70 million on a nearby park with 2,500 trees. He also owns a soccer academy and, with his brother-in-law, a 173-acre winery that planned to sell wine under the Galitsky & Galitsky label.

Forbes net worth over time

Forbes estimated Galitsky's wealth at $3.5 billion in 2019, $3.4 billion in 2020, and $3.5 billion in 2021. It then moved to $3.2 billion in 2022 and stayed at $3.2 billion in 2023. In 2024, Forbes put him at $3.3 billion. The estimate then edged back to $3.2 billion in 2025 and $3.1 billion in 2026.

His money story is closely tied to Magnit and the 2018 sale of almost all of his shares to VTB for $2.4 billion. That deal changed his position from hands-on retail founder and CEO to a businessman with major proceeds from the company he built. Forbes still tracks him in the retail category. Its real-time tracker also showed $3.1 billion in October 2026.