Leonard Blavatnik

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Leonard Blavatnik
Born (1957-06-14) June 14, 1957 (age 58)
Odessa, Ukraine, Soviet Union
Residence London, England, UK[1]
Nationality British
Ethnicity Jewish
Citizenship United States
Education Moscow State University of Railway Engineering
Columbia University (M.S.)
Harvard University (M.B.A.)
Occupation Founder of Access Industries
Net worth Increase US$21.3 billion (June 2015)[1]
Spouse(s) Emily Appelson
Children 5
Website http://www.accessindustries.com

Leonard "Len" Blavatnik (Russian: Леонид Валентинович Блаватник, Leonid Valentinovich Blavatnik; born June 14, 1957) is a USSR-born British businessman, investor, and philanthropist. He made his fortune through business via diversified investments in myriad companies through his conglomerate company, Access Industries. In 2015, he was named Britain's richest man with an estimated net worth of £17.1 billion as of April 2015.[2]

Early life and education[edit]

Blavatnik was born in Odessa to a Jewish family.[3][4] He attended Moscow State University of Railway Engineering, but did not complete his coursework due to the family's request for emigration visas. His family emigrated to the United States in 1978, and he received a masters in computer science from Columbia University and an MBA from Harvard Business School in 1989.[5][3]


In 1986, Blavatnik founded Access Industries, an international conglomerate company located in New York, of which he is chairman and president. Access has long-term holdings in Europe and North and South America. Initially, he moved into Russian investments, just after the fall of communism. He and a friend from university, Viktor Vekselberg, formed the Renova investment vehicle, and then the two joined with Mikhail Fridman's Alfa Group to form the AAR venture.[6] Access has since diversified its portfolio to include investments in industries such as oil, entertainment, coal, aluminum, petrochemicals and plastics, telecommunications, media, and real estate.[citation needed]

In August 2005, Access Industries bought petrochemicals and plastics manufacturer Basell Polyolefins from Royal Dutch Shell and BASF for $5.7 billion. On December 20, 2007, Basell completed its acquisition of the Lyondell Chemical Company for an enterprise value of approximately $19 billion. The resulting company, LyondellBasell Industries then became the world's eighth largest chemical company based on net sales.[7] On January 6, 2009, the U.S. operations of LyondellBasell Industries filed for bankruptcy.[8] On April 30, 2010, LyondellBasell emerged from Chapter 11 bankruptcy protection in a significantly improved financial position. As part of its exit financing, LyondellBasell raised $3.25 billion of first priority debt as well as $2.8 billion through the rights offering jointly underwritten by Access Industries, Apollo Management, and Ares Management.[9] LyondellBasell stock has increased 103% in value since April 2010. Access currently owns approximately 14% of LyondellBasell. In early 2010, Access Industries was reported as one of the handful of bidders for Metro-Goldwyn-Mayer.[10]

In 2010, Blavatnik sued JPMorgan Chase after losing $100 million after following Morgan's advice three years earlier to buy mortgage securities with AAA credit ratings.[11] JPMorgan Chase was ordered to pay $50 million to Blavatnik on August 27, 2013.[12] AAR gained a controlling stake in Russian oil company TNK through privatization auctions, then in 2003 a sold 50% stake to British Petroleum to form TNK-BP, one of Russia's largest oil companies, where Blavatnik served on the board of directors. On March 21, 2013, Rosneft completed its $55 billion acquisition of TNK-BP. Blavatnik also has interests in UC Rusal, the world's largest aluminum producer, where he sits on the board. On May 6, 2011, Warner Music Group announced its sale to Access for US$3.3 billion.[13] On July 20, 2011, an Access affiliate acquired Warner Music Group for $3.3 billion.[citation needed]

Blavatnik is a member of the Global Advisory Board of the Centre for International Business and Management at Cambridge University, a member of the board of Dean's Advisors at the Harvard Business School and a member of the academic board at Tel Aviv University.[citation needed]


Blavatnik, the Blavatnik Family Foundation and Access companies have supported many cultural and philanthropic institutions over the past 15 years, including serving as the primary benefactors for numerous, major art and cultural exhibitions, including the British Museum, Tate Modern, Royal Opera House, National Portrait Gallery and Museum of Modern Art. Since 2007, the Blavatnik Family Foundation has supported the Blavatnik Awards for Young Scientists together with the New York Academy of Sciences. The annual award recognizes the accomplishments of outstanding young scientists in life sciences, physical sciences and engineering and provides all finalists with a significant cash prize.[14]

Blavatnik sponsors a Colel Chabad 20,000-square-foot (1,900 m2) food bank and warehouse in Kiryat Malakhi, Israel, which sends monthly food shipments to 5,000 poor families in 25 Israeli cities, and before Jewish holidays to 30,000 families in 73 Israeli cities, towns and villages.[15]

In 2010, it was announced that Blavatnik and the Blavatnik Family Foundation would donate £75 million to the University of Oxford to establish a new school of government.[16] The gift is one of the largest philanthropic gifts in the university's 900-year history. Blavatnik also indicated the possibility of increasing his benefaction up to £100 million over time. The Blavatnik School of Government began accepting students in September 2012. The new permanent home of the school will be constructed on the Radcliffe Observatory Quarter in Oxford. Architects of the buildings, which are scheduled to be finished by summer 2015, are the Swiss architects Herzog & de Meuron. The first dean of the school is professor Ngaire Woods. In 2013, Harvard University announced a $50 million donation from Blavatnik's foundation to sponsor life sciences entrepreneurship at the university.[17]


In the Sunday Times Rich List 2015, Blavatnik was listed as the UK's richest person,[18] with a fortune of £16.9 billion. Forbes ranks Blavatnik as the 16th richest in the world of as of April 2015

Personal life[edit]

Blavatnik is married to Emily Appelson Blavatnik.[19] The couple have four children.

He owns a grade II listed building in Kensington Palace Gardens which is valued at £200 million.[20]

See also[edit]


  1. ^ a b Forbes: The World's Billionaires - Len Blavatnik; accessed March 2, 2015.
  2. ^ "Music boss Len Blavatnik named as Britain's richest man". BBC News. April 26, 2015. 
  3. ^ a b "Russian-born U.S. billionaire offers to buy Ma'ariv", haaretz.com; accessed February 23, 2015.
  4. ^ "The world's 50 Richest Jews: 11-20: Len Blavatnik", jpost.com, September 7, 2010.
  5. ^ "Warner Music Suitor’s Record of Deal-Making". Ben Protess. DealBook. May 5, 2011
  6. ^ Yenikeyeff, Shamil, "BP, Russian billionaires, and the Kremlin: a Power Triangle that never was", Oxford Energy Comment, November 23, 2011; retrieved March 3, 2015.
  7. ^ "C&EN’s Global Top 50 Chemical Firms For 2014". Chemical & Engineering News. Retrieved August 20, 2014. 
  8. ^ LyondellBasell May Seek Chapter 11 Bankruptcy Protection, nytimes.com; accessed February 23, 2015.
  9. ^ LyondellBasell profile; accessed February 23, 2015.
  10. ^ MGM bidding by Access Industries, bloomberg.com; accessed February 23, 2015.
  11. ^ Lawsuit against JPMorgan Chase, nytimes.com; accessed February 23, 2015.
  12. ^ JPMorgan Chase ordered to pay Blavatnik $50 million in damages, bbc.co.uk; accessed February 23, 2015.
  13. ^ Wilkerson, David B., "Warner Music to be sold in $3.3 billion cash deal", MarketWatch, May 6, 2011; retrieved 2011-05-06.
  14. ^ Profile, nyas.org; accessed February 23, 2015.
  15. ^ Colel Chabad profile, colelchabad.org; accessed February 23, 2015.
  16. ^ Blavatnik donation of £75 million to Oxford University, ox.ac.uk; accessed February 23, 2015.
  17. ^ $50 million donation to Harvard from Blavatnik, thecrimson.com; accessed February 23, 2015.
  18. ^ "Music boss Len Blavatnik named as Britain's richest man". BBC News. April 26, 2015. 
  19. ^ "Filipino housekeeper claims Leonard Blavatnik won't hire her because of her ethnicity - Virginia Lim files discrimination suit in U.S.", nydailynews.com, November 21, 2011.
  20. ^ Clementine, Katherine. " Rich List 2015: Kensington property owner Len Blavatnik top with £13.17 BILLION fortune ", Get West London, 1 May 2015. Accessed 28 May 2015

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