By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News. August 25, 2024. Article no 1189.
Pavel Durov’s net worth is currently estimated at $15.5 billion as of August 2024. This makes him the 150th wealthiest person in the world.
He is best known as the founder of the messaging app Telegram in 2013 and the social networking site VKontakte (VK) in 2006 in Russia. Durov’s wealth primarily stems from his ownership of Telegram, which has grown significantly in user base and valuation since its launch in 2013.
The social network VK grew to a value of $3 billion under the leadership of Pavel Durov and his brother. However, after disagreements with Russian authorities over user data privacy during the Russia-Ukraine war in 2014, he left Russia and sold his 12% stake in VK.
Durov’s financial journey has seen substantial growth over the years. For instance, in 2021, his net worth was reported at $17 billion, but it has since fluctuated, reflecting various market dynamics and company valuations.
In January 2018, he announced plans to launch the “Gram” cryptocurrency and TON platform to further monetize Telegram’s success, though these ventures were later halted by U.S. regulators.
Citizenship Changes and Financial Impact
Citizenship in Saint Kitts and Nevis: After leaving Russia in 2014, Durov obtained citizenship in Saint Kitts and Nevis by making a $250,000 donation. This move allowed him to secure his assets and focus on developing Telegram without the constraints imposed by Russian authorities. His ability to operate freely in a more favorable regulatory environment contributed to the growth of Telegram, which has become a major source of his wealth.
United Arab Emirates Citizenship: In April 2021, Durov received citizenship in the United Arab Emirates (UAE). The UAE’s lack of personal income tax has provided him with a more favorable financial landscape, allowing him to retain a larger portion of his wealth. Durov has stated that living in Dubai has afforded him “better ways to use [his] money to benefit society,” indicating that the environment supports his philanthropic and business ambitions.
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French Citizenship: Durov was naturalized as a French citizen in August 2021, which grants him EU citizenship. This status can enhance his mobility and business opportunities across Europe, potentially attracting more international investors to Telegram.
Business Operations: Relocating Telegram’s operations to Dubai has also played a role in Durov’s financial success. The city is a global business hub, providing access to a diverse market and world-class investment opportunities. Moreover, the UAE’s regulatory environment is generally more favorable for tech companies compared to Russia, where Durov faced significant challenges.
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© Copyright 2024 – Eurasia Business News. Article no. 1189.
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