Russian entrepreneur Kirill Shamalov, who turned 34 last week, is among the world s youngest billionaires. In the period of 3 years, he collected a fortune estimated to be worth more than $1.3 billion, earning him an area on this year’s Forbes Billionaires List. The primary factor sustaining his rise recognizes to numerous Russian oligarchs a close connection to President Vladimir Putin.

Shamalov was born in St. Petersburg as the youngest child of Nikolai Shamalov, a long time friend of Putin. Sources informed the Russian company daily Vedomosti in 2011 that the 2 men either dated in the 1980s through the KGB, the Soviet security firm, or in the 1990s, when Shamalov distributed German medical technology as a representative of Siemens.

KirillShamalov

In 1996, the elder Shamalov, Putin and six others cofounded Ozero, a cooperative of vacation rental properties near St. Petersburg. All its members went on to inhabit top positions in Russian federal government and corporations. In 2004, Nikolai Shamalov ended up being an investor of Rossiya Bank, a significant Russian bank where Putin was a client.

Kirill Shamalov started benefiting from his familial connections in 2002, when he was studying law at St. Petersburg State University. Shamalov then worked as an expert in a regional department of Rosoboronexport, an agent overseen by Putin that managed imports and exports of defense equipment.

In June 2008, at age 26, Shamalov took a post as vice president for business administration at petrochemical company Sibur, the firm that would make him abundant. In between 2011 and 2013, Shamalov got a 4.3 % stake in Sibur through a stock option program for managers.

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