The Rise of Russian Oligarchs

After the fall of the Soviet Union in 1991, Russia went on a course of economic reforms known as the Russian shock therapy.

While the chaotic transformation caused most Russians to lose all of their savings in just a few weeks, a group of ruthless businessmen managed to buy up state assets in rigged auctions and became some of the most powerful people on earth, and the Russian oligarchs were born.

These are a group of young businessmen who were born extremely poor and were on the margins of society. They grew up to become underground black marketeers; some were even imprisoned or served in labor camps for economic crimes.

During “perestroika” they were able to use their skills and ruthlessness gained from years of black market experience. And they became some of the world’s richest people.

Not only does this makes for a good rags to riches story riddled with corruption, collusion, and mafia-style business tactics, but we can also learn a lot about the economic conditions during the Soviet and Russian era. Let’s get into it.

Music by Epidemic Sound

Stock Footage by Storyblocks

#Russia #Oligarchs #Doverhill

about economics explained, about Finance and how money works, on Russian oligarchs and the how did they get rich, This is an economics/finance video