Kazakhstan’s Top 75 Businessmen Increased Their Combined Wealth

Forbes Kazakhstan has published its ranking of the country’s 75 richest businessmen. Their total wealth increased to $60.84 billion, while Vyacheslav Kim holds first place for the third year in a row, Orda.kz reports.

Kazakh billionaires and multimillionaires became noticeably richer over the year. According to Forbes Kazakhstan, the total wealth of the ranking’s participants rose from $57.5 billion to $60.84 billion. The average fortune of one participant increased from $767 million to $811 million.

Vyacheslav Kim remained the leader of the ranking. Forbes estimated his fortune at $7.8 billion. His main asset is a stake in Kaspi.kz. Kim’s wealth increased by $700 million over the year.

Vladimir Kim ranked second with $5.9 billion, moving up from third place. His main asset is KAZ Minerals. He also owns a stake in Kazakhmys Holding Limited and controls 84.81% of Bank RBK through KSS Finance LLP.

Third place was effectively shared by several participants with the same estimated fortune of $5.4 billion each: Timur Kulibayev, Dinara Kulibayeva and Bulat Utemuratov. Halyk Bank remains an important asset for the Kulibayevs, while Forbes links Utemuratov’s wealth growth to ForteBank’s performance and transactions involving its investment portfolio.

Timur Turlov, who was in second place a year earlier, fell to sixth. Forbes estimated his fortune at $5.2 billion, $600 million less than a year earlier. Turlov’s main asset is Freedom Holding Corp.

Smagulov ranked eighth in Kazakhstan with $1.3 billion. He is active in the automotive industry, car retail and development. His group includes Astana Motors, the MEGA network and the Mycar automotive ecosystem.

Rakhimbayev ranked ninth with $1.1 billion. He is a shareholder of BI Group, which operates not only in Kazakhstan, but also in Uzbekistan, the United States, the UAE and Azerbaijan.

Forbes separately noted that metals, banks and raw materials remain strong in the ranking, while fintech, construction, the automotive industry, logistics and infrastructure projects are becoming increasingly visible. Newcomers include representatives of construction, aviation, education, bitumen, development and agribusiness.

The youngest participant in the ranking was 35-year-old Shahmurat Mutalip. He took 22nd place and is strengthening his position in construction through Integra Construction KZ. Forbes also wrote that he is entering the gold mining sector through a deal to buy Altynalmas, which had not yet been completed when the ranking was prepared.

Forbes emphasized that the ranking is a journalistic and expert assessment of asset values, not official information. Participants were evaluated based on the value of their assets, market capitalization, equity, cash flows, transactions and multipliers.

Original author: Alexander Zhdanov

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