Forbes has increased its estimate of Georgian billionaire Mikheil Lomtadze’s fortune to $6 billion, up from $5.9 billion in last year’s ranking.
Despite the increase, Lomtadze fell from 597th to 694th in the global billionaire ranking, as other billionaires’ fortunes grew at a faster pace.
Most of Lomtadze’s wealth comes from Kaspi, the banking and financial holding company listed on the US and London stock exchanges. Kaspi’s market capitalization currently stands at around $19.3 billion, while its shares have risen nearly 19% over the past year.
According to Forbes, Lomtadze remains the wealthiest Georgian billionaire, with an estimated fortune around $3.3 billion higher than that of Bidzina Ivanishvili, whose fortune is valued at $2.7 billion.
