Bulgaria's Richest Man or Mafia Kingpin? Possibly Both

Vasil Bozhkov
SourceAlvaro Tapia Hidalgo for OZY

Bulgaria's Richest Man or Mafia Kingpin? Possibly Both

By Addison Nugent


Because business success and organized crime aren’t necessarily mutually exclusive.

By Addison Nugent

You may not know their names, but the world’s Little-Known Billionaires wield a hidden economic clout. Read more of this OZY original series.

There’s a saying that goes “Other countries have the mafia; in Bulgaria, the mafia has the country.” Many Bulgarians may reject the notion, but from the look on his face, whether in photographs or the rare interview, Vasil “the Skull” Bozhkov, supposed mafia kingpin and Bulgaria’s richest man, doesn’t disagree. Often shown smirking or reclining with a cigar, Bozhkov, an entrepreneur with an estimated net worth of $1.5 billion, gives off an air of impervious and unbridled power.

The origin of the nickname is unknown, but glance at a leaked 2009 report on Bulgaria’s most wanted criminals prepared by U.S. Chargé d’Affaires John Ordway, and you’ll find a colorful cast of Bulgarian mob bosses, including the Beret, Big Margin, the Chicken and the Billy Goat. Perhaps Bozhkov is known as the Skull because of his very prominent facial bones, or maybe it’s the way his piercing eyes peer out from deep-set sockets. Or, it could be something more sinister.

Bojkov copy

Bulgarian mogul Vasil Bozhkov has amassed an extensive collection of rare Thracian artifacts, offering a glimpse of a little-known ancient civilization which has left no written records. 

Source Courtesy of CSKA sports

Bozhkov, 61, made his fortune during Bulgaria’s transition from communism to capitalism in 1989. His first company, a currency exchange opened in 1990 in Sofia, quickly expanded into a chain. In 1991, he and two partners formed IGM, a gambling company that started with one casino at the Hotel Rila in Sofia and now has countless sites throughout the city. By the end of that year, Bozhkov had amassed profits so great that he set up a holding company, Nove, which today is comprised of more than 30 businesses with numerous subsidiaries, including the popular Eurofootball lottery.

Though it seems an impossible leap to go from owning a handful of currency exchanges to running a multinational empire in a single year, it’s important to note that just after the fall of socialism, a little went a long way. Bozhkov’s rise in Bulgaria was, in some ways, a preview of the wealth a handful of Russian oligarchs would rapidly amass a few years later thanks to a similar transition, after the collapse of the Soviet Union in 1991. “At this time, you could buy a three-bedroom flat in Sofia for $4,000,” explains Lachezar Bogdanov, manager of the Bulgarian economic think tank Industry Watch. “Everything was so cheap that if you had a few million dollars, it was a huge advantage.” And the Skull had more than a few million — in fact, he had a whole bank’s worth of leva. In 1994 he opened the Bulgarian Commercial Industrial Bank, which soon merged with Credit Bank of Multigroup, a savvy move that gave Bozhkov the power to lend himself money through the network of companies under the Nove umbrella.

The Skull has strayed far from the Communist ideals of his childhood, enjoying the opulent lifestyle afforded by his billionaire status. 

Born in 1956 in Velingrad, Bulgaria, the man who would become the Skull grew up under the totalitarian regime of Todor Zhivkov, a Soviet bloc Communist who ruled his country with an iron fist for 35 years until his ouster in 1989. It was a period when Bulgaria was a reclusive, agrarian country, sheltered from Western capitalist influences — and utterly devoid of the flashy foreign cars driven by designer-clad gangsters that zip through the streets of Sofia today.

Precisely when and how Bozhkov allegedly entered organized crime is unknown, but according to the report from Ordway, a veteran foreign service officer and former U.S. ambassador, he is “Bulgaria’s most infamous gangster.” And while he has never been brought to court for syndicated crime, another leaked report — this one classified in 2005 by former U.S. ambassador to Bulgaria James Pardew — states: “Bozhkov’s illegal activities include money laundering, privatization fraud, intimidation, extortion and racketeering.” Organized crime in Bulgaria, as detailed in Ordway’s report, is particularly active in international money laundering, drug and human trafficking, counterfeiting and contract killing.


Today, the Skull has strayed far from the Communist ideals of his childhood, enjoying the opulent lifestyle afforded by his billionaire status. An avid art collector, he owns hundreds of Roman, Greek and Thracian works of art. In 2011, he loaned artifacts for an exhibition at the National History Museum in Sofia, and to coincide with Bulgaria’s admission into the EU, he was invited to exhibit items from his collection in Brussels. Unfortunately, while Bulgaria boasts some of the richest archaeological sites around, plunderers are known to raid tombs and graves — fueling a black market in ancient treasures that some speculate can be traced to Bozhkov’s extensive collection. 

Philanthropic gestures aside, Bozhkov is still seen as a key player in Bulgaria’s deeply corrupt landscape. According to a report published last year by Transparency International, Bulgaria is perceived as the most corrupt country in the European Union on measures that include freedom of the press, independent judiciary and organized crime. “Corruption risks in Bulgaria remain high,” explains Miriam Konradsen Ayed from GAN’s Business Anti-Corruption Portal. “The judiciary is particularly susceptible to corruption due to undue influence from politicians and well-connected businessmen.” And Ordway maintains in his leaked report that bringing reputed mafia ring leaders like the Skull to justice “would be a major victory for the new government and demonstrate to a skeptical European Commission (and Bulgarian public) that the days of impunity are over.”   

It’s a reality that may be inching closer. In 2015, Bulgaria adopted two strategic documents — the National Strategy for Preventing and Countering Corruption 2015-2020 and Strategic Guidelines for the Prevention and Counteraction to Corruption 2015-2020, notes Jasna Panjeta, program and outreach director for the Regional Anti-Corruption Initiative. She believes the Bulgarian government has made it a priority to increase transparency across all public sectors and says the European Commission’s Cooperation and Verification Mechanism will continue to monitor judicial reform and efforts to curtail corruption and organized crime.

Not everyone agrees that the Skull’s rise to the top is a clear example of corruption. “It’s the way that the system works,” insists Bogdanov, adding that the “entrepreneurs” who made quick starts out of the gate in the early ’90s exploited the opportunities presented by the regime change and gained a major advantage. Infamous gangster or crafty businessman? We tried asking, but the Skull didn’t respond to our request for an interview. And we left it at that.