Over 15 years, the combined wealth of Kazakhstan's richest businessmen on the Forbes Kazakhstan list has grown by $37bn to reach $60.8bn. According to Forbes, the biggest gainers over this period were Vyacheslav Kim, the Kulibayev couple and Bulat Utemuratov, reports infohub.kz.
To mark the 15th anniversary of its ranking, Forbes Kazakhstan analysed how the list of the country's wealthiest entrepreneurs has changed over the years. From 2012 to 2026, their combined wealth grew 2.5-fold, from $23.93bn to $60.84bn.
The increase is attributed both to the expansion of the ranking itself, from 50 to 75 participants, and to the gradual disclosure of data on major companies through their listings and the publication of ownership structures. The most dynamic year was 2021, when the wealth of those on the list jumped by 50% to $37.7bn. That surge was driven mainly by transparent stock-market valuations of large financial and technology assets.
Since the ranking was launched, 131 businessmen have appeared on it. Only 20 of them stayed on the list for all 15 years. The number of billionaires on the list rose from five to nine, and their combined wealth grew from $12.3bn to $39.2bn.
The largest capital gains over the period were posted by Vyacheslav Kim, up $7.6bn; Dinara and Timur Kulibayev, up $4.1bn each; and Bulat Utemuratov, up $3.8bn.
At the same time, there is a high concentration of wealth among Kazakhstan's billionaires and millionaires. The top ten of the 75 list members account for 66% of total wealth, while the top five account for 49.1%.
Recall that in May, Forbes Kazakhstan updated its ranking of the country's richest people for 2026.