Forbes Georgia has released its list of the 100 wealthiest entrepreneurs in the country, with Georgian Dream founder Bidzina Ivanishvili coming in second place behind Mikheil Lomtadze. Ivanishvili, who is widely regarded as Georgia’s informal leader, has long been ranked the country’s wealthiest man.
In addition to Lomtadze and Ivanishvili, the list included both well-known figures, some connected to politics, as well as largely unknown individuals.
At the top of the list published on Tuesday was 50-year-old, Tbilisi-born Lomtadze, CEO and Chair of the Board of Kaspi, a leading digital payments and banking service in Kazakhstan. His net worth is more than double that of the ruling Georgian Dream party founder Bidzina Ivanishvili, according to Forbes Georgia.
The stark difference between Lomtadze’s and Ivanishvili’s fortunes is also evident in Forbes’ list of the global billionaires, whose updated data puts the former’s wealth at $6 billion and the latter’s at $2.7 billion. Lomtadze is the only Georgian, alongside the founder of the ruling party, to appear on the global list, which has more than 3,400 individuals in total.
Following the top two on Forbes Georgia’s list was 72-year-old Giorgi Jokhtaberidze, who owns 75% of Magticom, the leading company in the Georgian telecommunications market. His wealth was assessed as almost ₾2.8 billion ($1.04 billion).
Jokhtaberidze was followed by 59-year-old Irakli Rukhadze, the former owner of the pro-government media outlet TV Imedi. His wealth — approximately ₾2.2 billion ($816.5 million) comes from Magti, where he holds the remaining 25% of shares, as well as Georgian Cement, in which he owns 41%. Rukhadze, who lives in the UK, also owns the majority of Liberty Bank and Rustavi Steel.
Fifth on the list is 75-year-old Temur Chkonia with ₾1.7 billion ($650 million). He owns 87% of Coca-Cola Bottlers Georgia and 90% of a company that operates the local McDonald’s franchise.
Of those on the list, more than 10 have been publicly involved in Georgian politics in various ways.
In addition to Ivanishvili and Rukhadze, the list included the founders of the opposition party Lelo, Mamuka Khazaradze (#18) and Badri Japaridze (#23), as well as Georgian Dream MPs Elguja Gotsiridze (#30), Anton Obolashvili (#46), Shota Berakashvili (#73), and Zaal Dugladze, alongside his brother Davit (#80). Former MPs Kakha Okriashvili (#8), Archil Gegenava (#63), and Temur Kokhodze (#16) were also included on the list.
Among the 100 wealthiest entrepreneurs, 12 are women, including the oldest member of the list, 90-year-old Laura Larioni (#75). The youngest individual is Dimitri Nisnianidze (#37), at 25 years old. The average age of those on the list is 56.
According to Forbes Georgia, the combined wealth of those included exceeded $60 billion, which approaches 60% of Georgia’s economic output and is three times the country’s budget revenue.
The authors emphasised that, as in the country overall, wealth among the richest individuals is highly concentrated. The top 10 of the wealthiest entrepreneurs control roughly 60% of the total wealth, while the top five control nearly half.
‘In a small economy, such a distribution is not a random detail. It shapes the dynamics of competition, the movement of capital, and the pace of development’, they noted.
According to Forbes Georgia, the top five industries in the ranking — finance, trade, telecommunications, healthcare, and development/real estate — account for 70% of the wealth.
The authors further emphasised that the ranking was based on the business assets of individuals and families in Georgia and the value of these businesses. Accordingly, it does not include other types of assets held by the people on the list.
