Russia's richest man moves to Siberia to pay taxes
For many, mention of Siberia conjures up an image of freezing wastelands and Stalinist gulags.
But for Mikhail Prokhorov, Russia’s richest man, the vast wilderness east of the Ural Mountains is home – and it is where the billionaire says he wants his taxes spent.
When he’s not enjoying the jet-set lifestyle for which he is notorious, the 44-year-old Prokhorov lives in the small western Siberian village of Eruda. This is where he is registered to pay hundreds of millions of euros in taxes from his estimated fortune of €7bn, made mostly from Siberian mining conglomerate, Norilsk Nickel.
Local media reports estimate Prokhorov’s personal tax bill this year will be €487m and the billionaire wants the money to stay in the region. “I believe it is fair to pay my taxes in the region where I have made my money and I hope that a part of this money will be used for social welfare,” he said recently.
Prokhorov, with his sister Irina, has set up a charitable foundation to promote philanthropic eff orts in the region. He says: “Raising the profi le of the Krasnoyarsk region (Siberia) has long been a dream of mine but it is not the sort of project you can just throw money at. These areas have huge intellectual potential but no support.
It won’t be an overnight miracle, but with some funding the country can be introduced to new standards.” The fi ve-year-old Mikhail Prokhorov Foundation supports a wide spectrum of charitable eff orts, including educational and sporting causes.
ART PATRONS Following the fashion set by other Russian oligarchs such as Roman Abramovich, the Prokhorovs are also becoming prominent art patrons.
They fronted most of the $1m cost of the Russian Pavilion at the Venice Biennale. But those artists and charitable organisations looking to get hold of some of the Prokhorov billions might be disappointed to learn that the foundation only has an endowment of $10m.
With an estimated $10bn of losses due to the Russian economic meltdown last year and allegedly facing the forfeit of a €39m deposit after pulling out of a deal to buy the world’s most expensive house, Prokhorov might not be topping up the endowment in a hurry.
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