Published 21:12 IST, January 30th 2020
Russian Billionaire's Son Rents $500-A-Month Apartment, Uses Subway
Russian billionaire's son resides in the outskirts of Moscow and leads a simple life despite his father Mikhail Fridman who has a whopping $13.7 billion fortune
Alexander Fridman, son of Russia’s 11th-richest person reportedly rents a modest two-room apartment worth $500 a month and uses the subway to travel to work. The 19-year-old resides in the outskirts of Moscow and leads a simple life despite his father Mikhail Fridman who has a whopping $13.7 billion fortune according to the Bloomberg Billionaires Index.
He eats, lives and dresses in everything that he has earned himself
Alexander told the media that he eats, lives and dresses in everything that he has earned himself and would despise flaunting his father’s money. Alexander Fridman reportedly graduated last year in London and ventured out to begin a start-up of his own set up independent of his father’s business by the name SF Development, a distributor firm with only 5 employees.
19-year-old started his own firm with 5 employees
Alexander reportedly said that he was refraining from any interference from his father in his profession and wanted to benefit from his connections. He said that he did not intend to seek financial support or tap on the privileges of being a son to a billionaire.
The 19-year-old is distributing his firm’s finished goods to his father’s retail shops in addition to other clients and said that his company focuses on the manufacturing quality as the clients would not put the goods on the shelves just because he is the owner’s son.
Contrary examples
Contrary to Alexander Fridman’s example, a Beijing court had reportedly frozen the assets of a billionaire’s son named Wang Sicong last year for not paying over 151 million yuan (US$21.4 million) debt he owed to the bank. The court had ordered to restrict the excessive luxury spending by Wang Sicong and had sealed off his properties, cars and bank accounts over the financial dispute, as per reports. Wang was reportedly renowned for playing golf, buying expensive and luxurious property, and staying in upmarket hotels.
Updated 21:12 IST, January 30th 2020