Forbes Kazakhstan has updated its ranking of the country’s richest people following a series of bold transactions in the banking sector. ForteBank owner Bulat Utemuratov rose from sixth to third place. The assets of Vyacheslav Kim and Timur Turlov also showed significant increases.
Kim, co-owner of Kazakh fintech giant Kasp.kz, remains first on the list. His net worth has risen from $7.1 to $7.33 billion. The company’s shares gained value after acquiring a controlling interest in the Turkish marketplace Hepsiburada for $1.127 billion. As of July 29, the closing price stood at $85.96. Furthermore, the businessman finalized the purchase of Alatau City Bank, formerly known as Jusan Bank.
Freedom Holding Corp. (FRHC) CEO Timur Turlov holds second place, according to Forbes, as his net worth has surged from $5.8 billion to $7.6 billion. FRHC shares on NASDAQ rose from $133.25 to $179.21 as of July 29, marking a 34% increase over six months. As a result, Turlov’s stake in Freedom Holding is estimated at approximately $7.6 billion.
Utemuratov’s fortune increased from $3.7 billion to $6.46 billion. A significant contribution came from the July increase in ForteBank’s share price following the announcement of its acquisition of Home Credit Bank. On June 27, the bank’s shares rose by 14.1%, reaching a peak of 32.53 tenge (around $0.060) on July 10. This hike significantly increased ForteBank’s market capitalization and the estimated value of Utemuratov’s stake. After the sharp growth, the share price stabilized within the range of 21 to 26 tenge ($0.039–$0.048) and, as of July 29, stood at 22.53 tenge ($0.042).
Due to Utemarotov’s advance in Forbes Kazakhstan’s ranking, Vladimir Kim and Timur and Dinara Kulibayev each dropped one position — to fourth, fifth, and sixth, respectively. While Vladimir Kim’s net worth estimate remained unchanged, the Kulibayevs’ assets increased to $5.6 billion, up from $5.3 billion in May. This growth was driven by the increase in Halyk Bank’s global depositary receipts (GDRs) on the London Stock Exchange (LSE) — from $20.35 at the beginning of 2025 to $24.70 as of July 29.
In May, Kursiv.media reported that Turlov had briefly overtaken the Kaspi.kz co-owner amid a surge in FRHC’s share price.
