Mikheil Lomtadze Surpassed Ivanishvili by $200 Million and became the Richest Citizen of Georgia

According to Forbes, Mikheil Lomtadze, CEO of the Kazakh fintech company KASPI, has become the richest citizen of Georgia today. His fortune is estimated at $5 billion.

With this indicator, Lomtadze is the sixth richest person in the world. Ex-Prime Minister Ivanishvili's property is $ 200 million less, which, according to Forbes, is $ 4.8 billion. With this indicator, Ivanishvili ranks 632nd in the global ranking.

Mikheil Lomtadze became a billionaire in October 2020 as a result of KASPI's IPO. KASPI's IPO 2020 was the largest on the London Stock Exchange, and as a result, Lomtadze and Vyacheslav Kim, who heads the company's supervisory board, initially raised $ 2 billion and $ 2.5 billion, respectively. In April 2021, Lomtadze's property has already reached $ 3.2 billion. Mikheil Lomtadze owns a 29% stake in the company, while Vyacheslav Kim owns a 32% share.

Such rapid enrichment of Mikheil Lomtadze is connected with the sharp increase in the value of KASPI shares, because the main source of his property is his share in the bank. The company was priced at $ 40 in October 2020, and today the stock is priced at $ 114. As a result of such growth, Vyacheslav Kim became the richest citizen of Kazakhstan, whose fortune is estimated by Forbes in real time at $ 5.5 billion.

Kaspi's service is used every month by 7.8 million out of a population of 18 million in Kazakhstan. According to the London Stock Exchange, Kaspi's payment system accounts for 66% of transactions in Kazakhstan, while 33% is served by global brands Visa and Mastercard.

Kaspi was not originally created as a digital platform. Its history begins in 1991. At that time the financial institution was called Аль Барака Казахстан, in 1997 it changed its name to Банк Каспийский. And since 2008, as a result of another rebranding, it has been renamed Kaspi Bank.