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No one knows Putin's exact net worth, but many speculate he's the wealthiest person on the planet — his $1 billion palace and $500 million yacht explain why

Business Insider Logo By Mary Hanbury,Áine Cain of Business Insider | Slide 2 of 31: Source:Business Insider

As President of Russia, Putin's official residence is the Moscow Kremlin. However, he spends most of his time at a suburban government residence outside of the city called Novo-Ogaryovo.

Source:Business Insider

© Alexei Nikolsky, Kremlin Pool Photo / AP Images

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