Forbes’ 2025 Billionaires List Features Six Richest People from Kazakhstan

Forbes’ 2025 World’s Billionaires List, published on April 1, 2025, showcases a record-breaking 3,028 billionaires globally, with a collective wealth of $16.1 trillion. Among them, six business tycoons from Kazakhstan have secured their spots, reflecting the country’s growing economic influence in Central Asia. These individuals—Vyacheslav Kim, Timur Turlov, Vladimir Kim, Dinara Kulibayeva, Timur Kulibayev, and Bulat Utemuratov—represent key sectors like finance, fintech, and mining, contributing to a combined wealth of $38.8 billion for Kazakhstan’s billionaire cohort.

Below, we delve into the profiles of these six individuals, their sources of wealth, and their rankings on the global stage, based on Forbes’ estimates using stock prices and exchange rates as of March 7, 2025.

1. Vyacheslav Kim – $7.1 Billion (Global Rank: 464)

Vyacheslav Kim, the wealthiest Kazakhstani on the list, holds the position of chairman and major shareholder of Kaspi.kz, Kazakhstan’s leading payments and fintech company. His fortune is estimated at $7.1 billion, a significant increase from $5.8 billion in 2024, propelling him from 511th to 464th place globally.

Kaspi.kz, known for its innovative digital banking and e-commerce platforms, has solidified Kim’s status as a fintech pioneer. Beyond Kaspi, he is a majority shareholder in Alseco JSC and the ultimate beneficiary of the Magnum Cash & Carry retail chain. Kim’s influence extends to civic roles, including serving as president of the Kazakhstan Taekwondo Federation and chairman of the Volunteer Society Mercy’s board of trustees.

His wealth surged by $2.2 billion in 2023 alone, driven by Kaspi’s rising valuation and successful expansion.

2. Timur Turlov – $5.8 Billion (Global Rank: 605)

Timur Turlov, CEO and founder of Freedom Holding Corp., has climbed to the 605th spot globally with a net worth of $5.8 billion, up from $3.3 billion in 2024. His dramatic rise from 991st to 605th reflects the rapid growth of Freedom Holding, a Kazakhstan-based retail brokerage with operations in 18 countries, including the U.S., Germany, and Uzbekistan.

In Kazakhstan, Freedom Holding operates under brands like Freedom Broker, Freedom Bank, and Freedom Finance Insurance, alongside ventures like the online supermarket Arbuz.kz and flight booking service Aviata.kz. Turlov’s fortune grew by $200 million in the past year, cementing his position as a key player in global finance and investment.

3. Vladimir Kim – $5.7 Billion (Global Rank: 620)

Vladimir Kim, a prominent figure in Kazakhstan’s mining sector, ranks 620th globally with a fortune of $5.7 billion, up from $3.6 billion in 2024. As a major shareholder of KAZ Minerals and Kazakhmys, two leading copper mining firms, Kim has capitalized on Kazakhstan’s vast mineral reserves.

Despite a $1 billion loss in 2023 due to the disposal of the Russian copper project GDK Baimskaya, his wealth rebounded significantly, improving his global ranking from 896th to 620th. Kim’s enduring influence in the metals and mining industry underscores Kazakhstan’s critical role in global commodity markets.

4. Dinara Kulibayeva – $5.3 Billion (Global Rank: 673)

Dinara Kulibayeva, alongside her husband Timur Kulibayev, holds the 673rd spot globally with a net worth of $5.3 billion. As the daughter of Kazakhstan’s former president Nursultan Nazarbayev, Kulibayeva is a co-owner of Almex, which holds a majority stake in Halyk Bank, one of the country’s largest financial institutions.

The couple’s wealth increased by $700 million in 2023, driven by the rising value of Halyk Bank shares. Kulibayeva’s business interests extend to industrial and financial holdings, making her a central figure in Kazakhstan’s economic landscape.

5. Timur Kulibayev – $5.3 Billion (Global Rank: 673)

Timur Kulibayev, married to Dinara Kulibayeva, shares the 673rd global ranking with a matching fortune of $5.3 billion. His wealth, like his wife’s, stems from their joint ownership of Almex and significant stakes in Halyk Bank. Kulibayev’s business ventures also include a history of strategic investments in Kazakhstan’s oil and gas sector, including a stint on the board of Russia’s Gazprom from 2009 to 2022.

His earlier ventures, such as the sale of Kar-Tel to VimpelCom for $350 million in 2004 and Altynalmas Gold to Polymetal in 2014, highlight his savvy in capitalizing on privatization opportunities in Kazakhstan’s emerging markets.

6. Bulat Utemuratov – $3.7 Billion (Global Rank: 979)

Bulat Utemuratov, with a fortune of $3.7 billion, ranks 979th globally. As a shareholder in ForteBank and a key player in Kazakhstan’s metals and mining sector, Utemuratov has built a diversified portfolio. His wealth has grown steadily, supported by strategic investments in banking and extractive industries.

Utemuratov’s inclusion in the Forbes list underscores his long-standing prominence among Kazakhstan’s business elite, with a notable rise from the 4th to the 2nd richest Kazakhstani in earlier rankings due to asset sales like ATF Bank for $2.117 billion during the global financial crisis.

Kazakhstan’s Economic Context

Kazakhstan’s six billionaires have amassed their wealth against the backdrop of an economy heavily reliant on hydrocarbon and mineral resources. The country, the largest of the former Soviet republics excluding Russia, boasts substantial reserves of oil, gas, uranium, copper, and zinc.

In 2025, Kazakhstan’s economy is projected to grow by 4.5% to 4.9%, driven by these resources but also by efforts to diversify into sectors like transport, pharmaceuticals, and fintech. The success of companies like Kaspi.kz and Freedom Holding reflects this shift toward innovation and global integration.

However, challenges such as dependence on oil exports to Russia and China, as well as economic ties to the Eurasian Economic Union, continue to shape Kazakhstan’s financial landscape.

Global Perspective

The 2025 Forbes list highlights a global surge in billionaire wealth, with the top spot held by Elon Musk at $342 billion, followed by Mark Zuckerberg ($216 billion) and Jeff Bezos ($215 billion). Kazakhstan’s billionaires, while not in the top echelons, have shown remarkable growth, with their collective wealth rising from $25.4 billion in 2024 to $38.8 billion in 2025.

This increase mirrors global trends, where the number of billionaires has grown to 3,028, and their total wealth has climbed by nearly $2 trillion. Kazakhstan’s representation on the list, alongside countries like the U.S. (902 billionaires) and China (516 billionaires), underscores its emerging status as a hub for wealth creation in Central Asia.

Notable Absences and Context

While the six billionaires dominate Kazakhstan’s Forbes rankings, it’s worth noting that Mikhail Lomtadze, a Georgian citizen and co-founder of Kaspi.kz, is often associated with Kazakhstan but is not counted as a Kazakhstani billionaire.

With a net worth of $5.9 billion, he ranks 597th globally, just behind Vyacheslav Kim. Additionally, the Nazarbayev family’s influence remains significant, though former president Nursultan Nazarbayev himself does not appear on the list, highlighting the limits of transparency in Kazakhstan’s wealth distribution.

Conclusion

The inclusion of six Kazakhstani billionaires on Forbes’ 2025 list reflects the country’s dynamic economic growth and the success of its business leaders in navigating global markets. From Vyacheslav Kim’s fintech empire to Vladimir Kim’s mining ventures and the Kulibayevs’ financial dominance, these individuals exemplify Kazakhstan’s blend of resource wealth and emerging innovation.

As the nation continues to diversify its economy, its billionaire class is likely to grow in influence, further cementing Kazakhstan’s place on the global stage.