Igor Makarov

$2.36 B

Ranked #1715 in World

About Igor Makarov

Forbes lists Igor Makarov's net worth at $2.2 billion in March 2023, a formidable rise for the ex-USSR cyclist and current president of ARETI International Group, formerly ITERA. Renouncing Russian citizenship for Cypriot amidst UK sanctions over the Russo-Ukrainian conflict, Makarov continues to influence global finance from Turkmen roots to a multi-billion dollar empire, while fostering international cycling and championing philanthropy through the Makarov Foundation.

Born

April 15, 1962 in Ashgabat, Turkmenistan

Age

63 years

Source Of Wealth

Investments

Industries

Energy

Citizenship

Cyprus

Residence

Miami, Florida

Education

Bachelor of Arts/Science, Turkmen State University

Igor Makarov was born on April 5, 1962, in Ashkhabad, Turkmen SSR, Soviet Union. He was the only child of his parents. From 1979 to 1986, he competed as a cyclist for the Soviet team, winning medals and awards. During this time, he became acquainted with Saparmurat Niyazov, who ruled Turkmenistan from 1985 to 2006. Makarov graduated from Turkmen State University in 1983 and served in the Soviet Army.

Igor Makarov: Family

There is no information provided about Igor Makarov's family.

Igor Makarov: Career Highlights

In 1992, Makarov founded ITERA Oil and Gas Company, headquartered in Jacksonville, Florida. By 2000, ITERA had become the fourth largest natural gas company in the world due to its enormous reserves. In 2012, ITERA entered into a joint venture with Rosneft, and in 2013, Rosneft acquired Itera Oil and Gas Company for $2.9 billion. In 2015, ITERA International Group of Companies was rebranded as ARETI International Group.

Igor Makarov: Companies

Igor Makarov is the President of ARETI International Group (previously founder of ITERA International Group).

Igor Makarov: Major Achievements

Makarov's major achievements include founding ITERA Oil and Gas Company, which became the fourth largest natural gas company in the world, and serving as President of the Russian Cycling Federation from 2010 to 2016.

Igor Makarov: Awards & Achievements

Makarov has been decorated with state awards from different countries for his contributions to economic relations and friendship. These awards include the Order of Friendship of Peoples, Medal of Francisk Scorina, Friendship Medal, Order "Gloria Muncii," Order of Holy Faithful Prince Daniel of Moscow and Innokenty the Sanctifier Metropolitan of Moscow and Kolomna, Order of Saint Sergius of Radonezh, and Honorary Reward "Akinfy Nikitich Demidov."

Igor Makarov: Personal Life & Legacy

Igor Makarov is married and has two children. He is known for his philanthropic efforts, having established the charitable Makarov Foundation to support children's welfare and individuals with autism and other developmental disabilities.

He has also provided grants to build the Mount Sinai Adult Autism Clinic and supported various charitable initiatives. Additionally, he donated money to the Flight of Hope Project to save the population of Siberian cranes.

Igor Makarov: Trivia

In the summer of 2023, Igor Makarov renounced his Russian citizenship in favor of Cypriot. In September 2022, he was sanctioned by the UK government due to the Russo-Ukrainian War. His net worth is estimated at $2.2 billion by Forbes as of March 2023.

Wealth History

Timeline

April 5, 1962

Igor Makarov is born in Ashkhabad, Turkmen SSR, Soviet Union.

1979-1986

Makarov competes as a cyclist for the Soviet team, winning medals and awards.

1983

Makarov graduates from Turkmen State University.

1985-2006

Makarov becomes acquainted with Saparmurat Niyazov, who rules Turkmenistan.

1992

Makarov founds ITERA Oil and Gas Company in Jacksonville, Florida.

2000

ITERA becomes the fourth largest natural gas company in the world.

2008

Makarov creates the UCI team Katusha to develop cycling in emerging countries.

2010-2016

Makarov serves as President of the Russian Cycling Federation.

March 2011

Makarov becomes a member of the Management Committee of the International Cycling Union (UCI).

2012

ITERA enters into a joint venture with Rosneft.

2013

Rosneft acquires Itera Oil and Gas Company for $2.9 billion.

2015

ITERA International Group of Companies is rebranded as ARETI International Group.

2016

Makarov is elected as Honorary President of the Russian Cycling Federation.

September 2022

Makarov is sanctioned by the UK government due to the Russo-Ukrainian War.

Summer 2023

Makarov renounces Russian citizenship in favor of Cypriot.

March 2023

Makarov's net worth is estimated at $2.2 billion by Forbes.

Igor Makarov : FAQs

What is Igor Makarov's current net worth?

Igor Makarov's current net worth is $2.36 billion.

What is Igor Makarov's current global rank among billionaires?

Igor Makarov holds the 1715th position globally among billionaires.

What is Igor Makarov's current ranking within the Cyprus?

Igor Makarov holds the 4th position in Cyprus.

What was the change in Igor Makarov's net worth compared to the previous year?

Igor Makarov's net worth increased by 265.67 million dollars compared to the previous year 2025, when his net worth was 2.09 billion dollars.

What is the recent change in Igor Makarov's net worth?

Igor Makarov's net worth increased by 2.55 million dollars recently, a 0.11% increase, with his net worth standing at 2.36 billion dollars.

What are Igor Makarov's main sources of wealth?

Igor Makarov's main source of income comes from Investments.

In which industry does Igor Makarov primarily operate?

Igor Makarov is primarily involved in the Energy industry.

What is Igor Makarov educational background?

Igor Makarov holds a Bachelor of Arts/Science from Turkmen State University.

How old is Igor Makarov?

Igor Makarov is 63 years old.

How many children does Igor Makarov have?

Igor Makarov has 2 children.

How did Igor Makarov's early life and career in cycling intersect with political figures in Turkmenistan?

Igor Makarov, as a competitive cyclist for the Soviet team, became acquainted with Saparmurat Niyazov, who later ruled Turkmenistan from 1985 to 2006.

What significant changes occurred in Igor Makarov's business ventures from ITERA to ARETI International Group?

Igor Makarov founded ITERA Oil and Gas Company in 1992, which became a world leader by 2000. After a joint venture with and acquisition by Rosneft in 2013, the company was rebranded as ARETI International Group in 2015.

What contributions has Igor Makarov made to the sport of cycling post-retirement?

Since retiring, Igor Makarov has supported cycling through sponsorship, served as President and Honorary President of the Russian Cycling Federation, and was a member of the Management Committee of the International Cycling Union (UCI). He also created the UCI team Katusha.

How does Igor Makarov contribute to social causes and community service?

Igor Makarov established the Makarov Foundation to support children's welfare and developmental disabilities, provided grants to build the Mount Sinai Adult Autism Clinic, and donated to conservation initiatives like the Flight of Hope Project for Siberian cranes.