Mikhail Gorbachev Net Worth 2022 – Salary, Income, Earnings

Mikhail Gorbachev Net Worth 

Mikhail Gorbachev has an estimated net worth of $5 million. Mikhail Gorbachev was the first president of the Soviet Union, serving from 1990 to 1991. He was awarded the Nobel Prize for Peace for his leadership role in ending the Cold War and promoting peaceful international relations. He earns most of his income from his political career. 

In 1961, Mikhail Gorbachev was elected as a delegate to the Communist Party Congress. In 1985, he was elected general secretary. In 1990, he became the Soviet Union’s first president and received the Nobel Peace Prize in the same year. He resigned in 1991 and established the Gorbachev Foundation, as well as remaining active in social and political causes.

To calculate the net worth of Mikhail Gorbachev, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as personal loans and mortgages, are included in total liabilities.

Here’s the breakdown of his net worth:

Name: Mikhail Gorbachev
Net Worth: $5 Million
Monthly Salary: $30 Thousand
Annual Income: $500 Thousand
Source of Wealth: Politician, Lawyer

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Early Life

Mikhail Sergeyevich Gorbachev was born on March 2, 1931, to a Russian-Ukrainian family in the Krasnogvardeisky District of southern Russia, near the Stavropol Territory.

Gorbachev was born to peasants. Sergei’s father worked as a combine harvester operator. When the Nazis invaded the USSR in 1941, Sergei was drafted into the Russian Army. He was wounded in action three years later and returned home to resume operating farm machinery.

Sergei shared his knowledge with his young son, Mikhail. Mikhail Gorbachev was a quick learner with a knack for mechanics. Gorbachev earned money for his family as a teenager by driving tractors at a local machine station. Gorbachev worked so hard that, at the age of 17, he was the youngest person ever to be awarded the Order of the Red Banner of Labor for his active role in bringing in that year’s bumper crop. Maria Gorbachev, Gorbachev’s mother, exemplified this tireless work ethic through her lifelong toil on a collective farm.

Mikhail Gorbachev grew up in a turbulent political environment. When Gorbachev was a child in the 1930s, he witnessed the arrest of his maternal grandfather, Pantelei Gopkalo, during the Great Purge. Gopkalo was imprisoned and tortured for 14 months after being accused of being a Trotskyite counterrevolutionary.

He was spared execution, much to the relief of his family. Mikhail Gorbachev’s childhood economic environment was also turbulent. Southern Russia experienced a severe drought in 1933. Because the region relied on agriculture for both food and income, its residents experienced famine, and many died of starvation.

Gorbachev was always interested in learning as a child. His father persuaded him to attend university after he graduated from high school with a silver medal in 1950. Gorbachev had a stellar academic record, and he was accepted without having to take the entrance exam to Moscow University, the premier school in the Soviet Union. The university even provided him with free housing at a nearby hostel. Gorbachev received his law degree from Moscow University cum laude in 1955 and soon returned to his hometown with his new wife, Raisa, a fellow Moscow University alumna.

Early Political Involvement

Gorbachev joined the Communist Party as a candidate member while still in high school, but it wasn’t until 1952, while studying at Moscow University, that he was granted full membership. Gorbachev returned to Stavropol after graduation and took a job at the territorial prosecutor’s office.

Gorbachev ran into some old acquaintances not long after starting the job. They remembered him from his high school involvement in the Young Communist League. They asked Gorbachev to be the assistant director of propaganda for the territorial committee of the local Communist youth league because he had shown himself to be dedicated and organized.

Stalin had died two years before, and the Soviet Union’s process of political restructuring had created an exciting environment for young Communist Party activists. Gorbachev accepted the offer and resigned from the prosecutor’s office after only 10 days on the job, eager to get involved.

Gorbachev steadily rose through the Communist League’s ranks. He was appointed first secretary of the Stavropol City Komsomol Committee in 1956. He was elected as a delegate to the party congress in 1961. Throughout the 1960s, Gorbachev advanced his political career and broadened his knowledge of agriculture and economics, eventually rising to the position of regional agricultural administrator and party leader. Gorbachev advanced his burgeoning political career by becoming a full member of the Politburo, also known as the Political Bureau of the Central Agency, the executive committee for numerous Communist Party factions. The Cold War

Yuri Andropov, general secretary of the Communist Party and Gorbachev’s mentor at the Kremlin, died in 1984. 1984 was an important year in Gorbachev’s life because it was the first time he met Margaret Thatcher, Prime Minister of the United Kingdom, with whom he would develop a strong relationship.

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Becoming General Secretary

When Andropov’s successor, Konstantin Chernenko, died in 1985, Gorbachev was elected Communist Party General Secretary. Gorbachev inherited the problems that Andropov and Chernenko had struggled to address, such as serious domestic issues and escalating Cold War tensions. Gorbachev’s youthful energy and enthusiasm, on the other hand, gave the Soviet Union hope that a new generation of leaders committed to positive change had taken charge.

During his tenure as General Secretary, Gorbachev was involved in a costly race with US President Ronald Reagan to amass nuclear weapons in space. The cost put additional strain on the already-struggling Soviet economy. Gorbachev worked tirelessly to implement reforms that he believed would raise the Soviet people’s standard of living. He worked toward “glasnost” and “perestroika,” openness and restructure, by giving Soviets more freedom and democracy. He worked to establish a more socially conscious market economy. Gorbachev’s reforms aimed at increasing productivity and reducing waste.

Even a few years before his appointment, Gorbachev attempted to improve Soviet relations with Western leaders. Ronald Reagan was initially skeptical of Gorbachev, but when they met at the first Geneva arms summit in November 1985, Reagan was surprised to find “warmth in [Gorbachev’s] face and style.” Reagan recognized Gorbachev’s “moral dimension.” Thatcher said of Soviet leader Mikhail Gorbachev, “Mr. Gorbachev is someone I admire. We can work together on business.” Reagan and Gorbachev met at four more summits over the next three years, during which their relationship grew stronger as they worked together to end the Cold War. Gorbachev maintained close ties with West German chancellor Helmut Kohl during this period, in addition to Reagan and Thatcher.

Unfortunately, relations between the United States and the Soviet Union were severely harmed when the Chernobyl nuclear power plant in Ukraine exploded on April 26, 1986. The Soviet Union did not issue a comprehensive report until more than two weeks after the event. Some saw Gorbachev’s reaction as hypocritical in light of his “openness” policy.

The tension between Gorbachev and Reagan was visible during the 1985 Geneva summit and the October 1986 Reykjavik summit. They disagreed on the creation of a Strategic Defense Initiative, which Reagan desired but Gorbachev did not. Both summits ended in deadlock. Gorbachev caved in to Reagan’s argument at the end of 1987.

The Soviet Union’s economy was in crisis at the time. Gorbachev’s economic reforms had failed. The Intermediate-Range Nuclear Forces (INF) Treaty, signed by Gorbachev and Reagan in 1987, was the first-ever mutual agreement on nuclear weapons reduction. The Soviet Union welcomed some much-needed respite from the costs of the space race.

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Presidency

A new, more democratic election system was one of Gorbachev’s key political reforms. In 1989, he organized elections in which Communist Party members were pitted against non-party members. He revoked the Communist Party’s special status under the Soviet constitution. The Congress of People’s Deputies of the USSR, the Soviet Union’s first parliament, was given state power through democratic elections. On March 15, 1990, the Congress of People’s Deputies elected Gorbachev as the Soviet Union’s first president.

Gorbachev promoted more peaceful international relations during his presidency. He directed the withdrawal of Soviet troops from Afghanistan. Gorbachev was also instrumental in bringing the Cold War to an end through his peaceful negotiations with President Reagan.

He is also credited with playing a critical role in the fall of the Berlin Wall and the subsequent reunification of Germany. On October 15, 1990, Gorbachev was awarded the Nobel Peace Prize for his outstanding leadership and contributions to the overall advancement of world development.

In addition to dealing with external conflicts, Gorbachev addressed pressing issues within the Soviet Union. Different ethnic groups within the USSR had begun to wage war on one another, while others, such as Ukrainians and Lithuanians, demanded independence.

While Gorbachev was dealing with these schisms and the Soviet economy, a new rival leader appeared on the scene. Boris Yeltsin, a former Communist Party member, emphasized drastic economic changes. Yeltsin was elected President of the Russian Republic in the summer of 1991. Gorbachev now had to figure out how to balance his and the opposing leader’s shared power.

While Gorbachev was on vacation in the Crimea in August 1991, Communist conservatives kidnapped him in a coup to seize power. Ironically, Prime Minister Pavlov, whom Gorbachev had hired to help him balance power with Yeltsin, was among the Communist Party conservatives who organized the coup.

Despite his opposing leadership, Yeltsin led a counter-coup, and the coup ultimately failed. When Gorbachev returned home, rumors circulated that he was working with the coup leaders. The public grew increasingly distrustful of Gorbachev and more supportive of Yeltsin, whom they now regarded as a hero.

The Soviet Union had collapsed by Christmas 1991. Gorbachev had to relinquish his position as Soviet Union’s president, handing over complete power to Yeltsin.

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