Zarakh Iliev

Snapshot: Zarakh Iliev is a self-made Russian billionaire whose wealth stems from large-scale real estate development in Moscow. Born in Azerbaijan, he co-founded Kievskaya Ploshchad with God Nisanov, building a portfolio of 14 million sq ft of commercial, retail, and hospitality space. His assets include Food City, a major wholesale hub, and the Moscow Royal Radisson Hotel. Sanctioned by the U.K. in 2022, his net worth is subject to geopolitical risk and limited market transparency. He resides in Moscow, is married with two children, and his wealth is not publicly traded — making valuation estimates speculative and subject to change based on asset performance and political developments.

Zarakh Iliev’s net worth is estimated at $1.5 billion as of April 2025, placing him at #853 globally on the Billionaires list. This valuation reflects his stake in a vast real estate portfolio concentrated in Moscow, developed in partnership with God Nisanov. The figure is derived from public estimates of the market value of their holdings, including commercial, retail, and hospitality assets. Unlike publicly traded companies, private real estate portfolios are not subject to daily market pricing, so valuations are typically based on appraisals, recent transactions, or revenue multiples — all of which can vary significantly depending on methodology and timing.

His wealth is not liquid in the traditional sense. The majority of his net worth is tied up in physical assets — land, buildings, and long-term leases — which cannot be quickly converted to cash without significant discounting or market disruption. This illiquidity is common among real estate billionaires, especially those operating in markets with limited transparency or regulatory constraints. The value of his holdings is also sensitive to macroeconomic conditions, interest rates, and geopolitical risk — factors that have intensified since 2022 due to international sanctions and capital flight from Russia.

Notably, Iliev’s net worth has likely experienced volatility in recent years. While does not publish historical net worth figures for him prior to 2025, the imposition of U.K. sanctions in September 2022 would have affected asset valuations, access to international financing, and potential exit strategies. Sanctions often lead to devaluation of assets held by targeted individuals, as global investors and institutions avoid exposure to sanctioned entities. The absence of a public trading platform for his assets further obscures precise valuation changes over time.

His ranking on the global billionaire list (#853) suggests a relatively modest position compared to global peers, but within the context of Russian oligarchs, he remains a significant player. His wealth is self-made, derived entirely from real estate development — a sector that has historically offered high returns in emerging markets, particularly in post-Soviet Russia, where urbanization and consumer demand created opportunities for large-scale commercial projects.

It is important to note that net worth estimates for private individuals, especially those operating in opaque markets, are inherently imprecise. and other outlets rely on a combination of public records, insider reports, and financial modeling to arrive at these figures. There is no official audit or public disclosure of Iliev’s personal balance sheet, so the $1.5 billion figure should be treated as an approximation rather than a precise accounting.

Zarakh Iliev’s wealth accumulation is a story of post-Soviet entrepreneurship, strategic land acquisition, and long-term asset development. While detailed year-by-year financial records are not publicly available, the trajectory of his wealth can be inferred from the growth of his real estate empire in Moscow, developed alongside his partner God Nisanov.

The foundation of Iliev’s wealth was laid in the 1990s and early 2000s, a period of rapid privatization and urban expansion in Russia. During this time, Moscow experienced a surge in demand for commercial and residential space, driven by economic liberalization and rising consumer spending. Iliev and Nisanov capitalized on this by acquiring underutilized land and developing large-scale projects, including wholesale distribution centers, shopping malls, and hotels.

One of their most significant developments was Food City, a 225-acre wholesale distribution center in Moscow. Such projects required substantial upfront capital and long-term planning, but generated steady rental income and appreciated in value as Moscow’s population and economy grew. The success of Food City likely provided the capital base for subsequent ventures, including the development of shopping centers on Moscow’s outskirts — areas that became increasingly valuable as the city expanded outward.

By the 2010s, Iliev and Nisanov had established themselves as major players in Moscow’s real estate market. Their portfolio included the 5-star Moscow Royal Radisson hotel, which gained international visibility during the 2018 FIFA World Cup when it served as FIFA’s headquarters. This project demonstrated their ability to execute high-profile, internationally recognized developments — a capability that likely enhanced their reputation and access to financing.

Between 2018 and 2022, their wealth likely continued to grow, albeit at a slower pace, as Moscow’s real estate market matured and faced increasing regulatory and economic headwinds. The imposition of U.K. sanctions in September 2022 marked a turning point. Sanctions typically restrict access to international banking systems, freeze assets held abroad, and deter foreign investment — all of which can depress asset values and limit growth opportunities.

Despite these challenges, Iliev’s wealth appears to have remained relatively stable, as indicated by his inclusion on the 2025 Billionaires list. This suggests that his assets are primarily located within Russia, where sanctions have less direct impact, and that his portfolio continues to generate income from domestic tenants and operations. However, the long-term sustainability of his wealth may depend on Russia’s economic trajectory, the evolution of sanctions, and the ability of his assets to adapt to changing market conditions.

It is worth noting that wealth history for private individuals like Iliev is often reconstructed from public projects, media reports, and industry trends rather than audited financial statements. As such, the timeline presented here is a synthesis of available information and should be viewed as a plausible narrative rather than a definitive record.

Related Figures:

• God Nisanov — Iliev’s business partner and co-owner of Kievskaya Ploshchad. Together they developed Moscow’s largest wholesale market and luxury hotel assets.
• Don Peebles — U.S.-based real estate developer with a focus on urban mixed-use projects, particularly in Washington D.C. and Miami.
• Harry Triguboff — Australian property developer known for high-density residential developments in Sydney and Melbourne.
• Manuel Villar — Filipino real estate magnate and former senator, founder of Vista Land, one of the Philippines’ largest property developers.
• Robert & Philip Ng — Singaporean brothers behind Far East Organization, one of Asia’s largest private property developers with holdings across Southeast Asia and Australia.

These peers share Iliev’s origin in real estate development but operate in different regulatory, economic, and geopolitical environments. Unlike Iliev, most are not subject to international sanctions, allowing for greater access to global capital and liquidity.

Zarakh Iliev was born in Krasnaya Sloboda, a village in Azerbaijan, where he spent his early years alongside his longtime business partner, God Nisanov. The two grew up in the same community, which likely laid the foundation for their enduring professional relationship. Krasnaya Sloboda is known for its Jewish heritage and tight-knit community, though specific details about Iliev’s family background beyond his father’s profession are not publicly disclosed in the provided data.

His father was a shoemaker, and Iliev reportedly helped make shoes as a child. This early exposure to manual labor and small-scale enterprise may have instilled in him a practical understanding of business and the value of hard work — traits that would later serve him well in the competitive world of real estate development. The shoemaking trade, while modest, reflects a tradition of craftsmanship and customer service that may have influenced his approach to building and managing commercial properties.

Iliev and Nisanov eventually moved to Moscow, a common trajectory for ambitious individuals from the Soviet republics seeking greater economic opportunities. Moscow, as the political and economic center of Russia, offered access to capital, infrastructure, and a growing consumer base — all critical ingredients for real estate development. Their relocation marked the beginning of their entrepreneurial journey, which would eventually lead to the creation of one of Moscow’s largest private real estate portfolios.

While the provided data does not detail their education or early careers in Moscow, it is reasonable to infer that they started with smaller projects or roles in the construction or retail sectors before scaling up to large-scale developments. The transition from shoemaking to real estate development is not uncommon in emerging markets, where entrepreneurial success often depends on identifying and capitalizing on market gaps rather than formal training or pedigree.

Their shared origins and early experiences likely contributed to the strength of their partnership. Long-term business relationships, especially in high-stakes industries like real estate, often rely on trust, mutual understanding, and complementary skills — qualities that may have been forged during their formative years in Krasnaya Sloboda. Their ability to build and sustain a multi-billion-dollar real estate empire is a testament to their resilience, adaptability, and strategic vision.

Zarakh Iliev’s path to wealth is rooted in real estate development, a sector that has historically offered high returns in emerging markets, particularly in post-Soviet Russia. His journey began with the acquisition and development of underutilized land in and around Moscow, a strategy that capitalized on the city’s rapid urbanization and growing demand for commercial and residential space.

His partnership with God Nisanov was instrumental in this process. The two co-founded Kievskaya Ploshchad, a real estate development company that became the vehicle for their largest projects. Their first major undertaking was Food City, a 225-acre wholesale distribution center in Moscow. Such projects required significant capital, long-term planning, and the ability to navigate complex regulatory environments — all of which they demonstrated through successful execution.

Food City’s success provided the financial foundation for subsequent ventures, including the development of shopping centers on Moscow’s outskirts. These projects targeted the growing suburban population and benefited from the city’s outward expansion. By focusing on underserved areas, Iliev and Nisanov were able to acquire land at relatively low costs and develop it into high-yield assets.

Another key milestone was the development of the 5-star Moscow Royal Radisson hotel, which gained international recognition during the 2018 FIFA World Cup. This project not only generated substantial revenue but also enhanced their reputation as developers capable of executing high-profile, internationally recognized projects. The hotel’s role as FIFA’s headquarters during the World Cup underscored its strategic importance and likely attracted premium tenants and partners.

Their wealth is self-made, derived entirely from the development, management, and leasing of real estate assets. Unlike inherited wealth or wealth generated through financial markets, real estate development requires active management, risk-taking, and long-term commitment. Iliev and Nisanov’s ability to scale their operations and maintain a diversified portfolio — including commercial, retail, and hospitality assets — has been critical to their sustained success.

However, their path has not been without challenges. The imposition of U.K. sanctions in September 2022 has restricted their access to international banking systems and likely affected the valuation of their assets. Sanctions often lead to devaluation of assets held by targeted individuals, as global investors and institutions avoid exposure to sanctioned entities. Despite these challenges, their wealth appears to have remained relatively stable, suggesting that their assets are primarily located within Russia, where sanctions have less direct impact.

Looking ahead, the sustainability of their wealth will depend on Russia’s economic trajectory, the evolution of sanctions, and the ability of their assets to adapt to changing market conditions. Real estate is a cyclical industry, and future growth will likely depend on their ability to innovate, diversify, and navigate regulatory and geopolitical risks. Their track record suggests they are well-positioned to continue building and managing one of Moscow’s most significant real estate portfolios.

Zarakh Iliev’s empire is anchored in Moscow’s commercial real estate, with a footprint spanning 14 million square feet — a concentration that offers scale but exposes the portfolio to localized regulatory, economic, and geopolitical shocks. His partnership with God Nisanov has enabled vertical integration across development, leasing, and hospitality, exemplified by Food City, a 225-acre wholesale hub, and the Moscow Royal Radisson, which hosted FIFA during the 2018 World Cup. This dual focus on logistics and luxury creates a hybrid revenue model: bulk commercial tenants provide stable cash flow, while high-end hospitality offers premium margins and international visibility. However, the empire’s geographic and sectoral concentration — almost entirely within Moscow’s urban core — limits diversification and increases vulnerability to municipal policy shifts, infrastructure bottlenecks, or macroeconomic downturns in Russia.

Iliev’s leadership is defined by long-term partnership and operational pragmatism. His decades-long collaboration with God Nisanov suggests a governance model rooted in mutual trust and shared risk, which may enhance decision-making continuity but also introduces co-dependency risk. Their joint ventures, such as Kievskaya Ploshchad, reflect a preference for large-scale, capital-intensive projects with long gestation periods — a strategy that demands patience and deep local relationships. There is no public evidence of formal succession planning or board oversight structures, implying a founder-led, centralized model. This may streamline execution but heightens exposure to personal or political risk, especially given Iliev’s age (59) and the absence of visible next-generation involvement.

Capital allocation under Iliev and Nisanov has favored high-impact, infrastructure-adjacent developments — Food City, shopping centers on Moscow’s periphery, and flagship hotels — all of which serve as anchors for broader commercial ecosystems. This strategy leverages Moscow’s population density and consumption growth, but also locks capital into illiquid, fixed assets with long payback periods. The absence of public disclosures on debt levels or ROI metrics raises questions about financial discipline. The U.K. sanctions imposed in 2022 likely constrained access to international capital markets, forcing reliance on domestic financing or equity reinvestment. Future allocation may pivot toward defensive assets or state-aligned projects to mitigate regulatory risk, potentially sacrificing growth for stability.

The most acute risk to Iliev’s empire is geopolitical: U.K. sanctions imposed in September 2022 following Russia’s invasion of Ukraine directly target his assets and restrict international transactions. These sanctions signal broader Western alignment against Russian oligarchs, increasing the likelihood of secondary sanctions from the U.S. or EU. Domestically, Moscow’s real estate market faces regulatory uncertainty, including potential rent controls, zoning changes, or state expropriation under national security pretexts. Reputational risk is also elevated — association with FIFA during the 2018 World Cup, while prestigious, now carries baggage given FIFA’s own governance controversies and the event’s politicization. Iliev’s Azerbaijani origins and Jewish heritage may also expose him to latent social or political friction in Russia’s increasingly nationalist climate.

Public records show no significant philanthropic activity tied to Iliev, a notable omission for a billionaire of his stature. Unlike peers who leverage charitable foundations for soft power or legacy-building, Iliev’s absence from global giving indices suggests either private, unpublicized giving or a strategic focus on commercial returns over social capital. In the Russian context, where state-aligned philanthropy is often expected, this silence may be interpreted as either discretion or disengagement — neither of which enhances long-term brand resilience. The lack of a public philanthropic profile also limits his ability to offset reputational damage from sanctions or political controversies.

Iliev’s influence is exercised indirectly through asset control and elite networks rather than formal political office. His ownership of key commercial infrastructure — including Food City, which underpins Moscow’s supply chain — grants him de facto leverage over municipal logistics and economic policy. The use of the Royal Radisson as FIFA’s 2018 headquarters demonstrates access to international institutions and state-backed events, suggesting alignment with Kremlin priorities. However, this proximity to power carries risk: any perceived misalignment with state interests could trigger regulatory retaliation. The U.K. sanctions underscore how geopolitical alignment — or lack thereof — can rapidly transform economic influence into liability.

Iliev’s legacy is likely to be defined by scale and endurance rather than innovation or social impact. He and Nisanov transformed Moscow’s commercial landscape through sheer volume — 14 million square feet of real estate is a tangible, physical legacy. Yet, without diversification, succession planning, or philanthropic infrastructure, the empire’s durability beyond their lifetimes is uncertain. The sanctions of 2022 may cement his legacy as a figure of the pre-war Russian oligarchy — a builder of Moscow’s modern commercial spine, but one whose assets are now politically encumbered. His story — from shoemaker’s son in Azerbaijan to Moscow real estate titan — is emblematic of post-Soviet mobility, but also of the fragility of wealth built on proximity to state power.

• Profile: Zarakh Iliev —
• U.K. Sanctions List (Sept 2022) — HM Treasury
• Food City Development Overview — Moscow City Government Reports
• FIFA 2018 World Cup Venue Documentation — FIFA Archives