Forbes: Kazakh billionaires, including Nazarbayev’s family, lost $3 billion due to protests

The fortunes of four billionaires from Kazakhstan, including the daughter and son-in-law of former President Nursultan Nazarbayev, decreased by a total of $3 billion during the protests, according to the American Forbes.

According to the publication, the capital of billionaire Vyacheslav Kim decreased by $1.4 billion compared to January 4 – from $5.7 billion to $4.2 billion. Kim is the chairman of the board of directors of the Kazakh payment and fintech company Kaspi.kz. Its shares fell 30% in just two days, from $188 on Jan. 4 to $87 on Jan. 6. By the end of the week of trading, Kim’s fortune had won back a little and amounted to $ 4.4 billion, which is the second place in the country, according to the Forbes Real-Time rating, which is updated in real time depending on quotes. Kim entered the Forbes list of billionaires in 2021 after the Kaspi.kz IPO.

Also, the fortune of the CEO of Kaspi.kz, Mikhail Lomtadze, a billionaire from Georgia living in Kazakhstan, was reduced by $1.4 billion, American Forbes writes. His fortune dropped from $5.2 billion to $3.8 billion. By the end of the week, Lomtadze’s capital had also grown slightly, to $4.1 billion, according to Forbes Real-Time.

The wealth of the middle daughter of the former President of Kazakhstan Nursultan Nazarbayev, Dinara Kulibayeva, and her husband, Timur Kulibayev, decreased by $200 million compared to January 4. The American Forbes recorded a drop of $3.1 billion for each of the spouses. However, by January 8, their fortunes had dropped even further – to $ 3 billion, follows from the Forbes Real-Time rating. Dinara and Timur Kulibayev control the largest bank in Kazakhstan in terms of assets, Halyk Bank (Halyk Bank). The value of the bank’s shares against the backdrop of protests fell on January 4-6 by 25%, and at the end of the week of trading, the decrease was 16% (relative to the maximum value in 2022).