Timur Turlov becomes the richest man in Kazakhstan

Timur Turlov, head of Freedom Holding Corp. (FRHC), has surpassed Vyacheslav Kim, co-owner of Kaspi.kz and the former richest person in Kazakhstan, to become the country’s wealthiest individual, according to Forbes’ World’s Billionaires List.

Currently, Turlov’s fortune is valued at $7.2 billion vs. Kim’s $7.1 billion. Notably, just several days ago, the fortune of the FRHC CEO was evaluated at $5.8 billion.

As a result, the top six richest Kazakhstanis occupy the following positions in the global ranking: Timur Turlov (471st) with $7.2 billion, Vyacheslav Kim (474th) with $7.1 billion, Vladimir Kim (628th) with $5.7 billion, Dinara Kulibayeva (676th) with $5.5 billion, Timur Kulibayev (678th) with $5.5 billion and Bulat Utemuratov (1,020th) with $3.7 billion.

Turlov’s wealth and his position on Forbes’ list of the richest people are rising alongside the surging share price of FRHC. During the May 14 trading session on Nasdaq, the company’s share price rose by 2.56%, or $4.19, reaching $167.8 per share. Since the beginning of the year, the stock price has risen by more than 25%, driving FRHC’s capitalization to more than $10 billion, which is 6.4% ($9.4 billion) higher than the market cap of Kazatomprom, the world’s largest uranium producer.

In the third quarter of the 2025 fiscal year (Q4 of the year 2024), FRHC reported a 57% increase in revenue, reaching $236.6 million. The holding’s net profit stood at $78.1 million at the time.

In Kazakhstan, FRHC offers brokerage services under the Freedom Broker brand (KASE participant) and Freedom Finance Global (registered with AIX). There are also many other subsidiaries of the holding in the country, including Freedom Bank, Freedom Insurance, and Freedom Life.