As Russia gears up for the upcoming presidential elections, the Central Election Commission has released President Vladimir Putin’s income declaration, revealing that he earned approximately £591,500 from 2018 to 2024. However, these figures seem to paint a stark contrast to the opulent lifestyle often associated with the Russian leader.
Putin’s declaration includes details about his assets, such as a 77-sqm apartment and an 18-sqm garage in St Petersburg. His vehicle collection remains unchanged, featuring two GAZ M21s from 1960 and 1965, a VAZ 2121 from 2009, and a Skif trailer from 1987. Additionally, he still holds 230 shares in Bank Saint Petersburg.
Over the past six years, the number of bank accounts registered in Putin’s name has decreased from 13 to 10, but the savings in these accounts have nearly quadrupled, reaching 54.4 million roubles (approximately £478,000). In 2012, Putin reported having 5.7 million roubles (about £50,000) in his accounts, indicating a significant increase in savings over the past 12 years.
Dr. Stepan Stepanenko, Director at Forward Strategy, provided insights into the apparent contradiction between Putin’s declared income and his perceived opulent lifestyle.
Speaking to Express.co.uk, Stepanenko emphasised the stark difference between the modest image projected during election seasons, with declarations showcasing an ancient Volga car, a timeworn trailer, and a modest flat, and the reality depicted in videos from the Anti-Corruption Foundation and other sources.
Stepanenko described Putin as “Russia’s el presidente pobre,” highlighting the contrast between the leader’s declared financial status and the opulence attributed to him. This stark contradiction, according to Stepanenko, aims to resonate with the common Russian, projecting an image of a leader in touch with everyday citizens.
However, Stepanenko argued that this facade cannot mask the reality of Putin’s true affluence. He pointed to the knowledge held by the Russian populace, supported by sources like the Anti-Corruption Foundation videos, which reveal the extent of Putin’s luxury, including extravagant yachts and multiple residences.
He said: “The opulence attributed to Vladimir Putin has long since crossed into the realm of legend. His lavish lifestyle, showcased through extravagant yachts and multiple residences in Sochi, Valdai, and beyond, reflects a wealth tallying tens, if not hundreds, of millions of pounds.
“Yet, at the heart of this luxurious existence lies a stark contradiction – the humble persona Putin projects during election seasons. His tax declarations, routinely displaying an ancient Volga car, a timeworn trailer, and a modest flat, paint the picture of a leader in touch with the everyday Russian. Russia’s el presidente pobre – a stark contrast to the opulent reality.
“This dichotomy, while perhaps an attempt to resonate with the common Russian, can hardly mask the truth of Putin’s real affluence. Insights from sources such as the Anti-Corruption Foundation videos, coupled with a general understanding that Putin, in essence, holds dominion over Russia, reveal the extent of his luxury.
“This knowledge is not lost on the Russian populace, notwithstanding the few who remain under the sway of state propaganda.”
Addressing the broader implications of Putin’s wealth, Stepanenko noted its significance for both the Russian elite and international partners. The timing of Putin’s wealth publication, coinciding with Ukrainian President Volodymyr Zelensky’s reported decrease in assets, suggests a deliberate display of strength amid war, sanctions, and restrictions.
Stepping beyond the domestic sphere, the expert argued that Putin’s increased wealth sends a message of Russia’s resilience and its ability to form new alliances to counter Western sanctions.
He suggested that the West should adopt a more nuanced sanctions regime, targeting entities in third countries facilitating the resale of sanctioned goods to Russia.
