As U.S. President Joe Biden considers sanctions on the personal wealth of Russian President Vladimir Putin, critical questions emerge: How big is that fortune, and how did Putin, a lifelong public official, accumulate it?

Those are mysteries Forbes has grappled with for 20 years. Figuring out Putin’s net worth is probably the most elusive riddle in wealth hunting–harder than the heirs, other heads of state and even drug lords that we’ve financially smoked out over the years. Uncovering private wealth is something we take very seriously, especially in Russia–the founding editor of Forbes Russia, Paul Klebnikov, risked his life for this cause, and was shot in the streets of Moscow in 2004 as he was investigating the fortunes of Russia’s early oligarchs.

So where and how much is the fortune that Biden threatens to sanction over Russia’s aggression in Ukraine? We don’t know. But over the years, leaning on sources and expertise, we’ve developed some theories.

Read the full story on Forbes:–on-how-putin-makes-his-millions/?sh=1b60606f5b43

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