National Fund, Pension Fund and the richest people possess dozens of billions of dollars in Kazakhstan

The combined wealth of the ten richest businessmen from the Forbes list of billionaires is estimated at $27.2 billion. This figure almost matches $28.9 billion, the amount of money accumulated by the United Accumulative Pension Fund (UAPF) as of August 1, 2022. On the other hand, the National Fund of the Republic of Kazakhstan has managed to accumulate $59.3 billion. This means that the fund is twice as wealthy as the richest businessmen combined.

The lion’s share of cash inflows to the National Fund comes from the oil industry. The pension fund has been receiving mandatory and voluntary pension payments since 1998. The fund is responsible for paying the investment part of the state pension. So far, the combined pension payments accumulated by Kazakhstanis are bigger than the combined wealth of the ten richest businessmen in Kazakhstan. However, if we compare the fund’s money to the wealth of the country’s 50 richest entrepreneurs of $38.7 billion, it wouldn’t be so impressive.