Bets Of The Billionaires
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Mikhail Prokhorov
Net worth: $19.5 billion
Residence: Moscow, Russia
Bet: Russian banks
This week Mikhail Prokhorov announced he would buy half of Russian investment bank Renaissance Capital and a smaller financial player, APR-Bank. Prokhorov will reportedly infuse $500 million of his own money to jumpstart his new financial conglomerate. Prokhorov is looking for fresh investments following a split with longtime business partner Vladimir Potanin, who is also a billionaire. Like American players, Russian financials are selling cheaply right now. Could a U.S. purchase be next? Prokhorov said at a press conference that he'll "look at western markets, depending on what is happening there."
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