Vagit Alekperov has again topped the Forbes ranking of Russians with the largest dividend income. Individuals and companies associated with the founder and largest shareholder of "Lukoil" have received a total of 106.2 billion rubles in dividends for 2025. Alekperov returns to first place, after being overtaken a year earlier by the co-owner of "Severstal" Alexei Mordashov.
Leonid Mikhelson is in second place with 87.1 billion rubles, and Gennady Timchenko is in third place with 75.1 billion rubles. Forbes mainly considers indirect dividends for both of them – funds paid to holding companies controlled by businessmen. The top five also includes Igor Kesaev with 40.5 billion rubles and Mikhail Fridman with 39.5 billion rubles.
Less dividends in a broader ranking
This year's list includes 75 people, while previous editions included 50 participants. Despite the expansion, the total amount of dividends paid has decreased to 1.194 trillion rubles compared to 1.769 trillion rubles a year earlier.
Forbes links the decline to high interest rates, which increase companies' borrowing costs, the strengthening of the ruble and lower prices for a number of raw materials. The methodology includes both directly received dividends and payments to controlled holding companies and other related structures.
China expands tax pressure
At the same time, China is intensifying its campaign to collect taxes from ultra-rich citizens and large companies. According to Bloomberg, Chinese authorities have focused on offshore trusts, through which wealthy families hold shares, real estate and other assets outside the country.
The new rules provide for a 20 percent tax on the increase in the value of assets when they are transferred to an offshore trust, as well as on the income generated by these structures. The requirements cover operations from the beginning of 2023, and the obligations must be declared within 90 days.
Tax offices in Shanghai, Jiangsu and Shenzhen have requested detailed information on income from dividends and the sale of shares. Particular attention is being paid to the capital of Chinese citizens in Hong Kong, which is one of the main centers for managing funds exported from the mainland.
“This is just the tip of the iceberg and more restrictive measures may follow“, tax consultant Patrick Yip told Bloomberg, describing the reactions of his clients.
The campaign is already affecting the corporate sector. According to Bloomberg, in the first six months of 2026, more than 100 public Chinese companies received tax surcharges or penalties for late payments totaling about 7.7 billion yuan. The authorities link the increased control to the need to increase budget revenues and limit capital outflows.
Sources: Forbes, Bloomberg, RBC