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Friday 26.05.2017 | Name days: Varis, Eduards, Edvards
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Five of Latvia’s wealthiest people retain their status

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUFinancial services, IT, real estate properties, gambling, construction, woodworking and pharmacy – the first ten of Latvia’s TOP 100 millionaires work in these industries, as stated in the December edition of Kapitāls magazine.

The first place is held by Oleg Fils with EUR 314 million (+EUR 15 million when compared with 2014) fortune. He is followed by Ernests Bernis with EUR 310 million (+EUR 15 million) and Leonids Esterkins with EUR 266 million (+EUR 10 million). The fourth place is held by Arkady Sukharenko with EUR 136 million (+EUR 5 million) and the fifth place – Arnis Riekstins with EUR 85 million (+EUR 5 million). All of the members of the TOP 5 list have managed to retain their positions since last year.

Justs Nikolais Karlsons with EUR 77 million (+EUR 13 million) has climbed to sixth place from the seventh last year. Janis Zuzans has climbed to the seventh place from tenth place with EUR 65 million (+EUR 8 million). Marcis Martinsons has also improved his position since last year, climbing from 25th to 24th place with EUR 61 million (+EUR 30 million). Uldis Asars has also improved his standing, climbing from 11th to 9th place (EUR 48 million).

«This is the fourth consecutive year when we publish this list. This tradition has been going on since 2012, when he total worth of the lists Top 10 members was ‘only’ EUR 884 million, as compared with EUR 1.41 billion this year,» – notes manager of Kapitāls magazine Juris Kabakovs.

The new TOP 100 list was created in cooperation with use of databases of companies like Laika Stars and Lursoft. «The total worth of members of the TOP 10 continued to grow over the course of the past year (EUR 1.36 billion one year ago). It was, however, balanced by slight decreases of capital held by other people mentioned on the TOP 100 list,» – said Laika Stars manager Vadims Jeroshenko, who explains changes with recent geopolitical shocks and other economic developments.

Changes in the geopolitical situation had impacted the business environment, where potential investors had suddenly experienced a craving for cheap properties that had already suffered losses and whose owners had decided to sell off those properties to while they still had some value.

«It would be unwise to believe that companies cease having any value the moment they stop making money. Financial power of such companies is dictated by the volume of investments made by their owners and the time it takes them to recover. The choice of not associating company worth with revenue, was a cautious assumption that had created the reduction of total value of the TOP 100. This reduction is only present on paper. Recovery of revenue value and money flow would only help companies recover their positions in the TOP,» – says Laika Stars manager.

Lursoft IT board member Daiga Kiopa emphasizes that successful businessmen can be found in all kinds of sectors of the national economy: «Last year was successful for banks and other industries. For example, names associated with pharmacy, construction, trading, real estate and other industries are often found in the TOP 100 list.»

TOP 100 Latvia’s wealthiest people list’s creators Lato Lapsa and Kristine Jancevska say latest data points to the conclusion that last year was one of stability – there has never been such a minor increase of newcomers to the list since its creation. In some sections of the list (eccentric millionaires and the country’s wealthiest families list) no changes have been observed at all.

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