Bulat Utemuratov Tops Forbes Kazakhstan's 2025 Business Influence List

In a remarkable shift, Bulat Utemuratov, the billionaire owner of ForteBank, has been named the most influential businessman in Kazakhstan for 2025 by Forbes Kazakhstan. Utemuratov's rise from the third position last year marks a significant change in the business landscape, reflecting his growing impact in the country's economy.

The top five influential figures in Kazakhstan's business world also include Vyacheslav Kim, who helped establish Kaspi.kz and owns Alatau City Bank, maintaining his position from last year. Nurlan Smagulov, founder of the Astana Group known for Astana Motors, climbed two spots to claim third place. CEO of Freedom Holding Corp., Timur Turlov, holds steady in his previous position, while Timur Kulibayev, co-owner of Halyk Bank, moves up three positions.

Notably, Vladimir Kim, who was the leader in 2024 and a shareholder of KAZ Minerals, has slipped to sixth place this year. This shift highlights the dynamic nature of Kazakhstan's business scene, where influence can fluctuate significantly year over year.

Five well-known figures have returned to the list after a year’s absence. Kairat Boranbayev now ranks at 20th, followed by Baurzhan Ospanov at 41st, Almas Kudaibergen at 47th, Aidarbek Khojanazarov at 49th, and Yerlan Suleimenov at 50th. These comebacks indicate a resurgence in their business activities and influence.

Joining the list for the first time is Aigazy Kussainov, who owns International Educational Corporation Ltd. His organization encompasses the Kazakh Leading Academy of Architecture and Civil Engineering, Kazakh-American University, and Digital College, underscoring the increasing role of education in the business sector.

Forbes Kazakhstan's analysis reveals that the average age of these influential figures is 55. The oldest member, Serikzhan Seitzhanov, is 76 and occupies the 27th position. Notably, only two individuals are under 40: Timur Turlov, aged 37, and Shukhrat Ibragimov, aged 39, highlighting a generational mix in the country's business leadership.