Forbes’ 2017 Ranking: Top 5 Richest People of Kazakhstan

Dutch court upholds $5.2B freeze against Kazakhstan

The most wealthy citizen of Kazakhstan is still businessman Bulat Utemuratov, who ranks # 896 (#771 in 2016 and #714 in 2015) in Forbes’ 2017 ranking  of the richest people in the world.

The 59-year-old President of the Tennis Federation of Kazakhstan has net worth of $2.3 billion ($2.6 billion in 2015). More recently, Utemuratov has invested $400 million in Kazakhstan’s ForteBank and diversified into real estate. The portfolio is held through Verny Capital and includes Ritz-Carlton hotels in Moscow and Vienna, plus Talan Towers, a $350 million complex in the Kazakh capital of Astana. Verny also plans to open a Ritz-Carlton in Astana.

Forbes' 2017 Ranking: Top 5 Richest People of Kazakhstan

This year, former Chairman of the Kazakhmys corporation Vladimir Kim had his wealth increased to $2.1 billion against $1.5 billion in 2016. As a result of a restructuring announced in 2014, Kazakhmys PLC de-merged into private company Kazakhmys Corporation and a separate public company, KAZ Minerals plc. Kim is the majority owner of Kazakhmys Corporation, which inherited most of the group’s mature mining (mostly copper) assets. Kim stepped down as chairman of the listed company 2013 but remains on its board as a non-executive director. He is a descendent of Koreans forced by Stalin to move to Kazakhstan.

The owners of the People’s Bank of Kazakhstan, Dinara and Timur Kulibayevs, have $2.1 billion each. Dinara is the daughter of Kazakhstan president Nursultan Nazarbayev. Timur Kulibaev is the son-in-law of Nazarbayev. He also owns a majority stake in Halyk Savings Bank (book value: $1.8 billion) with his wife, Dinara. Kulibaev is President of the Kazakhstan Boxing Federation and Chairman of Presidium of the National Chamber of Entrepreneurs.

#5 richest man in Kazakhstan is Alijan Ibragimov with the net worth of $1.9 billion. With partners and longtime friends Alexander Machkevich and Patokh Chodiev (both billionaires), Alijan Ibragimov is trying to revive the fortunes of Eurasian Natural Resources Co., a metals and mining empire in Kazakhstan, which they delisted in 2013 after a market downturn stalled growth and fraud investigations mounted. They also remain in court over a $220 million claim ENRC allegedly failed to pay the final installment for a Brazilian iron ore mine to Zamin owned by Laskhmi Mittal’s right hand man, Pramod Agarwal. A native of Uzbekistan, Ibragimov moved to Kazakhstan when the group decided to pursue business interests there. A devout Muslim, he has 6 sons.