IPG head makes Forbes' top-400 billionaire list

Photo | Courtesy of IPG Photonics Valentin Gapontsev, the late founder, CEO, and chairman of IPG Photonics

Write a Comment

By Grant Welker

Valentin Gapontsev, the founder and head of Oxford laser manufacturer IPG Photonics, has for the first time made the Forbes 400 list of the country's wealthiest people released Tuesday.

Gapontsev and his family are worth $2.3 billion, according to Forbes, which ranks them 359th.

Gapontsev, who owns a home in Worcester, was once richer: he was worth $3 billion in 2018, according to the publication. Still, Gapontsev was ranked the 12th richest in Massachusetts. The top is Abigail Johnson, the CEO of Fidelity Investments, who is worth $15 billion.

Gapontsev, 81, founded IPG's predecessor in 1990 and today is the company's CEO and board chairman. He owns about 14% of the company's common stock and another 27% through a trust in his name, according to IPG's regulatory filings. He made nearly $1.3 million in total compensation last year.

IPG's market capitalization is nearly $8.6 billion, among the largest public companies in Central Massachusetts.

Gapontsev's wealth — or at least the reporting of it — has contributed to trouble for the Russian-born businessman before. Last September, he won a legal challenge against the U.S. Treasury, which labeled him a Russian oligarch based on Forbes' list of the richest Russians. Gapontsev argued that his wealth was accrued through IPG, not connections with the Russian government.

Combined, the top 400 richest are worth $3.2 trillion, up $240 billion or 8% from a year ago, according to Forbes. Jeff Bezos, the founder and head of Amazon, is the richest, with an estimated net worth valued at $179 billion.