Forbes Kazakhstan has published its updated ranking of the 50 most influential businessmen in Kazakhstan. Vyacheslav Kim has overtaken Bulat Utemuratov for the No. 1 spot.
The ranking is based not only on business activity but also on public and philanthropic efforts of the country’s most prominent and active businessmen.
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Vyacheslav Kim returns to No. 1
Vyacheslav Kim, co-owner of Kaspi.kz and owner of Alatau City Bank, has returned to the top of the ranking. Over the past year, he has continued to expand his assets. In addition to the bank, he acquired telecom operator QMobile, formerly known as Jusan Mobile.
Kim is also investing in projects in Alatau, a development envisioned as a «city of the future.» In September 2026, he announced the creation of AÑSA HUB there, a center for educational, scientific and venture capital projects.
Bulat Utemuratov dropped from first to second place. The owner of the Verny Capital group, which includes ForteBank and Home Credit Bank, and co-owner of KaR-Tel, which operates the Beeline and IZI brands, has continued to develop his diversified business interests.
Utemuratov is also active in tennis development in Kazakhstan and internationally. His investments in the Kazakhstan Tennis Federation have totaled $200 million. In 2025, he invested in international company MARI and joined a committee responsible for developing a strategy for its tennis assets, which include the Madrid Open and Miami Open tournaments.
Kulibayev moves up to third
Timur Kulibayev rose to third place, replacing Nurlan Smagulov, who held the position last year. Together with his wife, Kulibayev owns a 61.91% stake in Halyk Bank, Kazakhstan’s largest bank, as well as a 41% stake in Altyn Bank.
In 2025, Smagulov opened the Almaty Museum of Arts, Central Asia’s first private contemporary art museum, and launched Astana Motors Manufacturing Kazakhstan, a new multibrand automotive plant in Almaty.
A newcomer enters the top five
Rounding out the top five is newcomer Shakhmurat Mutalip. The owner of construction company Integra Construction KZ acquired a 39.3% stake in ERG, one of Kazakhstan’s largest mining companies, over the past year. He also signed an agreement to purchase gold mining company Altynalmas.
Mutalip also owns Shymkent-based football club Ordabasy, which he acquired in June 2026 for a reported 156.9 million tenge.
One of the youngest people on the list, 38-year-old Timur Turlov, took sixth place. Over the past year, he finalized the acquisition of Turkish Bank, increased his stakes in numerous assets and acquired Karaganda-based football club Shakhter. In September, Turlov was elected president of the International Chess Federation (FIDE).
New faces and familiar names
Nurlan Artykbaev, another newcomer to the list, ranked seventh after gaining control of Kazakhmys Corporation and becoming a major shareholder in Kcell. He also acquired football club Aktobe.
Andrey Lavrentyev, owner of the Allur Group and Qarmet, took eighth place after moving up one spot.
Rounding out the top 10 are several businessmen who fell in the rankings. Construction magnate Aidyn Rakhimbayev ranked ninth. In recent years, he has been actively developing public and charitable initiatives, including the IQanat project supporting rural schools, The Giving Pledge and the Mother’s Home International Foundation, which he co-founded with Arsen Tomsky.
Vladimir Kim dropped from sixth to 10th place after selling Kazakhmys Corporation and several other assets.
