This year, eight Kazakhstani individuals made it to the Forbes list of the world's richest people, two of whom are newcomers. All the other previously mentioned billionaires also increased their fortunes, including Dinara and Timur Kulibayev, the son and daughter of the former president. This was reported by Azattyk Asia.
NEW NAMES ON THE LIST
Two Kazakhs — Nurlan Smagulov, owner of the automotive company Astana Group, and Aydin Rakhimbaev, shareholder of the construction holding BI Group — were added to the Forbes billionaire list published on March 10. Smagulov's fortune is estimated at $1.3 billion, while Rakhimbaev's is $1.1 billion.
Smagulov, known as the founder of Astana Group, is developing a network of factories for the production of passenger and commercial vehicles, as well as dozens of dealerships. Additionally, he owns the MEGA shopping and entertainment centers in Almaty and Astana. Last year, he opened the Almaty Museum of Arts, a contemporary art museum in Almaty.
Smagulov started his business many years ago. In 2014, while presenting a shopping center project to the first president Nursultan Nazarbayev, he faced a question about the name, suggesting "Nur Plaza." Nazarbayev laughed, noting how Smagulov skillfully adapts to his preferences, to which he replied, "Life has taught me."
Aydin Rakhimbaev manages BI Group, one of the largest developers in Kazakhstan, which also implements projects in Uzbekistan, the USA, and the UAE. Forbes notes that BI Group is a leading private company in the Kazakh real estate market.
Aydin Rakhimbaev (center), founder of BI Group, at a meeting with the president and business representatives. Astana, February 7, 2025
In the last five years, the construction sector of the country has received significant momentum due to a program allowing citizens to use pension savings to purchase housing, as well as the introduction of preferential mortgages.
KAZAKH BANKERS ON THE LIST
Vyacheslav Kim, co-founder and co-owner of the fintech company Kaspi, remains the richest Kazakhstani on the Forbes list, with a fortune of $7.8 billion, which is $700 million more compared to last year. He ranks 477th in the global ranking.
Last year, Kim acquired 100% of the shares of First Heartland Jusan Bank and renamed it Alatau City Bank. He is also a beneficiary of a large supermarket chain, Magnum Cash&Carry.
The President of Kazakhstan, Kassym-Jomart Tokayev, meets with Kaspi co-founders Vyacheslav Kim and Mikhail Lomtadze. Almaty, January 25, 2024
Mikhail Lomtadze, Kim's partner, was also included in the billionaire list last year, but this year his fortune is estimated at $6 billion, making him a representative of Georgia. His fortune increased by $100 million.
Dinara and Timur Kulibayev, who control Halyk Bank, significantly increased their fortunes over the past year, which now amount to $10.8 billion. Despite issues with government authorities and potential asset losses, Forbes notes that their wealth grew by $800 million.
However, Kulibayev lost some of his influence after the events of January, including losing his position as chairman of the presidium of the Atameken Chamber of Entrepreneurs and other positions. He also lost stakes in the company Petrosun.
Timur and Dinara Kulibayev, son-in-law and daughter of Nursultan Nazarbayev
Bulat Utemuratov, former chief of staff of the president, significantly improved his position, increasing his fortune to $5.4 billion and rising from 989th to 780th place. He owns ForteBank, which was purchased last year from Home Credit Bank, tripling its market capitalization.
Utemuratov also owns assets in telecommunications, Ritz-Carlton hotels, and other investments, including Narxoz University and a fund supporting private schools.
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 well-known businessman whose fortune reached $5.9 billion, also added $200 million to his wealth over the year. He is a shareholder of KAZ Minerals Ltd, which manages several mines in Kazakhstan and Kyrgyzstan, and controls assets in the banking sector.
THE FALL OF TIMUR TURLOV
Timur Turlov's fortune decreased by $600 million, amounting to $5.2 billion. While he significantly increased his capital in 2025, his position has now worsened.
Turlov, originally from Moscow, became a citizen of Kazakhstan in 2022 and manages Freedom Holding Corp., along with related financial and trading services.
Timur Turlov
After the introduction of Western sanctions against Russia, his bank was accused of helping Russians circumvent restrictions. Turlov, in turn, denied the accusations, stating that his bank does not provide remote account opening services for Russians. However, an investigation revealed that his bank may have violated laws by issuing cards without the physical presence of clients.
Turlov's name was also mentioned in a scandal involving his company, which sued the KazTAG agency for defamation. The case is still under investigation.
GLOBAL TRENDS
Kazakhstan remains the only country in Central Asia with citizens on the Forbes list. Among the billionaires is also Alisher Usmanov, a resident of Russia, with a fortune of $14.5 billion.
This year, Forbes recorded a record number of billionaires — 3,428 people with a total fortune of $20.1 trillion, which is $4 trillion more than in 2025.
The highest number of billionaires is in the USA — 989 people, followed by China with 610 and India with 229 billionaires.
According to Forbes, the richest person in the world remains Elon Musk with a fortune of $839 billion, followed by Larry Page and Sergey Brin with fortunes of $257 billion and $237 billion, respectively.
In fourth place is Jeff Bezos with $224 billion, and in fifth is Mark Zuckerberg with $222 billion.
The post In the list of the richest people on the planet — now eight people from Kazakhstan first appeared on K-News.
