How Putin’s money is fuelling the rise of the oligarchs

By TASS via Getty Images MOSCOW (AP) The Kremlin’s top official says President Vladimir Putin has made a fortune off the oil industry, and the president has taken the money to buy luxury cars and apartments in Moscow.

Putin’s net worth has soared by $5.4 billion since becoming president in 2000, the official said Thursday, adding that the president had spent his riches on a lavish lifestyle.

Putin, a billionaire himself, was a frequent visitor to Moscow and spent a lot of time in luxury hotels.

Putin has spent millions on luxury cars, including a Lamborghini supercar worth $150 million, according to a 2008 Forbes report.

Putin is also the owner of the largest private jet, a Boeing 737 Max, which cost $6.2 million.

The Kremlin has long argued that Putin has a strong sense of patriotism, and that he has built a successful business empire by promoting himself as a patriotic leader.

He also has made it a point to spend big, spending $50 billion on military spending and a $40 billion deal with Rosneft, the state oil company.

Putin’s wife, Ekaterina, a former Russian prosecutor and businesswoman, has also become a billionaire since taking office in 2012.

She bought a condo in Manhattan, and her brother is the chief executive of a telecommunications company, Kaspersky Lab.