[10] Due to enormous reserves, Makarov's Itera was the fourth largest natural gas company in the world in 2000.

Makarov has been decorated with state awards from different countries for his significant contributions to developing economic relations and strengthening friendship and cooperation between the people.

Among the awards are the Order of Friendship of Peoples and the Medal of Francisk Scorina (state awards of Belarus), the Friendship Medal (state award of Mongolia), the Order "Gloria Muncii" (Work Merit) (the state award of Moldova), as well as the Order of Holy Faithful Prince Daniel of Moscow and Innokenty the Sanctifier Metropolitan of Moscow and Kolomna, 3rd Class of the Russian Orthodox Church, the Order of Saint Sergius of Radonezh, 3rd Class of the Russian Orthodox Church, Honorary Reward "Аkinfy Nikitich Demidov" of the International Demidov's Foundation.

Makarov, through his foundation, has given a grant to build the Mount Sinai Adult Autism Clinic,[30] supported the Best Buddies International’s annual Hublot Best Buddies Challenge: Miami[31] and the annual Tour de Broward 2020, which raised more than $700,000 for the Joe DiMaggio Children's Hospital.

[32] In addition, Makarov also donated money to the Flight of Hope Project to save the population of Siberian cranes.