| Name: | Bulat Utemuratov |
| Net Worth: | $5 billion |
| Source of Wealth: | ATF Bank / Forte Bank |
| Born: | November 13, 1957 |
| Age: | |
| Country: | Kazakhstan |
| Wife: | Azhar Abzhamiyevna |
| Children: | Alidar Utemuratov, Anuar Utemuratov, Dinara Utemuratova |
| Residence: | Monaco , MC |
| Private Jet: | Gulfstream G650 (M-BADU), G550 (M-VRNY) |
| Yacht: | Avantage |
Bulat Utemuratov is a Kazakh billionaire businessman, investor, former diplomat, sports administrator and philanthropist. Born on November 13, 1957, in Kazakhstan, he became one of the country’s most influential business figures through banking, telecoms, mining, real estate, hotels, food service, and private investment.
He is best known as the founder of ATF Bank, which he sold to UniCredit in 2007, and as the key investor behind Verny Capital, one of Kazakhstan’s leading private investment groups. His portfolio has included ForteBank, Beeline Kazakhstan, RG Gold, Ritz-Carlton hotels, Burger King Kazakhstan, and several major real estate and infrastructure projects.
Utemuratov is married to Azhar Utemuratova, and the couple have three children. He is also President of the Kazakhstan Tennis Federation and Vice President of the International Tennis Federation.
Bulat Utemuratov graduated from the Almaty Institute of National Economy in 1981 with a degree in economics. He began his career in education and public administration before moving into foreign trade and finance during Kazakhstan’s transition from Soviet rule to independence.
In the early years of Kazakhstan’s independence, Utemuratov played roles connected to economic diplomacy and international finance. He helped establish links with European financial institutions and later served as Kazakhstan’s ambassador to Switzerland.
He also held senior government-related roles, including positions connected to the Security Council and presidential administration. His long-standing proximity to Kazakhstan’s leadership has made him one of the country’s most influential and closely watched businessmen.
Bulat Utemuratov’s breakthrough business success came through ATF Bank, which he founded in 1995. The bank grew rapidly and became one of Kazakhstan’s major financial institutions, with a nationwide branch network and a strong position in corporate and retail banking.
In 2007, Utemuratov sold ATF Bank to UniCredit in a transaction valued at approximately US$2.1 billion. The sale became one of Kazakhstan’s most important banking deals and established Utemuratov as one of the country’s wealthiest entrepreneurs.
The ATF Bank sale remains central to his business story because it gave him the capital to expand into a much broader portfolio of investments.
Verny Capital is the private investment group associated with Bulat Utemuratov. The firm invests in and manages assets across banking, telecommunications, mining, real estate, hospitality, food service, infrastructure and other sectors.
Verny Capital presents itself as one of Kazakhstan’s leading private investment companies. It focuses on building businesses with modern corporate governance, local market knowledge and long-term value creation.
Through Verny Capital, Utemuratov has been connected to some of Kazakhstan’s most visible private-sector assets, including ForteBank, RG Gold, Beeline-related telecom assets, Talan Towers, Ritz-Carlton properties, and Burger King Kazakhstan.
One of Utemuratov’s most important current assets is ForteBank. The bank was created after the restructuring and consolidation of several Kazakh banking assets, including Temirbank and Alliance Bank.
ForteBank has become one of Kazakhstan’s major banks, serving individuals, businesses and corporate clients. It offers banking cards, deposits, loans, digital banking, business services and financial products.
Utemuratov is widely described as the main shareholder of ForteBank. The bank has also supported public and community initiatives, including projects connected to the Bulat Utemuratov Foundation and Kazakhstan’s tennis development.
Utemuratov has also been active in telecommunications. His interests have included stakes in Kar-Tel in Kazakhstan and Sky Mobile in Kyrgyzstan, both operating under the Beeline brand.
These telecom assets connected him to VEON and gave him exposure to mobile communications in Central Asia. Beeline Kazakhstan is one of the country’s major mobile operators and has played an important role in Kazakhstan’s digital economy.
Telecom has been one of the key pillars of Utemuratov’s investment portfolio alongside banking and mining.
Mining is another major source of Utemuratov’s wealth. Verny Capital has been connected to RG Gold, a gold mining company in Kazakhstan. The company develops gold deposits and has attracted international investment partners.
Utemuratov was also involved in major transactions connected to Kazzinc, the Kazakhstan mining company controlled by Glencore. In 2012, Glencore bought back a stake in Kazzinc from Verny Capital in a deal reportedly worth about US$1.36 billion, including cash and Glencore shares.
These mining transactions significantly increased Utemuratov’s wealth and helped diversify his fortune beyond banking.
Utemuratov’s portfolio also includes major real estate and hospitality assets. He is connected to the Talan Towers project in Astana, a high-end mixed-use development that includes offices, luxury retail, apartments and the Ritz-Carlton Astana.
He has also been linked to other Ritz-Carlton properties, including luxury hotel projects in Kazakhstan and abroad. His hotel and real estate investments fit with Verny Capital’s focus on high-quality assets in premium locations.
These projects have helped shape Astana’s modern luxury skyline and strengthen Kazakhstan’s hospitality sector.
Utemuratov also owns or has controlled the Burger King franchise in Kazakhstan. The fast-food business is part of a broader strategy of investing in consumer-facing brands and services.
Burger King Kazakhstan has expanded in major cities and shopping centers, serving the country’s growing urban middle class and younger consumers.
Bulat Utemuratov’s net worth is currently estimated by Forbes at around US$5.4 billion. This makes him one of the richest people in Kazakhstan.
Older estimates placed his fortune closer to US$3 billion, but those figures are now outdated. His current wealth reflects the value of ForteBank, telecom assets, mining interests, real estate, hotels, food service, investments, and other private holdings.
Forbes Kazakhstan ranked him as the country’s most influential businessman in 2025, underlining his continued role in Kazakhstan’s business landscape.
Bulat Utemuratov is one of the most important supporters of tennis in Kazakhstan. He has served as President of the Kazakhstan Tennis Federation since 2007 and has been Vice President of the International Tennis Federation.
Under his leadership, Kazakhstan invested heavily in tennis infrastructure, junior training, coaching, tournaments, and national teams. Kazakhstan has become a much stronger tennis nation, with players achieving major international success and the country hosting ATP and WTA events.
His work in tennis is one of the most visible non-business parts of his public profile.
The Bulat Utemuratov Foundation supports healthcare, education, autism programs, disaster relief, housing, youth development, environmental sustainability and community projects across Kazakhstan.
One of the foundation’s best-known initiatives is the Asyl Miras autism center network, which provides support for children with autism and their families. The foundation has also supported medical equipment, hospitals, schools, emergency aid, and long-term community infrastructure.
During the COVID-19 pandemic, the foundation provided support for Kazakhstan’s response efforts, including donations for medical and emergency needs.
In 2025, the foundation expanded its work in education and environmental sustainability, including long-term infrastructure projects in Zhezkazgan and Kosshy.
Bulat Utemuratov is married to Azhar Utemuratova. The couple have three children. He keeps his family life relatively private, and most public information about him focuses on his business, philanthropy, tennis leadership and investment activities.
His public profile is sometimes described as discreet but influential. In Kazakhstan and international media, he has often been portrayed as one of the country’s most powerful business figures.
Bulat Utemuratov is linked to the 87-meter superyacht AVANTAGE. The yacht was built by Lürssen in Germany and delivered in 2020.
AVANTAGE was designed by Bannenberg & Rowell, with naval architecture by Lürssen. She is a large, modern, high-volume yacht with luxury accommodation, extensive deck spaces and advanced engineering.
The yacht can accommodate up to 14 guests and a crew of around 22. She is powered by MTU engines and has a top speed of around 17 knots. Yacht-market sources value AVANTAGE at approximately US$200 million, with annual running costs estimated at around US$15 million to US$20 million.
Utemuratov has also been linked to private aviation. Public reporting has described past aircraft transactions involving Glencore and one of his Gulfstream jets. As with many private aircraft used by billionaires, ownership structures can change and may involve companies or leasing arrangements.
A cautious description is that Utemuratov has been linked to private jets used for international business travel.
Bulat Utemuratov is one of Kazakhstan’s most powerful and successful businessmen. From founding and selling ATF Bank to building a diversified portfolio through Verny Capital, he has shaped major parts of Kazakhstan’s banking, telecom, mining, hotel, real estate and consumer sectors.
His fortune, now estimated at around US$5.4 billion, reflects decades of dealmaking and investment. Beyond business, his influence extends into philanthropy, tennis and national development. With major charitable programs, leadership in sport and ownership links to the yacht AVANTAGE, Utemuratov remains a defining figure in Kazakhstan’s modern business elite.
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He lives with his wife Azhar Abzhamiyevna in Monaco and recently invested in the newly developed L’Anse du Portier residential area. Do you know more about his house? Please do send us a message.
Monaco, a small yet alluring principality nestled on the French Riviera, is renowned for its stunning beauty, high-end luxury, and glamorous lifestyle. Its exquisite Mediterranean coastline is dotted with grand yachts, ritzy casinos, and opulent hotels, epitomizing the pinnacle of luxury living.
The nation’s thriving economy, underpinned by sectors like finance, real estate, and tourism, offers robust opportunities for investment and business ventures. It boasts a high standard of living with excellent healthcare, world-class education, and unrivaled security, making it an appealing destination for the wealthy.
In addition, Monaco’s favorable tax policies, including no income tax for individuals, are a massive draw for billionaires globally. This tax haven provides them with significant financial benefits and the opportunity to increase their wealth.
The state’s elite social circle and high-profile events like the Monaco Grand Prix offer unparalleled networking opportunities. Additionally, the cultural vibrancy, sophistication, and the mild Mediterranean climate add to Monaco’s allure.
Its proximity to other European hotspots like France and Italy is another advantage.
In sum, Monaco’s combination of economic advantages, opulent lifestyle, and stunning locale make it a preferred choice for billionaires seeking a home.
He is the owner of the Lurssen yacht Avantage. The yacht has a large A on the foredeck. This A, and the three As in the yacht’s name, probably refer to his wives and children’s names. His wife is named Ashar, his sons are named Alidar Utemuratov, and Anuar Utemuratov. He also has a daughter named Dinara. Here name is used in his private jet’s registration. See hereunder.
The Avantage Yacht, built in 2020 by Lurssen Yachts, showcases the exceptional design expertise of Bannenberg & Rowell.
Powered by MTU engines, the yacht boasts a top speed of 16 knots and a cruising speed of 12 knots, with a range exceeding 4,500 nautical miles.
Her luxurious interior, designed by Bannenberg and Rowell, can accommodate 14 guests and houses a crew of 18.
He is the owner of a Gulfstream G650 private jet, with registration M-BADU. The ‘DU’ is probably a reference to his daughter Dinara Utemuratov. A Gulfstream G650 has a list price of US$ 70 million. Before the G650 he owned a G550 (M-VRNY), which was sold to Glencore in 2018.
The Gulfstream G650 is a luxurious, long-range business jet produced by Gulfstream Aerospace. The G650 was first introduced in 2008 and quickly became one of the most sought-after business jets in the world due to its impressive range, speed, and spacious cabin. The G650 has a maximum range of over 7,000 nautical miles, making it capable of flying non-stop from locations such as New York to Hong Kong.
One of the standout features of the G650 is its cabin, which is both spacious and luxurious. With a height of over 6 feet and a width of over 7 feet, the cabin offers ample space for passengers to work, relax, and entertain. The cabin also features a variety of customizable features, including seating arrangements, lighting, and entertainment systems.
In addition to its impressive range and cabin, the G650 is also known for its high cruising speeds. The aircraft is capable of reaching speeds of up to Mach 0.925, making it one of the fastest business jets on the market. This speed, combined with its range, allows the G650 to cover large distances quickly and efficiently.
The last known list price of the Gulfstream G650 was approximately $75 million. This high cost reflects the advanced technology, spacious cabin, and impressive performance capabilities of the aircraft. Despite its high price, the G650 remains a popular choice for those who value speed, range, and comfort in their business jets.
The Gulfstream G650 is a top-of-the-line business jet that offers impressive range, speed, and comfort. Its luxurious cabin and high-performance capabilities make it a popular choice for those who demand the best in their business aviation needs. With a last known list price of $75 million, the G650 is a significant investment, but for those who can afford it, the aircraft provides a unique and unparalleled flying experience.
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SuperYachtFan Yacht Owners Database Q2-2026
