Billionaire Profile

Global Rank

#515

Image: Public domain | via Wikimedia Commons

Iskander Makhmudov

CEO, Ural Mining and Metallurgical Company (UMMC)

Real-Time Net Worth

$7.3B

As of December 2025

Age

Source

Mining, metals, machinery

Industry

metals-mining

Citizenship

Biography

Iskander Makhmudov is an Uzbek-born Russian businessman, recognized as a prominent figure in the mining and metals industry. Born on December 5, 1963, Makhmudov's career began with roles in Soviet military organizations before transitioning into business. He is best known as the founder and main owner of Ural Mining and Metallurgical Company (UMMC). With an estimated net worth of $7.3 billion, Makhmudov has built a substantial fortune through his ventures in metals, mining, and related industries. His career has seen him navigate the complexities of post-Soviet Russia and build a vast business empire. Makhmudov's contributions to charitable causes, with over $1 billion donated, highlight his commitment to philanthropy.

Wealth Over Time

Portfolio Holdings

In-Depth Profile

Early Life

Iskander Kakhramonovich Makhmudov was born on December 5, 1963, in Bukhara, Uzbekistan (Uzbek SSR). He grew up in Tashkent. He studied at the Faculty of Oriental Studies of Tashkent State University and graduated in 1984 with a diploma in history and literature.

Rise to Success

Makhmudov's career began with roles in Soviet military organizations in Libya and Iraq. In 1991, he moved to Moscow to manage coal trade at Trans Commodities. He later became a partner in Trans World Group (TWG), before focusing on assets in the copper mining industry. In 1999, Makhmudov founded Ural Mining and Metallurgical Company (UMMC), where he became the president and main shareholder.

Key Business Strategies

Makhmudov's business strategy has focused on acquiring and consolidating assets within the metals and mining industries. UMMC has grown to become the fourth-largest non-ferrous metallurgical company in Russia and the country's largest copper producer. He has also diversified his investments into transportation, logistics, and energy sectors.

Philanthropy

Makhmudov has been involved in extensive philanthropic activities. He has donated over $1 billion to charitable causes over the past decade, including medical clinics, housing programs, orphanages, and programs for war veterans.

Career Milestones

1984

Graduated

Graduated from Tashkent State University with a degree in Oriental Studies.

1999

Founded UMMC

Founded Ural Mining and Metallurgical Company (UMMC).

2001

Philanthropic Contributions

Started donating to social, civic and philanthropic causes, having donated more than $1 billion since.

2011

Head of Economic Council

Became the head of the Economic Council of Russian and French Enterprises.

2013

Acquired Let Kunovice

UMMC acquired Let Kunovice Aircraft Industries.

Philanthropy & Social Impact

Healthcare

Medical Clinics and Programs

$XB

Support for medical clinics and programs for UMMC employees, orphans, and disadvantaged families

Social Services

Orphanages and Housing Programs

$XB

Funding for orphanages and housing programs

Veterans Affairs

Support for War Veterans

$XB

Assistance programs for war veterans

Controversies & Challenges

2018

Sanctions

Sanctions imposed by the United States for alleged links to corruption and organized crime

2022

EU Sanctions

European Union sanctions were imposed

Various

Money Laundering Allegations

Accusations of money laundering, including involvement in the Swedbank scandal with a €1.4 billion transfer