Viktor Rashnikov Net Worth

Viktor Rashnikov has an estimated net worth of $9.3 billion, according to Forbes Real-Time Billionaires, Viktor Rashnikov profile (figures as of October 20, 2026). That is up from $8.9 billion in 2019.

Viktor Rashnikov is a Russian engineer and business owner best known for his long career at Magnitogorsk Iron & Steel Works, or MMK. He started there in 1967 as a mechanic in the repair shop and moved up through management jobs over the years. In 1991, he became chief engineer and first deputy general director. In 1997, he took over as general director, and in 2005 he became chairman of the board.

His wealth comes from steel and from building a huge ownership stake in MMK. Forbes says he is self-made, and its profile notes that he bought shares on the market until he held nearly 100% of the company. MMK also expanded during his leadership, including a public listing on the London Stock Exchange in 2007 and a broad investment program across production facilities. Forbes puts his net worth at $9.3 billion on its real-time tracker as of October 20, 2026.

How Viktor Rashnikov built his fortune

Rashnikov made his money in manufacturing, with steel at the center of it. His main asset is MMK, where he spent decades working his way up from the shop floor to the top job. That long path matters because he was not brought in from outside. He knew the company from inside its operations, then moved into senior management before taking control of the business side and later the board.

The biggest step in his fortune was ownership. Forbes says he built his stake in MMK by buying shares on the market until it was nearly 100%. MMK also carried out a large modernization push during his years in charge. The company upgraded blast furnaces, added an oxygen unit, built electric arc furnace facilities, and developed major rolling mills. In 2011, he stepped down as CEO after 14 years in that role, while remaining the majority owner.

Forbes net worth timeline

Forbes has shown that his estimated fortune has moved up and down over time. On the Forbes World's Billionaires List, it was $8.9 billion in 2019, then $7.3 billion in 2020. It rose to $11.2 billion in 2021, fell to $6.6 billion in 2022, and later climbed again to $10.6 billion in 2024. Those shifts fit the fact that most of his wealth is tied to one steel company rather than a wide mix of businesses.

There are a few other money details around his holdings. In February 2022, Forbes says he transferred his MMK shares from a Cyprus-registered company to Russian Altair LLC. Forbes also notes that he was associated with a 460-foot yacht called Ocean Victory, with an estimated value of $240 million, though its ultimate ownership is unclear. Outside industry, he has also been president of hockey club Metallurg Magnitogorsk since 1999.