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Time of the first: how the billionaire BulatUtemuratov earned his fortune?

Today BulatUtemuratov is one of the wealthiest and most respected people in Kazakhstan. State awards, major investment programs and a fortune estimated at $2.6 billion – all this did not appear out of the blue. What did he begin with, and how did his efforts influence the formation of Kazakhstan’s economy?

Austrian mark

As the entrepreneur himself says, it all started with the creation of the first Trading House of Kazakhstan in Austria. Utemuratov was appointed mediator between the Republic and European buyers of metal. This responsible position seriously affected the character of the young commercial functionary. Kazakhstan, which became independent only recently, needed exactly such people – ambitious, with an excellent education and a clear vision of the future. BulatUtemuratov became one of those with whom a new era in the economic development of the country began.

State activity and his own business

Upon his return from Austria, Utemuratov took the position of Minister of Foreign Economic Relations, then – Deputy Minister of Industry and Trade. Simultaneously, together with the Dutch company Mees Person, he founded the Almaty Trade and Financial Bank (which later became ATF Bank). It was exactly this endeavor that Utemuratov’s leadership qualities and unique business intuition manifested themselves – subsequently the bank was sold to UniCredit for a record price. This transaction was only the beginning of grandiose projects – you can learn more about them on the website

The secret of an ideal business from BulatUtemuratov

Despite the successful combination of work in the Presidential Administration and the implementation of his own projects, the entrepreneur has never used his posts for enrichment.

“I’m not hiding anything,” Mr. Utemuratov says in an interview. “Bribes and embezzlements do not simply deny basic moral standards, they also harm business. So, I acquired all my assets from private owners in the secondary market.”

Transparency, strong corporate governance, democratic principles and skills acquired during the years of diplomatic service –Utemuratov effectively uses it in business. His projects are being successfully implemented not only in Kazakhstan, but also abroad, and charity activities are impressive in scope (for more information, see here). Perhaps, the only thing the media can blame an entrepreneur for is his rejection of publicity.

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