Founded in 1991, the investment and construction firm Inteco served as the primary engine for Elena Baturina’s accumulation of wealth. A Moscow native, she began her professional trajectory as a design technician at a local industrial tool plant before transitioning into the private sector, eventually becoming one of the most prominent business figures in post-Soviet Russia.
Early Career and Education
Baturina graduated from the State University of Management in Moscow. Her early career included roles as a researcher at the Institute of Integrated Economic Development of Moscow and as a senior specialist for the Mosgorispolkom Commission. Before these administrative positions, she worked at the Frezer industrial tool plant, where she served as a senior design engineer in the Chief Technologist Department between 1980 and 1982.
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In 1989, Baturina initiated her first private business venture with her brother, Victor, focusing on computer software and hardware. She established Inteco in 1991, initially focusing on plastics manufacturing. By 1998, the company secured a significant contract to supply 85,000 seats for Moscow's Luzhniki Stadium. In 2001, Baturina acquired the housebuilding factory DSK-3, which marked the firm's major expansion into the construction sector. Following a period of rapid growth, the company sold its cement plants to Eurocement Group in 2005 to refocus capital on commercial and monolithic housing projects.
Public Service and Business Context
Baturina served as the deputy head of the interdepartmental working group for the national project titled Affordable and Comfortable Housing to Russian citizens from 2006 to 2011. During this period, she also sat on a presidential commission for housing development. She was married to Yury Luzhkov, the mayor of Moscow from 1992 until 2010, until his death in 2019. Following Luzhkov's dismissal by President Dmitry Medvedev in 2010, Baturina relocated to London.
Net Worth and Market Position
Throughout her career, Baturina maintained a diverse portfolio, including significant holdings in Gazprom and Sberbank, which she sold during the 2009 financial crisis. In 2003, she received a Russian government prize for science and technology. As of 2025, she is recorded on the Forbes Billionaires List with a net worth of $1.3 billion, ranking as the 2,479th wealthiest individual globally and the 4th wealthiest woman in Russia.
Fast facts
- Born: 1963, Moscow
- Education: State University of Management
- Inteco founded: 1991
- Net worth: $1.3 billion (2025 estimate)
- Awards: Russian government prize for science and technology (2003)
- Citizenship: Russia
Questions readers ask
What was the initial focus of the company Inteco?
Inteco began as a plastics business in 1991 before transitioning into large-scale construction and real estate development.
Why did Baturina relocate to London?
She moved to London after her husband, Yury Luzhkov, was dismissed as mayor of Moscow in 2010, citing the need to support their daughters' studies.
Achievements
- Russian government prize for science and technology — 2003
- Educated at State University of Management
