Background Information
Questions have been raised about the wealth of Russian President Vladimir Putin and whether or not it exceeds that of Elon Musk, CEO of Tesla, Inc. and SpaceX. Since 2012, Putin has served his fourth term as president and faces no real challengers to his rule of Russia. Alongside his presidential duties, Putin is believed to control a vast billion-dollar empire. No solid evidence of his wealth has ever been provided, but Forbes ranks Musk as the 22nd wealthiest person in the world at nearly $25 billion in 2020.
Relevant Data
It is difficult to estimate the wealth of public figures like Vladimir Putin as a great deal of his wealth could be hidden in secret accounts and overseas investments. High-level Russian officials enjoy undisclosed state salaries and generous benefits, while most billionaires in Russia made their fortunes on the back of their political power. In contrast, Elon Musk is the CEO of two successful global companies and a substantial portion of his wealth comes from company profits and investments.
Perspectives from Experts
“We can’t be certain of Putin’s exact wealth, but the Kremlin knows how to hide money,” states Michael Kraincup, an associate professor of political science at Columbia University. “Vladimir Putin holds the ability to manipulate his own personal wealth through his executive power, and it’s impossible to determine his exact wealth in such an opaque political system.”
Chris Meagher, a professor of Political Science at the University of Utah, argues that due to Musk’s substantial investments in other companies and his role as CEO of Tesla, Inc. and SpaceX, he could very well be richer than Putin. “Comparing these two men isn’t a straightforward task,” said Meagher. “But it’s not out of the realm of possibility that Musk’s wealth could surpass Putin’s if his investments in other ventures continue to be successful.”
Analysis and Insights
The wealth of two of the world’s most powerful figures is hard to accurately ascertain, but what is clear is that Elon Musk has more of his wealth in the public domain. Whether or not he is richer (or even close) to Vladimir Putin is difficult to judge, but much of Musk’s wealth has been earned through the successes of Tesla and SpaceX. On the other hand, Putin’s wealth is largely hidden from the public and many insiders claim he is one of the world’s richest men.
Putin’s Wealth and Power
While Putin’s vast wealth may remain hidden, he does enjoy certain benefits of the Russian state. Some claim he receives a monthly allowance of $95,000 and enjoys the plentiful resources of Russia at his disposal. Whether from taxes, gifts, or his own investments, Putin has the resources to purchase expensive watches and properties around the world.
Furthermore, as president, Putin is allowed access to “state-of-the-art fitness complexes and gyms, private chefs, and lavish state-supplied apartments and palaces.” Many Russian oligarchs loan Putin their luxurious planes, boats and trains for trips around the world, including Sochi, the Black Sea and Crimea.
Elon Musk and His Companies
As CEO of SpaceX and Tesla, Elon Musk has revolutionized the industries of space exploration and electric vehicles, respectively. With countless massive investments in other companies and a controlling share of Tesla’s stock, Musk has established himself as one of the world’s wealthiest, most innovative minds.
Despite recent anti-trust investigations by the U.S. Justice Department, Tesla’s stock continues to rise and contribute a great deal to Musk’s personal wealth. According to Forbes, Tesla’s stock grew nearly 500% last year, spiking Musk’s net worth to as much as $100 billion.
Moreover, Tesla’s market cap is currently over half a trillion dollars, a feat that no other car company has achieved in recorded history. With such success in both the private and public sectors, could Musk eventually overtake Putin in financial wealth?
Elon Musk’s Investments
Elon Musk has diversified his investments and has even earned a substantial fortune from his investments in other companies. Making wise investments in companies such as DeepMind, Berkeley artificially intelligent laboratory, is estimated to have earned him up to nearly $1 billion.
He also invested in solar energy companies such as SolarCity, which was later acquired by Tesla. With such long-term investments, many believe Musk will eventually become one of the world’s wealthiest men, and possibly even the wealthiest individual on the planet.
Elon Musk’s Charitable Organizations
Not only has Musk succeeded financially, but he has also established himself as an honorable philanthropist. With his organization, OpenAI, Musk has donated over $100 million to help fund artificial intelligence research.
Furthermore, in 2018, he founded the Musk Foundation, which has since funded numerous important causes, including reforestation, public transport and renewable energy. With his constant support of charitable causes, Musk has gained praise from generous donors around the world.
Elon Musk’s Impact in the Tech Industry
Elon Musk has not only reshaped the auto and aerospace industries, but he has also changed the way we think about technology. Musk was once dubbed the Arthur C. Clarke of the 21st century for his inventive ideas in the world of space travel.
He is well-known for his ability to transfer thoughts into new products and technologies, many of which are now being used on a daily basis. His famous Boring Company is currently working on projects to help revolutionize the transport of goods and people.
With all these efforts, Elon Musk has undoubtedly had an immeasurable impact on the world of technology.