The capital of former Georgian Prime Minister Bidzina Ivanishvili has increased by $300 million throughout the past year. According to Bloomberg, Ivanishvili’s net worth now amounts to $5.75 billion, moving him up to 301st place in the Bloomberg Billionaires Index, which ranks the 500 richest people in the world.
As stated in Ivanishvili’s Bloomberg profile, he holds $4.5 billion across various bank accounts. The Georgian billionaire also owns a private art collection worth $1 billion.
Ivanishvili is currently suing Credit Suisse Group in Switzerland, Singapore, New Zealand and Bermuda for money laundering and forgery. According to the Georgian businessman, the actions of a Credit Suisse client adviser, who allegedly managed investments without Ivanishvili’s consent and carried out unauthorized trading, have cost him over $100 million. Ivanishvili’s lawyers are claiming the wrongdoing took place over several years.
The accused banker was arrested and is facing up to 10 years in prison. He initially denied making financial decisions without Ivanishvili’s consent and even recalled being asked to make risky transactions by the Georgian businessman. However, his lawyer later stated the banker has ‘acknowledged his responsibility, wants to be judged, and move on’. The trial on the case is scheduled to start in late November.
Bidzina Ivanishvili is the former Prime Minister of Georgia and the founder of the current ruling party Georgian Dream. He served as Prime Minister from October 2012 and stepped down after one year in office. He made his fortune during the 1990s in post-Soviet Russia before moving back to Georgia in 2003.