"Owns a 23-pyeong Apartment"… Why Did Putin's Wealth Suddenly Vanish by 260 Trillion?

Income of 1 Billion Won and Former Soviet Vehicles Registered
Actual Assets Estimated to Exceed at Least 260 Trillion Won

Russian President Vladimir Putin, who is preparing for his 5th presidential election, disclosed his assets upon registering as a presidential candidate. However, the amount revealed was absurdly small compared to the previously known figures, sparking controversy both inside and outside Russia. President Putin's assets are estimated to exceed 260 trillion won based on amounts revealed during Western preparations for sanctions against Russia.

However, the major assets disclosed this time amounted only to 1 billion won in cash from the presidential salary and a 77㎡ (approximately 23 pyeong) apartment, leading to criticism that he is playing the role of an "ordinary citizen" ahead of the election.

[Image source=TASS Yonhap News]

According to Russia's Interfax news agency on the 30th (local time), President Putin disclosed his assets while registering as a candidate for the Russian presidential election scheduled for March 15. Russian law requires presidential candidates to disclose their income records and assets for the previous six years upon registration.

The income disclosed by the Russian Central Election Commission for President Putin from 2017 to 2022 was 67,591,875 rubles (approximately 1.037 billion won). This is estimated to be the total amount earned solely from the presidential salary.

His assets include one 77㎡ apartment and an 18㎡ garage located in Saint Petersburg, deposits of 54,416,604 rubles (approximately 808 million won), and 230 shares of PJSC Bank in Saint Petersburg. Additionally, vehicles listed in the asset report include a 1960 GAZ M21 and a 1965 GAZ M21 produced during the Soviet era, a 2009 Lada Niva, and a 1987 Skip trailer. He is also recorded as the lessee of a 153㎡ (approximately 46 pyeong) apartment in Moscow owned by the Russian government.

The assets disclosed this time fall far short of the previously known scale of President Putin's wealth, causing controversy both inside and outside Russia. President Putin is known to have accumulated enormous wealth during his more than 20 years in power. Around the time of the outbreak of the Ukraine war in 2022 and the subsequent U.S. and Western sanctions against Russia, President Putin's assets were estimated to be at least 200 billion dollars (approximately 266 trillion won). It is known that President Putin usually owns luxury mansions, villas, and yachts under the names of family members or relatives.