Sergey Galitsky

No. 119 in the world - Richest Russian


Sergey Nikolayevich Galitsky (Серге́й Галицкий) has amassed a fortune with a net worth of $11.2 billion as of June, 2014. Forbes lists him as the thirteenth wealthiest Russian. His net worth has more than quintupled since 2007. He is the founder and CEO of Magnit the largest chain of supermarkets and cosmetics stores in Russia. Galitsky has led Magnit in its growth to become the 670th largest company in the world valued at $22.4 billion. He also founded the FC Krasnodar soccer team in Russia. 

Family Life
Sergey Galitsky uses his wife’s family name. His original family name is Arutyunian. He was born into an Armenian family (1967) in Sochi, Krasnodar Kai in southern Russia. From 1985-7, he served in the Russian army. He received a degree from the Economics Faculty of Kuban State University in 1993. Sergey Galitsky lives in Krasnodar, Russia with his wife and child. 

His fortune makes him the richest Armenian in the world above Danil Khachaturov and the brothers Sergey and Nikolay Sarkisov who earned their billions in the insurance business. 

In 1994, Sergey Galitsky started Tander, a wholesale cosmetic perfume dealer. After a crisis in 1998, he opened his first grocery store called Magnit in Krasnodar. His slogan was “Always Low Prices.” Many people compare the success of Magnit to Walmart. By 2000, Magnit had more branches than any other Russian chain store. Magnit went public in 2006 when it was worth $1.9 billion. Since then, it has continually grown at an average of more than $2 billion a year. In 2014, Magnit had 7,567 convenient stores, 763 cosmetic stores, 169 hypermarkets across Russia and more. Each year it opens hundreds of stores in numerous regions and markets throughout Russia. In 2011, Magnit built a greenhouse facility to grow and distribute its own vegetables. It employs 220,000 people. 

FC Krasnodar: Russian Soccer Team
In 2008, Sergey Galitsky founded the FC Krasnodar soccer team which competes in the Russian Premier League. Galitsky and Suleyman Kerimov are the only two Russians who privately own a team in the Russian Premier League. Galitsky states that owning a Russian soccer team can only be done out of passion. Russian football teams are not profitable like Roman Abramovich’s Chelsea Football team in the English Premier League. Russian soccer tickets sell for less than two dollars. Galitsky invested in the team by building a state of the art stadium and training facility. In the 2011-12 seasons they finished in ninth place in the first division. In 2013, he started a farm team in the third division as feeder for young talent.

Private Yacht and Jet
Galitsky had a luxury yacht built which he uses for extravagant vacations and leisure. He also bought a private jet for business purposes.

Bloomberg listed him as the tenth biggest philanthropist in Russia. He gave $60 million from 2010-2012. He funds a Krasnodar school he founded. However, he does not believe in giving money to fight poverty.