What is the net worth of Boris Yeltsin?
Boris Yeltsin was a Russian politician who had a net worth of $2 million at the time of his death in 2007. Boris Yeltsin served as Russia’s first president and is credited with transforming the Russian economy.
previous life
Yeltsin was born on February 1, 1931 in Butka, Ural Oblast and then grew up in Kazan, Tatar. He was born to a poor family of Russian origin who has lived in the area for the past 18 yearsThe tenth century. His father was Nikolai Yeltsin and his mother was Klavdia Vasilievna. Yeltsin was not very close to his father, who abused his children and his wife.
Yeltsin did well at school and studied at Pushkin High School. Then he entered the Ural Polytechnic Institute where he studied Industrial and Civil Engineering. He finished his studies in 1955 and began working in the Lower Iset Construction Directorate. He spent the next decade or so working on construction projects and joined the Communist Party in 1961.
early post
By 1968, Yeltsin began working full-time for the Communist Party. In 1976, he became the first secretary of the Sverdlovsk Territory Committee. During his time in this role, he became friends with Mikhail Gorbachev. At that time, Gorbachev was also working in the government in the city of Stavropol. After Gorbachev became Russia’s leader, Yeltsin chose to focus on eliminating corruption in the government in 1985.
While Yeltsin proved to be an effective reformer, he was demoted after he began criticizing Gorbachev’s leadership and the slow pace at which he was bringing about change in the country. Yeltsin resigned from his leadership role in the Moscow Party in 1987. However, he did not leave the government completely, and instead became Deputy Minister of Construction. In fact, he remained a very popular figure throughout Russia as many Russians supported his defense of democracy and economic reform.
president
In 1989, he won a seat in the USSR’s House of People’s Deputies after Gorbachev entered competitive elections in a landslide vote. The following year, in May of 1990, the Russian SFSF parliament elected Yeltsin Chairman of the Supreme Soviet of the Russian Soviet Socialist Republic, despite the fact that Gorbachev had specifically appealed to other deputies not to be elected. In July, he decided to leave the Communist Party.
President of the USSR
In July of 1991, Yeltsin won a majority of the popular vote in the democratic presidential elections of the Russian Republic. In doing so, he defeated Gorbachev’s favorite candidate. A few months later, a coup was organized in an attempt to overthrow Gorbachev, but the coup failed in part thanks to Yeltsin. However, the coup attempt destroyed Gorbachev politically. Yeltsin took advantage of this position by beginning to take over several ministries and publicizing his goal of dissolving the Soviet Union.
While it took some persuasion, Yeltsin met Gorbachev in December and they agreed to dissolve the Soviet Union. Gorbachev resigned the next day and Yeltsin formally took power. The Russian Federation was born and soon Yeltsin began working to enact radical economic reform and to expand democracy in the nation. He also signed agreements with then US President George HW Bush to officially end the Cold War after nearly 47 years.
(Bertrand Guay/AFP via Getty Images)
Yeltsin pursued a program of macroeconomic stabilization, which included severe austerity. Interest rates were raised in order to restrict credit and tighten money. It also raised taxes and cut government spending on social welfare programmes. This led to a massive rise in prices throughout Russia and a general destruction of the standard of living of much of the Russian population. Millions of people fell into poverty and economists later described the event as worse than the Great Depression.
In 1993, people began to protest the dire living conditions in Russia under Yeltsin’s leadership. At the same time, Yeltsin was trying to manage a dual power situation as he fought for power with the Supreme Soviet, the legislative branch of government. In 1994, he also launched the military invasion of Chechnya, eroding his support at home and abroad. However, he announced that he would seek re-election in 1996. After campaigning on promises to roll back some of his financial reforms, Yeltsin was able to secure a vote in the run-off of the elections.
Yeltsin’s second term in office lasted from 1996 until 1999. While in office, he dismissed his prime minister, Sergei Stepashin, and appointed the relatively unknown Vladimir Putin. He also announced his desire for Putin to succeed him. Yeltsin officially resigned on New Year’s Eve in 1999. At the time, he was well aware that his acceptance rate was very low. Upon resignation, Putin took power.
personal life
Yeltsin married Naina Iosifovna Girina, a student he had met in college, in September 1956. She worked most of her life as a scientific research institution. The couple had their first daughter, Yelena, in 1957. They had a second daughter in 1960 named Tatiana.
During his first term as president, Yeltsin suffered from heart disease and suffered a series of heart attacks while in office. He also became increasingly dependent on alcohol during the final years of his time in power. A number of stories about Yeltsin’s strange, seemingly intoxicated behavior have garnered a great deal of attention in the international press.
Yeltsin died of congestive heart failure in April of 2007 at the age of 76. His funeral was declared a national day of mourning.
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