Newest entrants into the world's richest are the kids of Russian titans

Mordashov, 53, made the bulk of his $19.8 billion fortune from steelmaker Severstal PJSC

Alexey Mordashov’s children are quickly climbing the ranks of the world’s wealthiest, even as one of them just emerged from his teens.

The country’s fourth-richest man transferred some of his holdings last week in European tour operator TUI AG, worth $890 million, to his sons Kirill, 20, and Nikita, 19. In February, he gave them a 65% stake in gold producer Nordgold valued at $780 million.

The key goals are to maintain the continuity of generations and bring Kirill and Nikita up to date and help them to get experience managing the portfolio, said a spokeswoman for Mordashov.

Mordashov, 53,