What is Vagit Alekperov’s Net Worth?


Vagit Alekperov, an Azerbaijani-Russian businessman and president of the largest Russian oil company LUKOIL, is from Azerbaijan.

Forbes magazine ranked him as the third-richest Russian citizen with a net worth of $21.1 billion, and the 46th richest person worldwide in 2019.

Vagit Alekperov’s net worth is approximately $6.7 billion as of June 2022.

Early Life

Vagit Yusufovich was conceived in Baku, Azerbaijan, on the 1st of September 1950.

Alekperov was inspired by his father, Vagit, to work in the oilfields as a boy.

Alekperov is not religious, but he doesn’t identify himself as Orthodox or Muslim. Alekperov was 18 when he got his first job in this industry.


Alekperov graduated in 1974 from Azerbaijan Oil and Chemistry Institute. Alekperov worked as a student in Kaspmorneft’s Caspian regional production firm.

He worked there until 1979 after his graduation. He was promoted to engineer and then to deputy’s head for a production unit. He had to work under extreme conditions on oil platforms. He had to swim for the safety of his life after an explosion at his oil rig.

Alekperov became the youngest deputy oil minister in Soviet history when he was made deputy minister of the Oil and Gas Industry of the Soviet Union.

As deputy minister of the oil and gas industry of the Soviet Union, Alekperov was engaged in the formation of the first vertically integrated state-owned energy company, Langepas-Uray-Kogalymneft, which was established in late 1991 as a subsidiary of the Ministry of Fuel and Energy.

In April 1993, Langepas-Uray-Kogalymneft became LUKoil Oil Company, with Alekperov as its president.

Alekperov is still the president of LUKoil. LUKoil, which employs over 100,000 people, is one of the most powerful oil companies in the world, boasting reserves that are second only to ExxonMobil.


These are the top highlights from Vagit Alekperov’s career:

  • Alekperov is the president of LUKOIL
  • He was appointed deputy minister of the Oil and Gas Industry of the Soviet Union and became the youngest deputy energy minister in Soviet history

Three Leadership Lessons From Vagit Alekperov

We now know all about Vagit’s net worth and how he became successful. Let’s look at some lessons we can learn.

1. Leadership Is Not A Dictatorship

Your leadership is worth following. Don’t be a child’s game king, but a leader. Leadership is about being a leader and helping others.

2. Leadership is an art

Artful leadership is about seeing the beauty and diversity in people and finding creative solutions to every need.

3. Inspire Trust

People who trust leaders are more likely to trust one another and work together more effectively. Employees will only trust one another if they don’t trust their leaders.

Favorite Quotes From Vagit Alekperov

We are always on the lookout to find new projects and monitor the market. We would like to increase our core assets. This includes exploration, refining and processing as well as retailing assets in those regions that we are strong.

In the Soviet Union, I was responsible for all oil production. You know that in the Soviet Union you couldn’t get this job unless your merit was high enough.