Timur Turlov, 37, founded Freedom Holding Corp and built it into a $5 billion financial empire. The Kazakhstani billionaire’s company faces regulatory investigations while serving 5 million clients across 22 countries.
The story of Timur Turlov reads like a modern entrepreneurial tale. At 37, this Kazakhstani billionaire has built Freedom Holding Corp into a financial services giant valued at over $5 billion. Yet his journey illustrates both the possibilities and perils of rapid expansion in today’s regulatory environment.
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Early Career and Foundation
Born in 1987, Timur Turlov showed an interest in finance early, beginning his career as a trader at World Capital Investments at the age of 16 while attending university. After graduating with an economics degree, he joined Uniastrum Bank’s brokerage division, where he developed infrastructure for trading on American stock exchanges.
In 2008, at age 21, Turlov founded Freedom Finance, specializing in providing access to American stock exchanges. By 2012, Freedom entered the Kazakhstani market, quickly becoming one of the leading brokerage companies in the country.
| Field | Details |
|---|---|
| Full Name | Timur Ruslanuly Turlov |
| Birth Date | November 13, 1987 |
| Age | 37 years |
| Birthplace | Russia |
| Current Citizenship | Kazakhstan (since 2022) |
| Education | Economics degree, Moscow Aviation Technology University (2009) |
| Net Worth | $7.6 billion (May 2025) |
| Position | Founder, Chairman & CEO of Freedom Holding Corp |
| Company | Freedom Holding Corp (NASDAQ: FRHC) |
| Ownership | 69% of Freedom Holding Corp shares |
| Residence | Almaty, Kazakhstan |
| Family | Married with six children |
Building the Freedom Ecosystem
By 2019, Turlov consolidated various businesses under Freedom Holding Corp. and took the company public on Nasdaq in October, making it the first financial organization in the CIS to list on the platform. The timing proved fortuitous. Shares valued at less than $15 during the IPO reached $90 by 2024.
Under Turlov’s leadership, Freedom Holding Corp. has grown into an international, diversified financial services group with representative offices in 22 countries and serves more than 5 million people in Kazakhstan. The ecosystem includes Freedom Bank Kazakhstan, insurance companies, a telecommunications operator, and lifestyle services like food delivery and travel booking.
Personal Wealth and Recognition
The company’s growth made Turlov exceptionally wealthy. As of May 2025, his net worth was $7.6 billion. He personally controls 69% of the company’s shares, contributing to his inclusion on Forbes’ list of wealthiest people worldwide.
Regulatory Challenges and Investigations
Despite its growth, Freedom Holding faces significant regulatory scrutiny. The company is being investigated by federal prosecutors and Securities and Exchange Commission over compliance issues, insider stock moves, and an offshore affiliate tied to sanctioned individuals.
Kazakhstan is seeking to curb alleged manipulation by Turlov’s Freedom Holding Corp. in the country’s local-currency sovereign debt market. The allegations came after Hindenburg Research published a critical report in 2023.
Freedom Holding announced completion of an external review of allegations made in the short-seller report, stating the company has “robust global and local sanctions and AML procedures, controls and policies in place.”
Community Involvement
Beyond business, Turlov engages in community initiatives. In 2023, he became president of the Kazakhstan Chess Federation, advancing chess promotion through public-school curriculum. He founded the QJ League, a youth football league, and launched Qalam, a multimedia historical and educational project dedicated to Kazakh and Central Asian culture.
Current Position and Future
In 2025, Turlov faces a pivotal strategic decision about the future direction of his fast-growing financial technology company, weighing three paths: doubling down on Kazakhstan, expanding within existing international markets, or entering new geographies like Southeast Asia.
The Stanford Graduate School of Business created a case study about Freedom Holding, examining how the company built its ecosystem approach to scaling financial services.
Conclusion
Timur Turlov’s journey from teenage trader to billionaire CEO demonstrates both entrepreneurial success and the complexities of operating in today’s regulatory environment. As Freedom Holding navigates ongoing investigations while pursuing expansion, the company’s future will depend on resolving compliance challenges while maintaining its growth trajectory. The outcome will likely influence how emerging market financial companies approach international expansion and regulatory compliance.
