Mikheil Lomtadze secured the top position on Forbes’ list of Georgia’s wealthiest entrepreneurs, while Bidzina Ivanishvili held the second place. This ranking, compiled by Mikheil Gvadzabia for Forbes Georgia, highlighted a significant disparity in wealth. The list, published on Tuesday, included a diverse group of individuals, encompassing political figures and largely unknown businesspeople.
At the summit was 50-year-old Tbilisi-born Mikheil Lomtadze, the CEO and Chair of the Board of Kaspi, a prominent digital payments and banking service in Kazakhstan. His net worth surpassed that of Bidzina Ivanishvili, the founder of the Georgian Dream party, by more than double, reaching $6 billion according to Forbes Georgia. This figure also placed Lomtadze on the global billionaires list, alongside Ivanishvili, who had $2.7 billion.
Following Lomtadze was 72-year-old Giorgi Jokhtaberidze, who controls 75% of Magticom, Georgia’s leading telecommunications company, with an estimated wealth of approximately ₾2.8 billion ($1.04 billion). Irakli Rukhadze, formerly of TV Imedi, held the third position with ₾2.2 billion ($816.5 million) derived from Magti and Georgian Cement holdings. Temur Chkonia, owning 87% of Coca-Cola Bottlers Georgia and 90% of the local McDonald’s franchise, ranked fifth with ₾1.7 billion ($650 million).
The list revealed a concentration of wealth, with over 10 individuals having public involvement in Georgian politics, including Mikheil Ivanishvili and Irakli Rukhadze. Notable figures like the founders of Lelo, Mamuka Khazaradze and Badri Japaridze, were also represented. The combined wealth of the top 100 entrepreneurs exceeded $60 billion, representing nearly 60% of Georgia’s economic output.
The authors emphasized the significant impact of this wealth distribution on the country’s economy, noting that the top five industries – finance, trade, telecommunications, healthcare, and development/real estate – accounted for 70% of the total wealth. The ranking focused solely on business assets, excluding other holdings.
Topics: #mikheil #ivanishvili #lomtadze
