Ziyavudin Magomedov was born in 1968 in Makhachkala, Dagestan. In 1993 he earned a bachelor's degree in international economics from Moscow State University. In 2000, he received a PhD in international economics, also from Moscow State University.
From 1994 to 1998, Magomedov was the President of IFC - Interfinance.
In 2007 Magomedov entered the board of trustees of the Bolshoi Theatre. Since October 2010, he is the chairman of board of trustees of the Russian Tennis Federation.
In the 2011 Finance magazine list, he had an estimated net worth of US$3 billion.
On 31 March 2018, while preparing to fly to the United States, Magomedov was arrested and charged with "racketeering and embezzlement of state funds" by Ministry of Internal Affairs of Russia. Magomedov denies the charges, but a Moscow court ruled on 31 March 2018 that he will remain in pre-trial custody, without bail, until 30 May 2018.