Arkady Gaydamak: the Russian billionaire who fled arms deal scandal and became a hero in Israel

Colourful Russian billionaire Arkady Gaydamak may have a few skeletons in his closet, but he could be the most important player in Israeli politics.

"Imagine Rupert Murdoch with a dash of George Soros and your favourite James Bond villain thrown in," says David Green in The Boston Globe of colourful Russian billionaire Arkady Gaydamak. The latter may have a few skeletons in his closet, but he could be the most important player in Israeli politics. With prime minister Ehud Olmert receiving the worst approval ratings in the nation's history, the influence of Gaydamak and his newly founded Social Justice Party is growing by the day.

A born populist, the 54-year-old self-made billionaire worked his way up from bricklayer to international businessman, amassing an estimated £4bn. Earlier this year he launched the Social Justice movement to give a voice to the non-privileged minorities who are the majority', turning it into a political party on 10 July after privately funded polls convinced him the party could win a strategic 20 seats in the 120-seat Knesset (parliament). Gaydamak has said he will serve as party leader but will not stand for the Knesset himself. He is involved in dozens of philanthropic ventures, seeing himself as a nagid or givir a traditional Jewish philanthropist-leader using his wealth for the public good says Phil Zabriskie in Time.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.