Kazakhstan’s Elite: The 75 Richest Business Tycoons of 2024

Kazakhstan’s economic landscape is thriving, and the latest Forbes Kazakhstan ranking of the 75 richest businesspeople in 2024 paints a vivid picture of wealth, ambition, and innovation. This year’s list, expanded from the traditional top 50, introduces fresh faces and showcases the growing diversity of the nation’s business elite. From tech trailblazers to banking moguls, these tycoons are shaping Kazakhstan’s future and putting Central Asia on the global map. Let’s dive into the stories behind this year’s ranking and what it means for the region.

The 2024 Forbes list, published on May 6, reveals a dynamic shift in Kazakhstan’s wealth hierarchy. Leading the pack is Vyascheslav Kim, whose $5.8 billion fortune stems largely from his stake in Kaspi.kz, a fintech giant revolutionizing banking and e-commerce. Hot on his heels is Timur Kulibayev, with a $5 billion net worth, bolstered by his shares in Halyk Bank. The top five also includes Kulibayev’s wife, Dinara, alongside mining magnate Vladimir Kim and Freedom Holding’s Timur Turlow, according to Jambylinfo.kz. This group’s combined wealth reflects Kazakhstan’s economic resilience, with six billionaires also gracing the global Forbes Billionaires List.

What stands out this year is the list’s expansion to 75 names, welcoming 19 newcomers. Among them is IT entrepreneur Arsen Tomsky, founder of inDrive, whose $920 million fortune earned him a top-10 spot. Tomsky, a recent Kazakh citizen, relocated inDrive’s headquarters to Astana in 2022, signaling Kazakhstan’s growing appeal as a tech hub. The Astana Hub, a cornerstone of the nation’s startup ecosystem, has fostered such innovation, creating jobs and attracting global talent. This influx of tech wealth diversifies a list once dominated by energy and mining tycoons.

The ranking also highlights the rise of IT-driven fortunes. For the first time, digital entrepreneurs like Tomsky share the spotlight with traditional heavyweights. Vladimir Denisov, president of SCAT Airlines, and Raushan Sagdiyeva, a long-time partner of the Kulibayevs, also made the cut, with fortunes of $114 million and undisclosed sums, respectively. As Orda.kz notes, these shifts reflect Kazakhstan’s evolving economy, where technology and aviation are gaining ground alongside banking and resources.

Kazakhstan’s billionaires aren’t just amassing wealth - they’re making waves globally. Vyascheslav Kim, now the richest Kazakh, climbed to 511th on the global Forbes list, a leap from 787th last year. His Kaspi.kz partner, Mikhail Lomtadze, a Georgian citizen, ranks 581st with $5.3 billion. Meanwhile, Timur Turlow’s Freedom Holding and Bulat Utemuratov’s Forte Bank underscore the financial sector’s strength. The Caspian Post reports that Kazakhstan’s six global billionaires collectively hold $25.4 billion, a testament to the nation’s economic clout.

This wealth surge comes amid challenges, including global market fluctuations and regional geopolitical tensions. Yet, as Atalayar points out, Kazakhstan’s strategic focus on diversification—through initiatives like the World Nomad Games and cultural projects in Aktau—is paying off. The government’s push for digitalization, supported by the Ministry of Digital Development, has created fertile ground for tech entrepreneurs, while energy reforms attract foreign investment.

The Forbes list also sparks curiosity about influence. A separate ranking of the 50 most influential businesspeople in 2024, published by Forbes Kazakhstan on October 10, overlaps with the wealth list, featuring names like Denisov and Sagdiyeva. This convergence, as Tengrinews suggests, shows how wealth and power intertwine in Kazakhstan’s business world. Newcomers like Tomsky bring fresh perspectives, particularly in IT, where startups are reshaping industries from logistics to finance.

For Central Asia, Kazakhstan’s billionaire boom is a beacon of possibility. The region, often overshadowed by global powers, is carving out a niche as a hub for innovation and investment. The Organization of Turkic States supports regional collaboration, and Kazakhstan’s economic success could inspire neighbors like Uzbekistan and Kyrgyzstan. As Kazinform notes, the nation’s focus on tech and infrastructure is creating opportunities for young entrepreneurs, potentially reshaping the Forbes list in years to come.

Behind the numbers lies a story of ambition and adaptation. Kazakhstan’s tycoons are navigating a complex world, balancing local roots with global aspirations. Whether it’s Kim’s fintech empire, Kulibayev’s banking prowess, or Tomsky’s ride-hailing innovation, these leaders are redefining what it means to succeed in Central Asia. As the nation gears up for events like the Astana Finance Days, the world will be watching.

Stay tuned to Voice of Central Asia for more insights into Kazakhstan’s economic rise and the stories shaping the region.