Why do some rich and powerful people pretend to be poor? For instance, Bulat Zhamitovich Utemuratov, a billionaire who never ran a business, enjoys showing off his modesty for the third year in a row.
A close look at the new version of the Forbes list shows an interesting trend. The wealthy individuals started to significantly downplay their earnings, and in some cases, even try to avoid attention. This is particularly true for those who are closely associated with the former President Nazarbayev. The most notable among them is a trusted financial supporter Elbasy Bulat Utemuratov convinced Forbes to reduce his reported wealth by $700 million.
Although Forbes claims that its list is being manipulated, the publication insists that it is not influenced by bribery. They also attempt to address questions, including why Nazarbayev’s nephew Kairat Satybaldy is not included in the list of the country's wealthiest people. The publication explains that Kairat Satybaldy is currently facing a criminal case, making it difficult to evaluate his financial status. However, Kairat has not been on the Forbes list for several years, even before the case. He simply wanted to keep his wealth hidden.
Bulat Utemuratov is now in the honorary sixth position on the list
Bulat Utemuratov is a more prominent public figure and he did not even attempt to be removed from the list. His ambition even amused the first-place holder, and there was a sort of rivalry between him and Timur Kulibaev. It is quite ironic, considering that both of them owe their wealth solely to Nursultan Nazarbayev, who in turn, acquired it from the citizens of Kazakhstan.
Rixos in Borovoe
However, the clan's reputation has waned and it is fashionable to show how the wealthy individuals from the Nazarbayev clan are becoming less prosperous. Are they actually poor? There are serious doubts about this. Forbes attributed the reduction of $700 million in Bulat Utemuratov's wealth to the depreciation of his hotel business assets during the pandemic.
What is Bulat Utemuratov’s perspective?
Bulat Utemuratov himself does not personally own much, as most of his property is managed by Verny Capital. He, in turn, oversees many other domestic and foreign businesses. Verny Capital is not widely traded, so the stock price does not significantly impact Bulat Utemuratov's overall wealth. The reported $700 million decline in his wealth seems to be an exaggerated figure, likely coming straight from his pocket.
The Ritz-Carlton in Moscow
This includes a list of hotels that are said to very cheap:
- The Ritz-Carlton in Astana
- The Ritz-Carlton in Moscow
- The Ritz-Carlton in Vienna
- Rixos in Borovoe
Considering that the most expensive of these costs $600 million, it is highly unlikely that the fall was $700. Moreover, the hotels do not represent the main portion of Bulat Utemuratov's wealth.
The Ritz-Carlton in Astana
QSR LLP operates Burger Kings on behalf of Nazarbayev. “G4S Kazakhstan” employs a large number of security personnel and obtains lucrative government contracts. His ownership also includes the Karaganda Airport. He owns two private Haileybury schools, his former Alma mater – Narxoz, and ForteBank JSC. He also holds shares in Beeline in Kazakhstan and Kyrgyzstan, is involved in gold mining, part of Glencore, and media. This is just a fraction of what Bulat Utemuratov is involved in; most of his projects are kept hidden.
The Ritz-Carlton in Vienna
Bulat Utemuratov fails to show himself to be absolutely poor, and no one in the administration will believe it. Rather, the oligarch pays to not irritate the people too much. As a result, Forbes washed and rolled him down to sixth place with a fortune of “only” $ 2.8 billion.
