Explaining Kazakhstan

Topping the list released in the May issue of the magazine was Vladimir Kim, the close confidant of President Nursultan Nazarbayev and chairman of Kazakhmys, the London-listed copper producer.

Forbes Kazakhstan, which has not published its rich list on the internet, estimated his wealth at about £2.2 billion. …Several other people linked closely to Mr Nazarbayev appear in Kazakhstan’s wealthiest top ten people, including his daughter, Dinara Kulibayeva, and her husband Timur Kulibayev.

Their wealth is estimated at roughly £810 million each and derives mainly from the finance and energy sectors. ……..The youngest person in the list is Nurali Aliyev, 27, Mr Nazarbayev’s oldest grandson. He is ranked at 25 and is credited with earning around £120 million through various finance positions. …….Mr Nazarbayev’s oldest daughter, Dariga Nazarbayeva, ……..Ms Nazarbayeva ranks at 13th on the Kazakh rich list with an estimated wealth of £370 million. …….

You might wish to complain that success in the UK depends rather upon who you know, who you are related to. But there are places rather more feudal in their arrangements…..

5 thoughts on “Explaining Kazakhstan”

  1. So Much For Subtlety

    It is interesting for what it says about the post-Stalinist system and the concentration of power. Say what you like about Britain, it has long been an oligarchy. It is a group of rich people at the top of the pile. But this means the Kazakh government feels no need to share with other powerful figures at all. Just the King and his family. No nobles at all.

    Presumably this is because Stalinism and Islam have left a legacy of lackeys. The President can accept the highest bidder for an office which is important to his power structure. That highest bidder is high in respect to what he offers the President in return. Which is determined by what other people are willing to offer. So if they are all spineless lackeys, they will offer a great deal indeed – loyalty for instance – and demand very little in return. Hence no need to share the oil wealth with anyone else to any real degree.

    It must also mean there is no civil society outside the ruling Party either. Even the Saudis buy off Lebanese journalists or Egyptian poets.

  2. Apropo of very little, a colleague has to talk about the Russian stock exchange on conference calls and has trouble keeping a straight face when talking about, “my sex”.

    Can anyone confirm the correct way to say, MICEX?

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