Ukrainian oligarchs

The Ukrainian oligarchs are a group of business oligarchs that emerged on the economic and political scene of Ukraine following the 1991 Ukrainian independence referendum. This period saw Ukraine transitioning to a market economy with the rapid privatization of state-owned assets. These developments mirrored those of neighboring Post-Soviet states following the dissolution of the Soviet Union. The influence of Ukrainian oligarchs on domestic and regional politics, and in particular their links to Russia, have been the source of criticism from pro-western sources critical of Ukraines lack of political reform, or action against corruption.

In 2008, the combined wealth of Ukraine's 50 richest oligarchs was equal to 85% of Ukraine's GDP. In November 2013 this number was 45% (of GDP). By 2015, due to the Ukrainian crisis, the total net worth of the five richest and most influential Ukrainians (Rinat Akhmetov, Viktor Pinchuk, Ihor Kolomoyskyi, Henadiy Boholyubov and Yuriy Kosiuk) had dropped from $21.6 billion in 2014 to $11.85 billion in June 2015. (In 2014 Ukrainian GDP fell by 7%; in 2015 it shrank 12%.)

Usage
Oligarchs are usually defined as businessmen having direct influence on both politics and economy. During the 1990s, the oligarchs emerged as politically-connected entrepreneurs who started from nearly nothing and got rich through participation in the market via connections to the corrupt, but democratically elected government of Ukraine during the state's transition to a market-based economy. Later numerous Ukrainian business-people have "taken over control" of political parties (examples of this are Party of Greens of Ukraine, Labour Ukraine and Social Democratic Party of Ukraine (united)) or started new ones to gain seats and influence in the Verkhovna Rada (Ukrainian parliament).

The rise of the oligarchs has been connected to the processes of privatization of state-owned assets. These processes usually involved the distribution of property titles of such enterprises, land, and real estate, on equal base to the whole population of the country, through instruments such as privatization vouchers, certificates, and coupons. Given the different preferences of people in relation to risk-aversity, property titles were easily re-sold. Businessmen who could provide an initial investment capital to collect such property titles could thus easily arrive to the property of whole former public holdings.

The oligarchs' influence on the Ukrainian Government is extreme. In 2011 some analysts and Ukrainian politicians believed that some Ukrainian businesses tycoons, with "lucrative relations" with Russia, were deliberately hindering Ukraine's European Union integration.

List of oligarchs by wealth
In an annualised report published by Novoye Vremya in 2019, the top 100 wealthiest business people in Ukraine were identified. According to the report, the total wealth of the top 100 accounted for 23% of Ukrainian GDP. The report identified that the hundred wealthiest Ukrainians control around $34.8 billion, down $2.7 billion from 2018, of which $30.6 billion lies with the 50 richest.

The top 10 Ukrainian oligarchs were identified as:

Chernenko study
An economic study by Demid Chernenko identified 35 oligarchic groups based on data points between 2002 – 2016:

See also
Russian oligarchs
Business magnate
History of post-Soviet Russia#Rise of the oligarchs
Oligarchy
Robber baron (industrialist)

References

External links
 Chernovetsky enters Wprost list of 100 richest people by Kyiv Post (October 22, 2008)
 To Catch an Oligarch by Jasen Felch and Justin Kane, Center for Investigative Reporting (October 4, 2004)

Category:Politics of Ukraine
Category:Economy of Ukraine
Category:Crime in Ukraine
Category:Economic history of Ukraine
Category:Social history of Ukraine
Category:Ukrainian billionaires
Category:Ukrainian businesspeople
Category:Social groups
Category:Oligarchs