Novynskyi began his business career in Ukraine in 1996, rising in
Lukoil's North West division before acquiring smaller
metallurgy companies. The same year, his partners and him created the Neva Holding company and acquired a 77% stake in the Bulgarian metallurgical plant Promet at a privatisation tender. Over the next decade, these ventures proved immensely profitable. In 2006, Novinskyi and his billionaire business partner
Andrei Klyamko In 2011, this number rose to US$2.7 billion. As of 2011, Smart Holding also owned large assets in the oil and gas sector, shipbuilding (the
Black Sea,
Kherson Shipyard, and
Port Ochakiv) development, agriculture (Veres), finance (by controlling Unex Bank and being a minor shareholder in BM Bank, while the BM Bank was liquidated by the NBU in 2014. As of 2013, Novynskyi had stakes in oil and gas company
Regal Petroleum and supermarket chain
Amstor. In 2013, he was described as the fifth richest person in Ukraine, with a fortune of US$3.273 billion. However, according to Ukrainian Forbes, in 2015, Vadim Novynskyi lost significant wealth and was no longer among the ten wealthiest Ukrainians. That year, he declared UAH 107 million of income (UAH 73,235 in salary, UAH 1,616,867 of income from the sale of intellectual property rights, UAH 47,980 in dividends and interest, UAH 244 in insurance payments, and US$5 million obtained from Cyprus sources). He owned two land plots with an area of 2,257 and 50,400 m2, three apartments with an area of 667,586 and 136 m2, and a garage of 51 m2. The nominal value of his abroad securities was UAH 6.7 million. The family also owned a land plot of 57,879 m2, three apartments (57,171 and 184 m2), and 453 m2 of other real estate. According to the NV periodical, in 2021, he regained much of his wealth and was now the third wealthiest Ukrainian; his fortune increased to US$2.4 billion, a 50% increase compared to 2020. In 2022, all business assets of Vadim Novinsky were transferred to the management of a trust company registered in
Cyprus. Having his fortune assessed at US$3.5 billion in February 2022, by the end of the year, Novynskyi lost US$2.1 billion. In April 2023, Forbes estimated his fortune at US$1.4 billion. == Political career ==