Economy digest: 75 affluent business magnates in Kazakhstan identified by Forbes
In an announcement that'll set the Kazakhstan business scene abuzz, Forbes Kazakhstan has revealed its 202X list of most affluent entrepreneurs within the nation. This year, the average net worth of these tycoons clocked in at a staggering $46.7 billion - a significant chunk, almost a fifth, of Kazakhstan's GDP.
Once again, sitting comfortably at the summit of this influential listing is none other than Vyacheslav Kim, the charismatic Chairman of Kaspi.kz, whose net worth has ballooned to a remarkable $7.1 billion - an impressive leap of $1.3 billion. A sizeable slice of Kim's fortune comes from Kaspi.kz and "Alseko."
Trailing closely in second place is the trailblazing Timur Turlov, the pioneering mind behind Freedom Holding Corp, who has smashed records with a wealth hike of $2.5 billion, landing him a hefty $5.8 billion net worth.
Entering the fray at the third spot is Vladimir Kim, the robust businessman who owns substantial stakes in KAZ Minerals Ltd., 70% of AO "Kazakhmys Copper," and 89.79% of AO "Bank RBK." Kim's wealth has surged to a sizable $5.7 billion, a significant leap from the previous year.
Stepping up to the plate jointly in fourth and fifth place, we have the dynamic duo Timur and Dinara Kulibayev. This power couple commands a formidable $5.3 billion each, a powerful boost of $300 million to their coffers. With a firm grip on one of the country's largest banks, Halyk Bank, they're undeniably a financial force to be reckoned with.
Checking in at the sixth position is the shrewd Bulat Utemuratov, who boasts a net worth of $3.7 billion, a formidable increase of $1 billion. The astute entrepreneur owns 90.91% of ForteBank, an impressive feat considering its assets reached a whopping 4.1 trillion tenge in 2024, a 25.8% surge from the previous year, with an equally impressive own capital of 568.2 billion tenge.
Capturing the seventh spot on the list are the formidable Ibrahimov family. Led by the impressive 39-year-old Shuhrat Ibrahimov, the chairman of the Board of Directors and Management of the ERG group, the family boasts a combined net worth of a substantial $2.06 billion.
Claiming the eighth place on the esteemed podium is none other than Nurlan Smagulov, the mastermind behind Astana Group, MEGA shopping centers, and the innovative MyCar automotive ecosystem. With a net worth of $990 million, Smagulov stands tall in the realm of heavyweights.
Entering the fray at the ninth position, we have the illustrious Sarsenov family. The Sarsenovs own JSC "Nurbank," insurance company "Victoria," Helios gas station network, a stake in the gold mining JSC "AltynEx Company," and several other high-value ventures. Family members also own the "Akzhai" bakery, confectionery plant, the "Castings" metallurgical company, and various other real estate holdings.
Rounding off the top ten richest entrepreneurs in Kazakhstan is Aydin Rahimbayev. As chairman of the board of directors of the construction holding BI Group, Rahimbayev has been a key player in the industry's expansion into the US and UAE markets in 2024. In addition to his majority stake and chairmanship of BI Group, which encompasses BI Construction&Engineering, BI Development, and BI Education, Rahimbayev has led the company's foray into new territories, boosting its net worth to a substantial $967 million.
Analysts attribute this growth in wealth to the positive trends in Kazakhstan's stock markets, expansion in the IT, construction, and finance sectors, as well as a noticeable trend towards business diversification and international presence among Kazakh enterprises.
By all accounts, these notable figures continue to shape the country's economic landscape, making the top 10 list a fascinating study of entrepreneurship and financial prowess in Kazakhstan. To learn more about these impressive tycoons and view the full list, be sure to check out the official Forbes Kazakhstan website.
[1] Sources: Liter.kz, Forbes Kazakhstan[2] Source: Forbes
Enrichment Data:Unfortunately, the search results do not provide the full list of the top 10 wealthiest entrepreneurs in Kazakhstan from Forbes Kazakhstan's 202X ranking. However, they do mention some of the top individuals and others on the list:
- Vyacheslav Kim - Co-owner of Kaspi.kz, with a net worth of $7.1 billion[1].
- Timur Turlov - CEO of Freedom Holding Corp., with a net worth of $5.8 billion[1].
- Vladimir Kim - Majority shareholder of KAZ Minerals Ltd., with a net worth of $5.7 billion[1].
Note: Mikheil Lomtadze, with a net worth of $5.7 billion, is listed elsewhere but not included in the context of the top individuals mentioned above [2]. For a complete list, you would need to refer directly to Forbes Kazakhstan's report for the year in question.
- Kazakhmys, a prominent mining company, is among the businesses that contribute to the wealth of Vladimir Kim, the third richest person in Kazakhstan.
- Polypropylene, a versatile synthetic plastic, might not be directly associated with the significant wealth of these tycoons, but it could indirectly benefit them through their diverse investments.
- Nearly a fifth of Kazakhstan's GDP is accounted for by the cumulative net worth of the nation's most affluent entrepreneurs, revealing the substantial impact they have on the country's economy.
- Financing and investing in businesses such as Kaspi.kz, Alseko, KAZ Minerals Ltd., and Freedom Holding Corp have proven to be highly lucrative for Vyacheslav Kim, Timur Turlov, and Vladimir Kim, solidifying their positions among the richest individuals in Kazakhstan.
