In this year's Forbes ranking, eight Kazakhs made it to the list of the world's richest people. Two of them are debuting on this list. Most of the other billionaires from Kazakhstan, who were present in previous years, managed to increase their fortunes, including Dinara and Timur Kulibayev, who are the daughter and son-in-law of the former president. This was reported by Azattyq Asia.
NEWCOMERS TO THE LIST
Two new names from Kazakhstan joined the Forbes billionaires list, published on March 10. They are Nurlan Smagulov, the owner of Astana Group, and Aydin Rakhimbaev, a shareholder of the construction holding BI Group. Forbes estimates Smagulov's wealth at $1.3 billion, while Rakhimbaev's is $1.1 billion.
Nurlan Smagulov is known as the founder and owner of the automobile company Astana Group, which includes factories for the production of cars and commercial vehicles, as well as a network of dealerships. In addition, he owns the MEGA shopping and entertainment centers in Almaty and Astana.
Last year, he opened a contemporary art museum in Almaty, the Almaty Museum of Arts.
Smagulov started his business over ten years ago. In 2014, while presenting a shopping center project to President Nursultan Nazarbayev, he suggested the name "Nur Plaza," but the president, chuckling, rejected it, saying, "Where did you learn to flatter like that?" Smagulov replied, "Life taught me."
Aydin Rakhimbaev is the head of the BI Group construction holding, which is involved in development projects not only in Kazakhstan but also in Uzbekistan, the USA, and the UAE.
According to Forbes, BI Group is the largest private company in the real estate market of Kazakhstan.
Aydin Rakhimbaev (center), founder of BI Group, at a meeting with the president and business representatives. Astana, February 7, 2025
The construction sector in Kazakhstan has received a significant boost in the last five years due to a program launched by the authorities, allowing citizens to use their pension savings to purchase housing, as well as the introduction of preferential mortgages.
BANK SHAREHOLDERS
Vyacheslav Kim, co-founder and co-owner of the financial company Kaspi, remains the richest Kazakh in the Forbes list with a fortune of $7.8 billion. Over the past year, his wealth increased by $700 million, and he ranks 477th on the list.
Last year, Kim acquired 100% of the shares of First Heartland Jusan Bank, renaming it Alatau City Bank. He is also a beneficiary of the Magnum Cash & Carry supermarket chain.
The President of Kazakhstan Kassym-Jomart Tokayev meets with co-founders of Kaspi Vyacheslav Kim and Mikhail Lomtadze. Almaty, January 25, 2024
Mikhail Lomtadze, Kim's business partner and chairman of the board of Kaspi, has been recognized this year as a billionaire from Georgia with a fortune of $6 billion (up $100 million over the year).
Dinara and Timur Kulibayev, the daughter and son-in-law of Nursultan Nazarbayev, control the largest commercial bank in the country, Halyk. Their combined wealth amounts to $10.8 billion, which is $800 million more compared to last year, despite asset issues arising from state intervention.
The Kulibayevs lost some influence after the events of "Bloody January," which resulted in Timur losing his position as chairman of the Atameken National Chamber of Entrepreneurs and his leading role in the National Olympic Committee. They also lost stakes in some businesses.
Timur and Dinara Kulibayev, son-in-law and daughter of Nursultan Nazarbayev
Bulat Utemuratov, another prominent figure associated with the former president, improved his position in the Forbes list, increasing his wealth to $5.4 billion, which is $1.7 billion more than the previous year. He rose from 989th to 780th place.
Utemuratov owns ForteBank, which was acquired last year from Home Credit Bank, increasing its market capitalization.
His investment portfolio includes telecommunications assets, hotels, and educational institutions such as Narxoz University and Haileybury private schools in Astana and Almaty.
The president of the Kazakhstan Tennis Federation Bulat Utemuratov presents an award to Serbian tennis player Novak Djokovic after a tournament in Astana. October 2022
Vladimir Kim, another figure with ties to Nazarbayev, has a fortune of $5.9 billion (up $200 million). He is a shareholder of KAZ Minerals Ltd., which includes several major mining projects in both Kazakhstan and Kyrgyzstan.
Recent investigations indicate that he still controls a copper plant in Chukotka, despite a change of ownership due to sanctions being imposed.
Kim also owns assets in the banking sector and is the majority owner of Bank RBK.
CAPITAL REDUCTION
Timur Turlov's wealth decreased by $600 million, totaling $5.2 billion. While his fortune significantly increased in 2025, it has now diminished.
Turlov, originally from Moscow, became a citizen of Kazakhstan in 2022. He controls Freedom Holding Corp., which manages the brokerage firm Freedom Finance and other assets.
Timur Turlov
After the imposition of Western sanctions against Russian banks, his bank was accused of assisting Russians in circumventing restrictions. In response to the allegations, Turlov stated that his bank does not provide services for remote account opening.
Turlov's name also came to the forefront of a scandal when his company filed a police report due to publications about alleged fraud at Freedom Finance. As a result, a criminal investigation was initiated.
GLOBAL TRENDS
Kazakhstan remains the only country in Central Asia whose citizens are represented in the Forbes list. It also mentions Alisher Usmanov, a businessman of Uzbek descent living in Russia, with a fortune of $14.5 billion.
Forbes reports that due to the rapid development of artificial intelligence and favorable economic policies, this year saw a record number of billionaires — 3,428 people, with a total wealth of $20.1 trillion, which is $4 trillion more than in 2025.
The highest number of billionaires is in the USA — 989, followed by China (610) and India (229).
The richest person remains Elon Musk with a fortune of $839 billion, the owner of Tesla and SpaceX.
In second place is Larry Page with a capital of $257 billion, and in third is Sergey Brin with $237 billion. Fourth and fifth places are occupied by Jeff Bezos ($224 billion) and Mark Zuckerberg ($222 billion).
The entry "In the ranking of the richest people in the world, there are eight Kazakhs for the first time" was first published on K-News.
