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Monday 17.12.2018 | Name days: Teiksma, Hilda

TOP 10 of Latvia’s millionaires of 2013

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A new list of 100 of Latvia’s wealthiest persons has been published with details on changes in their finances.

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, has published the most notable part of any lists – the TOP 10 of the wealthiest persons in Latvia:

1.Olegs Fils – LVL 165 million (+57 million since 2012)

The largest shareholder of ABLV Bank (through OF Holding) remains the richest person in Latvia for the second consecutive year. This shows that he was not put in the lead by mistake. This prestigious position is a result of successful financial activities of the bank. The decision to turn to servicing non-residents’ business is largely the reason for such impressive results. The bank has managed to earn more than LVL 15 million in the first half of 2013. This amount has been invested in the bank’s capital to strengthen its position on the market and improve its financial stability.

2.Ernests Bernis- LVL 162 million (+57 million since 2012)

The second largest owner of ABLV Bank (through Cassandra Holding Company, where he owns 99.92% of shares) remains on the second place since 2012. The reasons why he is not far away from his companion are the same.

3.Leonid Esterkin – LVL 100 million (+32 million since 2012)

The largest owner of Rietumu Bank (owns one-third of shares). This bank successfully uses the residence permit programme to increase its capital. The result is rather notable – Rietumu Bank has managed to earn more than LVL 15 million in the first half-year of 2013. The bank’s asset and capital returns have grown more than two times this year in comparison with 2012. In order to expand its reach to potential customers and investors, Rietumu Bank even translated its website into Chinese.

4.Arnis Riekstins – LVL 56 million (+5 million since 2012)

Co-owner of Wi-Fi solution company Mikrotīkls (owns 50%) became the most profitable main in Latvia last year. He concluded 2012 with LVL 16.22 million worth of earnings and LVL 10 million in dividends. 2012 was the most successful year in the company’s history.

5.Arkady Sukharenko – LVL 51 million (+18 million since 2012)

Co-owner of Rietumu Bank (owns 17% of shares) has made it far up the list since his last year’s status (13th place). Sukharenko is the man who has been working very hard behind the scenes to continue the residence permit programme, because his bank has been very successful in using this option to strengthen its position on the market.

6.Valery Maligin – LVL 50 million (+11 million since 2012)

Manger of OlainFarm and its largest owner has notably improved his position on the list of Latvia’s wealthiest people since 2012. An interesting fact – the first half of 2013 is considered the most successful in the company’s history. OlainFarm reached a record in profit in 2012 – LVL 9.75 million. The success of OlainFarm is further proven by the fact that there is allegedly an investor who plans to purchase the company and invest LVL 160 million in it. OlainFarm has recently bought 70.88% of shares in Silvanols.

7-8. Joseph Apts – LVL 45 million (+2 million since 2012)

Owner of 50% of Repharm, who also owns 50% of Recipe Plus and Sentor Farm through the holding, has managed to increase his property by LVL 2 million within one year. Recipe Plus has also improved its position on the market, taking over nearly 30% of the market. The millionaire also owns Soneil Studio beauty shop, Faraway real estate property and 50% of AZ Group.

7-8. Vadim Telitsa – LVL 45 million (+2 million since 2012)

Representative of the pharmacy business and owner of 50% of Repharm has been among Latvia’s wealthiest people for several years: he not only managed to remain among the wealthiest people in Latvia but also be among the recipients of the largest dividends.

9.Justs Nikolai Karlsons – LVL 42 million (no changes)

He remains a 100% owner of Omnium, Omnium Invest and Omnium Plus, as well as the only owner of Hotel Bergs, which also owns Dzīvnieku draugs and 58% of Meža 8. The owner hopes that the hotel will be able to return to its pre-crisis financial abilities. He does admit that the hotel is in need of innovative solutions and general improvements after a decade of work.

10.Uldis Asars – LVL 37 million (-1 million since 2012)

2012 was not too beneficial for this businessman. The worth of his company – AKZ – has declined slightly. Some years ago, it seemed that he and his companion Andris Sihtors were to go bankrupt when Nelss timber and construction materials holding, in which he was a co-owner, had collapsed. Now he owns his own company. AKZ (short for Aizkraukles kokzāģētava) gains profits primarily on foreign markets. 54% of money comes from Europe, 24% – from Asia, 12% – from Baltics and 10% – from Africa. Asars also owns 60% of C22 – a company that works with real estate property management.

In parallel to this, there is also a list of ‘odd’ millionaires of Latvia, which includes names like Olafs Berkis, Peteris Smidte, Juris Savickis, Aleksandrs Lavents and others.


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