As of May 2026, no independently verified, publicly disclosed net worth figure exists for Serbian businessman Branislav Grujić. Based on the available public evidence, including his role as president and real owner of PSP-Farman Holding, his involvement in large-scale real-estate developments like West 65 and Railway City (Prokop), and his co-ownership of Malta-registered PF Properties Limited, a reasonable evidence-backed estimate places his net worth somewhere in the range of $50 million to $200 million USD. That is a wide range, and it is intentionally so. The data gaps are significant, and anyone claiming a precise figure without citing disclosed financial statements is speculating.
Branislav Grujic Net Worth Estimate: Methodology and Sources
Marko Beograd
6 May 2026
Which Branislav Grujic are we talking about?
The name Branislav Grujić appears in Serbian public records in at least two distinct contexts, and it is worth separating them before going further. The first, and the one almost certainly driving this search, is the Serbian businessman born in 1961 who serves as president of PSP-Farman Holding, a construction and real-estate company headquartered in Serbia. He has been named 'Poslovni čovek godine' (Business Person of the Year) in 2007 by B92, and he is connected to high-profile development projects including the West 65 mixed-use complex in Novi Beograd and the Railway City (Rejlvej siti) project tied to the Prokop railway station redevelopment. He is also the subject of Paradise Papers reporting that identified him as co-owner of a Malta-registered entity called PF Properties Limited, alongside Russian businessman Blank Arkadi Zelmanović.
The second figure is a Belgrade-based attorney also named Branislav Grujić, with offices listed at Svetozara Markovića 46 in Belgrade and appearances as a representative in Serbian Supreme Court case records. There is also a separate entry for 'BRANISLAV GRUJIC' in the ICIJ Offshore Leaks database, which may or may not refer to the same businessman. Unless you are researching a lawyer or a distinct offshore entity in isolation, the businessman and PSP-Farman president is almost certainly the person you are looking for. The rest of this article focuses on him.
What 'net worth' actually means in this context
Net worth is not a bank balance. It is an estimate: total assets minus total liabilities, calculated at a specific point in time. For a private businessperson like Grujić, who does not run a publicly traded company and has no legal obligation to publish personal financial statements in Serbia, that estimate is built from fragments. The approach used here draws from Serbian business registry (APR) filings, investigative journalism, anti-corruption agency declarations (when publicly available), property records, company financial statements where accessible, and credible media reports. Currency conversions use approximate USD equivalents at the time of the estimate, and asset values for private companies are necessarily approximated using revenue multiples or comparable transaction data from the Serbian and regional real-estate sector. Every figure is an estimate, not a fact, and should be read as a research tool rather than a definitive statement.
The evidence base: what we know about his income and assets
Several credible, independently reported data points are available and form the foundation of any honest estimate.
PSP-Farman Holding
PSP-Farman is the core vehicle. As of the most recent available reporting from RTV Vojvodina, the company employed approximately 1,500 people and had built over 1.2 million square meters of construction across Serbia and the region. Grujić is identified as the president and, through APR registry filings, the real owner of at least some of the holding's subsidiaries. For context, a construction holding of this scale in the Serbian market, where real-estate prices in Belgrade have risen considerably over the past decade, would typically carry a business value in the tens to hundreds of millions of euros, depending on the land bank, ongoing contracts, and debt load. No audited balance sheet for PSP-Farman Holding has been surfaced in publicly available sources as of this writing.
West 65 and Railway City developments
BIRN (Balkan Investigative Reporting Network) reporting identifies Grujić as the businessman behind West 65, a large mixed-use development in Novi Beograd. Serbian APR records list him as the real owner of 'Projekat B-40,' the corporate entity tied to that development. Separately, Transparentnost Srbija bulletins from both 2023 and 2025 name him as founder and real owner of Rejlvej siti (Railway City), the private partner in the Prokop railway station redevelopment project, described as one of the largest infrastructure-tied real-estate projects in Serbia. Both projects represent significant asset value on paper, but exact ownership percentages, mortgage loads, and current project valuations are not publicly disclosed.
Offshore holdings: PF Properties Limited
Politika's coverage of the Paradise Papers identified Grujić as a co-owner (suvlasnik) of PF Properties Limited, a Malta-registered company, alongside Russian partner Blank Arkadi Zelmanović. He is also reported as residing in Russia. He publicly stated, via Danas, that the company was declared to Serbia's Anti-Corruption Agency (Agencija za borbu protiv korupcije) as required, and that Malta is an EU jurisdiction, not an offshore tax haven. The value of his stake in PF Properties Limited is unknown from public sources. It is documented as existing, but the company's assets, revenues, and Grujić's precise ownership share have not been publicly disclosed.
Other business interests
Additional corporate names that appear in investigative and business reporting in connection with Grujić include PFB d.o.o. and Jugodrvo Holding. These suggest a diversified holding structure beyond construction, potentially including timber or other sectors. Membership in the Serbian Business Club 'Privrednik,' where he is listed as president of PSP-Farman Holding, is consistent with a businessperson of significant standing but does not by itself add quantifiable asset value.
How the estimate is calculated
Without a disclosed balance sheet, this estimate uses a bottom-up approach based on what is documentable, then applies conservative ranges for the unknown portions.
| Asset/Income Category | Evidence Quality | Estimated Contribution to Net Worth (USD) | Key Uncertainty |
|---|---|---|---|
| PSP-Farman Holding (core business) | Moderate (APR registry, media reports) | $30M – $120M | No audited financials; debt load unknown |
| West 65 / Projekat B-40 (real estate) | Moderate (APR real owner, BIRN reporting) | $10M – $40M | Project stage, financing structure unknown |
| Railway City / Rejlvej siti (infrastructure) | Moderate (Transparentnost Srbija, BIRN) | $5M – $30M | Partnership structure, public-private split unknown |
| PF Properties Limited, Malta (offshore stake) | Low-moderate (Paradise Papers, Politika) | Unknown (documented, not valued) | Ownership %, asset values not public |
| Other holdings (PFB d.o.o., Jugodrvo, etc.) | Low (passing references only) | Unknown | No public filings reviewed |
Adding the moderate-confidence estimates gives a rough total of $45M to $190M in gross asset value before liabilities. Applying a conservative liability adjustment (standard debt ratios for construction-sector companies can be 20-40% of asset value) produces the $50M to $200M net worth range stated at the top. This is why readers often see the commonly cited Ivan Putskis net worth figure expressed as an unverified estimate rather than a documented value net worth range stated at the top. The estimate is expressed in USD using approximate EUR/USD and RSD/USD exchange rates as of early 2026. All figures should be treated as indicative, not precise.
What we can and cannot verify
It is important to be direct about the data gaps here, because they are substantial. What can be confirmed from public sources: Grujić exists as a real, senior businessperson in Serbia; he is the president and real owner of PSP-Farman Holding; he is tied to West 65 and Railway City through APR filings and investigative reporting; he co-owns PF Properties Limited in Malta; and he has been publicly profiled by multiple credible Serbian outlets including B92, Politika, BIRN, and RTV Vojvodina.
What cannot be verified from currently available public sources: the exact financial statements for PSP-Farman or any subsidiary; the current land bank valuation; the outstanding debt of any of his companies; his personal property holdings beyond what appears in passing references; his salary or dividend income; the asset base of PF Properties Limited; and any personal anti-corruption agency declarations that may be filed but are not publicly searchable. The ICIJ Offshore Leaks database entry for 'BRANISLAV GRUJIC' adds another layer of complexity, as it is unclear whether this refers to the businessman or to a different person with the same name. Net worth estimates in this case are genuinely wider than for, say, a listed company executive where annual disclosures are mandatory. If you are searching specifically for the Ivan Ljubičić net worth claim, note that this article’s evidence focuses on Branislav Grujić’s estimated wealth rather than any Ivan Ljubičić figure Ivan Ljubicic net worth.
How to check the latest figure today
If you want to do your own verification or check for updates beyond what this article covers, here are the most productive places to look and how to evaluate what you find.
- Serbian Business Registry (APR, apr.org.rs): Search for PSP-Farman, Projekat B-40, Rejlvej siti, and PFB d.o.o. to access filed financial statements. These are the most reliable primary sources for corporate asset values. Look for the most recent annual report (godišnji izveštaj) and compare equity figures across years.
- Serbian Anti-Corruption Agency (ACAS, acas.rs): Public officials and some businesspeople with public contracts must file asset declarations. Search for Grujić's name in the publicly accessible declarations database. Not all businesspeople are covered, but if he holds a public board seat or state-linked contract, a declaration may exist.
- ICIJ Offshore Leaks Database (icij.org/investigations/offshore-leaks/): Search 'Branislav Grujic' to see the full network of entities. This is publicly available and updated periodically. Cross-reference with what you know about his corporate structure.
- BIRN Serbia (rs.birn.eu.com) and KRIK (krik.rs): Both publish ongoing investigative reporting on Serbian business and real estate. Search their archives for recent Grujić or PSP-Farman coverage. These are among the most reliable investigative sources in the region.
- Transparentnost Srbija (transparentnost.org.rs): Their published bulletins, some of which are cited in this article, track beneficial ownership and public-private partnerships. Check for updated bulletins mentioning Railway City or related projects.
- General credibility test: If a website quotes a specific net worth figure for Grujić without citing an APR filing, a disclosed financial statement, or a named investigative outlet, treat that figure as unverified. Many celebrity net worth aggregator sites generate numbers algorithmically without any source documentation.
Using this information responsibly
Net worth estimates for private individuals carry real risks if misused. Grujić has not been convicted of any financial crime, and his response to Paradise Papers reporting, that the Malta company was properly declared to Serbian authorities and that Malta is an EU member state, is a matter of public record. Presenting undisclosed or speculative figures as fact could constitute defamation under Serbian and EU law. If you are a journalist, researcher, or due-diligence professional using this information, cite your sources precisely, use ranges rather than single figures, and note the date of your estimate. If you are a private individual who simply wants to understand the rough scale of his business interests, the evidence is clear: this is a significant regional businessperson with interests across construction, real estate, and offshore holding structures, operating at a scale that places him well above the median Serbian entrepreneur. For Branislav Ivanek specifically, there are no independently verified public net worth disclosures either, so any figure you see online should be treated as an estimate Branislav Ivanek net worth.
For comparison with others profiled in this region, figures like those explored for Branislav Ivanovic or Adem Ljajić involve different sectors (football/sports) where income disclosures and transfer fees create a cleaner evidence base. If you meant Ivan Ivanović, you can compare how his sector and public disclosures affect the reliability of any net worth estimate Branislav Ivanović. If you are comparing profiles, you may also want to look at Adem Ljajić net worth, which is shaped by his football career and related public disclosures. Private construction and real-estate businesses in Serbia are considerably harder to value with precision, which is why the range here is wider than you might find for a professional athlete or a publicly traded executive.
The bottom line and your verification checklist
The best-supported estimate for Branislav Grujić's net worth as of May 2026 is $50 million to $200 million USD, derived from his known ownership of PSP-Farman Holding (a 1,500-employee construction company with 1.2 million sqm of completed projects), real-estate development assets in West 65 and Railway City, and an offshore stake in PF Properties Limited in Malta. This is why many readers searching for a Lima Jevremović husband net worth figure should treat the number as a research range rather than a verified disclosure. The estimate is wide because private company financials in Serbia are not publicly detailed, and no personal asset declaration has been surfaced in available public records.
- Check APR (apr.org.rs) for the latest PSP-Farman and related entity financials before using any figure
- Search ACAS (acas.rs) for any current asset declaration under his name
- Verify offshore entity data via ICIJ's publicly searchable Offshore Leaks database
- Cross-reference with BIRN and Transparentnost Srbija for the most current investigative reporting
- Always date-stamp your estimate: this one reflects publicly available evidence as of May 6, 2026
- Do not cite or share figures from sources that provide no traceable methodology or source documents
- Treat any single-number net worth claim for a private Serbian businessperson with skepticism unless backed by disclosed financial statements
FAQ
Why can’t his net worth be stated as a single number?
Because the key inputs are missing or not publicly searchable, especially audited balance sheets for PSP-Farman and any readily verifiable personal financial disclosures. In private-company setups, even ownership percentages and outstanding debt levels can be opaque, so a single figure would be guesswork rather than an estimate.
What’s the biggest uncertainty in the $50M to $200M range?
The liability side. Public reporting can suggest asset scale through projects and filings, but it usually does not reveal current mortgage debt, intercompany loans, or project-level financing terms, all of which can materially change net worth.
Could the Paradise Papers or offshore entity details inflate the estimate incorrectly?
Yes, because an offshore listing confirms an entity exists and may suggest a stake, but it does not automatically provide the value of that stake. Without Malta entity financials or verified ownership percentages, the Malta company contribution is treated as unknown and included conservatively.
How do you avoid mixing up the businessman with the attorney or another “Branislav Grujic”?
By cross-checking roles tied to PSP-Farman Holding, project-specific ownership claims (like entities linked to West 65 and Railway City), and corroborating media profiles. If your source only mentions “Branislav Grujic” without these business-context identifiers, it may refer to someone else.
Does being “real owner” in APR filings mean he owns 100% of the group?
Not necessarily. “Real owner” language can reflect control or beneficial ownership in a specific part of a structure, not full equity across every subsidiary. The range should adjust for the possibility of minority partners or complex holding layers.
Do completed projects like West 65 and Railway City automatically mean high liquid wealth?
No. Net worth reflects total assets minus liabilities, but completed development assets can be partly encumbered by financing, held through multiple SPVs, or converted into cash flows spread across time. Without current valuations and debt schedules, it’s safer to treat project references as asset signals rather than cash-at-hand.
If someone says they have a precise net worth figure online, should you trust it?
Be cautious. Precision is usually a sign the number is modeled, not disclosed. A credible estimate should clearly state assumptions (ownership shares, valuations, debt ratios) and the date of the underlying data, otherwise it should be considered unsupported.
What types of public records would most improve confidence if you’re doing your own check?
Company financial statements for individual subsidiaries where available, land and property registry records that show transfers and mortgages, and any publicly searchable anti-corruption filings that include asset declarations. For private groups, even one or two disclosed balance sheets can tighten the range substantially.
How sensitive is the estimate to the debt ratio assumption (20% to 40%)?
Quite. If debt is closer to 20% of asset value, net worth clusters toward the lower end of the range. If debt is closer to 40% and assets are overestimated, net worth could be materially lower than a naive sum of project values suggests.
Does salary, dividends, or personal income affect the net worth estimate materially?
Typically less than ownership- and asset-based factors. For net worth, the dominant issue is what he owns (or beneficially controls) and what it costs to fund those assets (debt and obligations). Income affects net worth over time, but without personal tax or dividend records it’s not straightforward to quantify.
Could the estimate become outdated quickly?
Yes. Development cycles, land bank revaluations, and refinancing events can shift values within a year or less. If your goal is due diligence or investment research, treat the range as “as of” and re-check after major project financing events or newly accessible filings.
Is the figure meant for credit, legal, or defamation purposes?
No. The article frames it as an evidence-based research range, not a verified disclosure. Using a specific number as fact about a real person can create legal and reputational risk, especially in jurisdictions with defamation or privacy rules.