Ukrainian oligarchs (Ukrainian:українські олігархи,romanized: ukrayinski oliharkhy) arebusiness oligarchs who emerged on the economic and political scene ofUkraine after the1991 Ukrainian independence referendum. This period saw Ukraine transitioning to amarket economy, with the rapidprivatization of state-owned assets. Those developments mirrored those of the neighboringpost-Soviet states after thedissolution of the Soviet Union. Pro-Western sources have criticised Ukraine’s lack of political reform or action against corruption, and the influence of Ukrainian oligarchs on domestic and regional politics, particularly their links toRussia.[1][2]
In 2008, the combined wealth of Ukraine's 50 richest oligarchs was equal to 85% of Ukraine's GDP.[3] In November 2013, this number was 45% (of GDP).[4] Ukrainian GDP fell by 7% in 2014, and shrank 12% in 2015.[5] By 2015, due to theRusso-Ukrainian War, the total net worth of the five richest and most influential Ukrainians at that time (Rinat Akhmetov,Viktor Pinchuk,Ihor Kolomoyskyi,Henadiy Boholyubov andYuriy Kosiuk) had dropped from $21.6 billion in 2014 to $11.85 billion in June 2015.[6] According to a research byThe New Voice of Ukraine in November 2023 there were only two billionaires left in Ukraine, these being Rinat Akhmetov ($6.59 billion) and Viktor Pinchuk ($1.72 billion).[7] In November 2022 they had counted nine billionaires.[7] The February2022 Russian invasion of Ukraine and its negative impact on theeconomy of Ukraine led to the decline in billionaires.[8]
Oligarchs were usually defined as businessmen with direct influence on bothpolitics and the economy. During the 1990s, oligarchs emerged in Ukraine as politically-connectednouveau riche whose wealth came through ties to the corrupt — but democratically elected — government of Ukraine in its transition to amarket economy. Later, numerous Ukrainian business people took control of a political party. TheParty of Greens of Ukraine,Labour Ukraine andSocial Democratic Party of Ukraine (united) are examples of this,[1] while other oligarchs started new parties to gain seats and influence in theVerkhovna Rada (Ukrainian parliament).
The rise of the oligarchs has been connected to theprivatization of state-owned assets, the distribution ofproperty titles to state-owned enterprises, land, and real estate, on an equal basis to the entire population of the country, through instruments such asprivatization vouchers, certificates, and coupons. Given different levels of risk-aversity, property titles were easily re-sold. Businessmen who could provide initial investment capital were able to collect these property titles and thus take control over of formerly public holdings.
Various Western nations have raisednational security concerns over the oligarchic kleptocracy since the early 2000s but these gained greater salience after the2022 Russian invasion of Ukraine raised the national security implications of a great deal of money—sourced from Ukraine or Russia but spent in the West—finding its way into matters of national security.[9]
The oligarchs' influence on theUkrainian government was extreme. In 2011 some analysts and Ukrainian politicians believed that some Ukrainian businesses tycoons with "lucrative relations" withRussia were deliberately hinderingUkraine's European Union integration.[10]
In 2021 Ukraine passed a law that defined an oligarch as someone fulfilling three of the following four criteria:
There is a requirement to register on the "register of oligarchs". They are then banned from financing political parties, cannot participate in the privatisation of major companies and must submit a special declaration of their income.[11]
In total, in September 2021 the top 100 wealthiest business people in Ukraine controlled around $44.5 billion, according toForbes,[12] 27% of Ukrainian GDP.[13]
The top five Ukrainian oligarchs with net worth of at least $1 billion in 2024 were identified as:[13][14]
| rank | image | name | net worth | source | industry | reference |
|---|---|---|---|---|---|---|
| 1 | | Rinat Akhmetov | $4 B | steel, coal | metals & mining | [15] |
| 2 |  | Victor Pinchuk | $2 B | steel pipes, diversified | metals & mining | [16] |
| 3 | .jpg) | Vadim Novinsky | $1.2 B | steel | metals & mining | [17] |
| 4 |  | Kostyantin Zhevago | $1.1 B | mining | metals & mining | [18] |
| 5 | Henadiy Boholyubov | $1 B | banking, investments | diversified | [19] |
An economic study by Demid Chernenko identified 35 oligarchic groups based on data points between 2002–2016:[20]
In September 2021,Verkhovna Rada passed Law No. 1780-IX, aimed at reducing the disproportionate influence of wealthy individuals over politics, media, and the economy. The law defines an oligarch as someone who meets at least three of the following four criteria:
The law also established a formal registry of oligarchs, maintained by the National Security and Defense Council (NSDC), with legal consequences for those listed—including restrictions on financing political parties and participating in privatization.
In July 2022, Rinat Akhmetov announced his complete withdrawal from the media business. His holding company SCM transferred licenses and broadcasting rights of Media Group Ukraine (which included major TV channels like Ukraina, Ukraina 24, and Football 1/2/3) back to the state. This move eliminated one of the key criteria—media influence.
Soon after, his longtime associate Vadym Novinsky resigned from parliament, severing Akhmetov’s direct link to political life. According to Ukraine’s Minister of Justice Denys Maliuska, these actions meant Akhmetov no longer met the legal threshold to be classified as an oligarch.[22]
Following the full-scale Russian invasion of Ukraine in February 2022, the role of Ukrainian oligarchs shifted significantly. Many of the nation's wealthiest figures adopted a public, pro-Ukrainian stance and provided substantial support to the war effort.[23]
Rinat Akhmetov, Ukraine's richest man, publicly condemned the invasion and pledged to help rebuild the country. SCM together with the Rinat Akhmetov Foundation have channeled over UAH 11.3 billion ($315 million) to help Ukraine.[24] Similarly, former presidentPetro Poroshenko has leveraged his business and personal wealth to purchase and deliver military supplies, including armored vehicles, drones, and medical equipment, directly to frontline units.[25]Viktor Pinchuk and his foundations have also provided millions in aid, focusing on medical supplies and humanitarian relief for civilians affected by the war.[26]
In contrast, other prominent oligarchs have faced renewed legal challenges. In September 2023,Ihor Kolomoisky was arrested on charges of fraud and money laundering, a move seen as a major step in PresidentVolodymyr Zelenskyy's campaign to combat oligarchic influence and corruption.[27] Additionally,Dmytro Firtash, who has been fighting extradition fromAustria to theUnited States on bribery charges since 2014, has also seen his assets within Ukraine come under legal pressure.[28] The war has accelerated a decline in the political and economic power of these figures as the government seeks to consolidate power and reduce the influence of powerful business interests. According toAnastasia Fomitchova, the full-scale provides the authorities with the opportunity to legally overturn the balance of power with Ukraine’s main economic actors.[29]