50 Richest Businessmen Of Kazakhstan – 2017

50 Richest Businessmen Of Kazakhstan - 2017

Forbes.kz Kazakhstan announced top 50 of richest businessman of Kazakhstan of 2017.

This year, with a three-year hiatus, Vladimir Kim again became №1 Kazakhstan’s top 50, having increased his fortune from April 2016 to $ 800 million in his case successfully converged the two factors -. In copper prices and the start of production of salable copper in so-called group projects growth KAZ Minerals – new fields and Boschekul Aktogai.

As a descendent of Koreans forcibly relocated to Kazakhstan by Stalin, Vladimir Kim, the country’s fifth richest (Forbes, 2016) businessman, didn’t have any of the political connections granted by birth or marriage that most ethnic Kazakh oligarchs rely on – he had to forge his own, writes Kanat Shaku in Almaty.

Born in Almaty, Kim, 56, joined the Communist party and rose to the rank of deputy party chairman prior to Kazakhstan’s 1991 declaration of independence. In 1991, amid the disarray of the country’s transition to a market economy, Kim, like many senior communists, went into the private sector, becoming head of Korean chaebol Samsung’s new Kazakhstan-based subsidiary. In the mid-to-late nineties, Kim went on to head the predecessor of the Kazakhmys metals mining company, ZhezkazganTsvetMet, after Samsung took it over.

ZhezkazganTsvetMet had smelted 200,000 tonnes of copper a year prior to the demise of the USSR, but the company came to a standstill in the first decade of the 21st century under the weight of $180mn in debt. Samsung provided a $200mn loan to eliminate the debt and, renamed Kazakhmys in 1997, the company achieved lift-off under Kim’s direction and repaid Samsung within three years. Kim was granted a stake, the value of which eventually amounted to billions of dollars.

Kim’s leverage with President Nursultan Nazarbayev increased after another ethnic Korean, Vladimir Ni, an advisor and confidante of the president, joined the company board in 1999. The next year, Kim became board chairman, and with the company’s October 2005 listing on the London Stock Exchange, he was made chairman of the Kazakhmys PLC holding company. Less than a month after the death of Ni in 2010, Kim sold 11% of Kazakhmys to Kazakh sovereign wealth fund Samruk-Kazyna in a billion-dollar transaction.

Kim stepped down as chairman of Kazakhmys PLC in May 2013 and became a non-executive director. In 2014, London-listed Kazakhmys decided to separate loss-making old assets from promising new ones. As a result, KAZ Minerals was established to run profitable assets and Kazakhmys retained high-cost, mature assets. Following the restructuring, Kim also took a non-executive director position at KAZ Minerals PLC. Kim’s KAZ Minerals stake amounts to approximately 33%. Forbes gave Kim’s estimated net worth as $2.6bn, compared to $5.5bn in March 2007.

Second growth dynamics – $ 200 million – has become Alican Ibragimov (№5). Prices for aluminum and iron ore, is a specialization of the Eurasian Group, is also growing (the last for the year 2016 – exactly twice).

At $ 100 million increased the status of each of the spouses Kulibayev (№3), and the capital Bulat Utemuratov (№2) did not change during the year.

Summary status of the top 50 increased by only $ 700 million – to $ 22 billion 355 million worth, however, to remember that last year, for the first time during the existence of the Kazakh Forbes list (the first rating of the richest businessmen in our magazine published in 2012), combined. state participants decreased by nearly $ 4 billion, ie 15%.

At this time, the average wealth of the rich is also increased slightly – from 433 million to 447 million This is a little more than 3% -. Speaker still better than the overall economy, which added only 1.5% in 2016.

The combined wealth of the top 50 of more than 16% of Kazakhstan’s GDP for last year, which is significantly more than in previous years, when it ranged from 9 to 12%.

The current list of four freshman – Erkin Tatishev (№9), Kairat Satybaldy (№34), Talgat Akhmetov (№35) and Askhat Omarov (№50). 31-year-old Ahmed, son of the former Prime Minister, Minister of Defense and Minister of the Eurasian Economic Commission, and now Akim of East Kazakhstan region Daniyal Akhmetov, became this year and the youngest participant rating.