On February 20, during the broadcast of “New Paradigm,” host Tengo Omanadze spoke about the increase in President Volodymyr Zelenskyy’s wealth during the Russia-Ukraine war [52:40]. According to Omanadze, amid the war, Zelenskyy became a billionaire, while Bidzina Ivanishvili, who could have taken advantage of the situation to make money himself, lost millions. Omanadze repeated the same claim during the February 24 broadcast [31:25].
The claim that Zelenskyy became a billionaire during the Russia-Ukraine war is disinformation. According to Zelenskyy’s financial declarations, his income decreased after the war began, and his family’s financial situation was affected by the temporary suspension of rental income from real estate. In 2023, his income partially recovered, but according to the latest data, Zelenskyy’s wealth is still estimated at around $30 million, which is linked not to his presidency but to his past earnings from the entertainment industry. Moreover, according to Forbes and Bloomberg, Ivanishvili’s wealth has increased compared to the beginning of the war.
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Did Zelenskyy’s Income Increase or Decrease After the War Began?
Before entering politics, Volodymyr Zelenskyy was a successful actor and producer, accumulating his wealth while working in the entertainment industry before becoming president. In 1997, he founded the comedy troupe Kvartal 95, which later became one of the most successful television production companies. Zelenskyy owned a 25% stake in the company, which he transferred to his partner after assuming the presidency. One of Kvartal 95’s most famous projects is the TV series “Servant of the People,” which was available on Netflix in the U.S. The series generates approximately $30 million in annual revenue, and according to Forbes Ukraine, Zelenskyy’s share is estimated at $11 million.
Information about Volodymyr Zelenskyy’s income and wealth can be found in official financial declarations. In 2020, his annual income was approximately $623,000, including his presidential salary, rental income, and earnings from real estate sales.
In 2021, total income of Zelenskyy and his family was 10.825 million hryvnias (approximately $285,000). A significant portion of this, about 5.36 million hryvnias, came from the sale of Ukrainian government bonds. The remaining 5.465 million hryvnias consisted of his presidential salary, bank deposit interest, and rental income.
After the war began in 2022, Zelenskyy and his family’s income decreased to 3.693 million hryvnias, which amounts to approximately $97,000. This drop was mainly due to the almost total suspension of rental income because of the war. Many tenants canceled their contracts or stopped making payments, negatively impacting the family’s financial situation.
By 2023, the family’s total income comprised 12.423 million hryvnias, which is approximately $316,700. The primary reason for this rise was the resumption of government bond sales, from which Zelenskyy and his family earned 7.455 million hryvnias. Additionally, rental income, which had sharply declined after the war started, recovered to 4.967 million hryvnias. Thus, the increase in Zelenskyy’s family income compared to the previous year was linked to the resumption of rental payments.
Regarding savings, financial declarations show that the family’s cash reserves have gradually decreased. By the end of 2022, their savings had dropped by approximately 1.8 million hryvnias, and by the end of 2023, they had decreased by another 2.8 million hryvnias (about $71,000).
It is notable that Zelenskyy’s financial situation has not changed significantly since becoming president. According to the latest available Forbes data from 2022, his net worth is less than $30 million. While this is a substantial amount, it is not surprising in the case of Volodymyr Zelenskyy, as he was a successful actor and producer.
The real estate owned by Zelenskyy and his family has remained practically unchanged during his presidency. They own an apartment of 131.9 square meters in Kyiv, along with a parking space. Additionally, Zelenskyy holds 25% and 50% stakes in two Kyiv apartments jointly owned with Boris and Serhiy Shefir, his former Kvartal 95 colleagues. His wife, Olena Zelenska, owns a house and parking space in Crimea, an apartment in Kyiv, and a non-residential property in Kyiv shared with Olena and Larisa Shefir. As for vehicles, the declaration indicates that the family still owns the same cars: a 2016 Land Rover and a 2014 Mercedes-Benz S 500 4Matic.
In 2021, the Organized Crime and Corruption Reporting Project (OCCRP) published an investigation based on the Pandora Papers, revealing that Zelenskyy and his associates owned offshore companies in the British Virgin Islands, Cyprus, and Belize. These companies had purchased expensive real estate in London, but they were established before Zelenskyy’s presidency and were linked to Kvartal 95. The OCCRP investigation found no evidence that Zelenskyy was involved in offshore activities while serving as president.
After the Pandora Papers were released, Zelenskyy denied that the offshore companies were used for money laundering. He explained that during Viktor Yanukovych’s presidency, offshore structures were a way for media businesses to avoid political pressure.
For a more detailed analysis, see Myth Detector’s article:
Beyond financial declarations, international fact-checking organizations and investigative journalists have repeatedly examined Zelenskyy’s potential hidden assets. These sources consistently reject claims that he has hundreds of millions or billions of dollars in offshore accounts. Such allegations often rely on misinterpretations and manipulative sources that lack evidence of illegal enrichment. Claims that Zelenskyy’s family has been spending Western funds on luxury items have been actively disseminated by Kremlin propaganda since the war began. Myth Detector has published multiple reports debunking such claims:
- Another Expensive Villa Zelenskyy Did Not Purchase
- Yet Another Disinformation Claim Asserts That Volodymyr Zelenskyy Purchased an Expensive Hotel
- Disinformation about Zelenskyy buying a £150 million villa in Cyprus
- Disinformation, as if Zelenskyy Bought Goebbels’ Former Villa
- Who Owns the Highgrove House – Volodymyr Zelenskyy or the British Royal Family?
- Does Volodymyr Zelenskyy Own a USD 35 Million Villa in Miami?
- What is the Actual Net Worth of Zelenskyy and is it Linked to His Political Career?
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How Did Ivanishvili’s Wealth Change During the Russia-Ukraine War?
According to Bloomberg’s Billionaires Index, Bidzina Ivanishvili’s wealth is estimated at $7.60 billion [March 5, 2025], ranking him 406th on the list. In the same period last year, Bloomberg valued his wealth at $6.92 billion. Notably, Bloomberg rates the analysis of Ivanishvili’s wealth at 1 out of 5 stars, indicating that obtaining and verifying information about his income and assets is difficult.
As of March 6, 2025, Forbes estimates Ivanishvili’s wealth at $4.9 billion, placing him 685th among the world’s billionaires. According to the publication, his wealth has been steadily increasing since 2021.
It is important to note that the journalist discusses the changes in Ivanishvili’s wealth in the context of the ongoing war in Ukraine. However, based on Forbes and Bloomberg data, we can conclude that compared to February 2022, the wealth of the founder of Georgian Dream has not decreased but, on the contrary, it has increased. Comparing Bloomberg’s data, Ivanishvili’s wealth has grown by 28.8% since Russia’s invasion of Ukraine.
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Forbers’s data |
Bloomberg’s data |
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On December 27, 2024, the U.S. Department of the Treasury placed Bidzina Ivanishvili on its sanctions list due to his role in undermining democratic institutions in Georgia and restricting citizens’ fundamental freedoms. This development may impact the future growth of his wealth.
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