Timur Turlov, the founder of Freedom Holding Corp., is just 37 years old and is a citizen of Kazakhstan with a multi-billion-dollar net worth, placing him among the 1,000 wealthiest people in the world, according to Forbes. The businessman is well known for his commitment to philanthropy. For example, Timur Turlov provides financial support to the Kazakhstan Chess Federation (KazChess) and finances various chess tournaments. Turlov enjoys playing chess with his six children during his free time and, occasionally, he wins because his kids are quite skilled at the game. Timur Turlov believes that mastering different skills from a young age is essential for achieving great success in life. His own journey is proof of this.
The future founder of Freedom Holding Corp. entered the world of finance as a teenager. In high school, Timur learned that he could trade on the stock market using his computer, so he started monitoring stock data. “I knew that I was going to make it,” Timur Turlov said. He invested $800, which he had inherited from his late grandfather, in shares of Dalenergo, a Russian energy company.
“At the time, I thought I could achieve something big just by clicking a lot on my screen. Two weeks after my purchase, I sold my shares at a lower price — only to see them soar, after the fact, sevenfold!” Turlov recalled in an interview, adding that this experience was an important lesson. “I realized a simple truth: if you can wait, you will win eventually.”
According to the entrepreneur, his goal was simply to make some money; he never dreamed of becoming extremely wealthy. Timur Turlov got his first real opportunity in 2003, while still in high school, when he joined World Capital Investments (WCI), an American investment company, as a trader. In that role, he worked with securities portfolios that had different risk-to-yield ratios. “I was just 15 when I started my professional career. I worked for a small company that hired interns to trade on the New York Stock Exchange,” Turlov recalled.
Timur Turlov worked at WCI for two years before joining Utrade.ru, a subsidiary of Uniastrum Bank, which specialized in transactions on the U.S. stock market. At the same time, he studied economics in college. In 2008, even before graduating, he founded his own investment company, later named Freedom Finance.
When reflecting on his motivations, he describes the decision as almost accidental. “Due to the financial crisis, our bank lost a lot of money and didn’t want to continue working with U.S. securities. However, we already had several hundred clients, and we saw an opportunity to start something on our own. That’s why we organized a kind of brokerage boutique to help customers invest in the U.S. stock market.”
At the time, former employees of the bank’s investment department had limited job prospects. They had to choose between working for someone else again or trying to monetize their expertise. Six of Turlov’s former colleagues decided to establish a new company under his leadership. He personally invested around $100,000 in the venture. In the beginning, they tried to save as much as possible, surviving on minimal salaries. “Despite the difficulties, we had the most important thing — a great team. They knew they could find better-paying jobs, but they believed in our mission and success,” he said.
Starting a business from scratch is never easy, but obstacles can be overcome with patience and hard work. Turlov often reminded himself of this lesson, recalling his first investment in Dalenergo. In 2011, he made another critical decision: moving to Kazakhstan, where he established Freedom Finance JSC. The company quickly became the most active player on the Kazakhstan Stock Exchange. In hindsight, the decision proved to be a turning point.
Kazakhstan attracted Turlov because of its immense potential; its local market offered countless opportunities for a young and ambitious entrepreneur. The new broker specializing in the American stock market quickly carved out a niche, though expansion required more market space. “I remember that we felt small compared to our competitors, who had more qualified employees, more powerful IT systems and stronger reputations,” Turlov recalled.
At that time, there were only 4,000 brokerage accounts in Kazakhstan, a country of 20 million people. However, interest in investment was growing, as former President Nursultan Nazarbayev actively promoted stock market development. Despite this, the market lacked professional participants. “I genuinely believed that we could become a market leader in Kazakhstan because nobody else was truly committed to working hard in this business,” Timur Turlov said. This belief became a driving force for the 25-year-old entrepreneur.
Freedom Finance played a vital role in developing Kazakhstan’s stock market. The company not only built essential market infrastructure but also organized public offerings and acted as a market maker.
Additionally, Kazakhstan had significant potential for privatizing state assets. Freedom Finance became a key player in the country’s People’s IPO program, which allowed citizens to invest in state-owned enterprises. The IPO of KEGOC, Kazakhstan’s national power grid company, was Freedom Finance’s first major project. The company invested $2 billion — its entire capital at the time — into building the necessary infrastructure and launching a marketing campaign.
Freedom Finance advertised on television and organized lectures about the stock market, educating potential retail investors on how to generate profits. In essence, the company took on the mission of improving financial literacy in the country. Turlov himself traveled to 16 cities across Kazakhstan, encouraging people to participate in the IPO. His efforts paid off. The day after the IPO, Freedom Finance became Kazakhstan’s largest brokerage firm. Within a month, the company had opened more than 30,000 accounts, and demand for KEGOC shares was 150% higher than supply.
At that moment, Timur Turlov realized he was on the right path — expanding his business and diversifying its operations. In 2015, all of Freedom’s assets were consolidated into Freedom Holding Corp., with Turlov holding a 73% stake (now reduced to 71%). For nearly five years, the company worked toward a major goal: listing on NASDAQ, one of the world’s most prestigious stock exchanges. Since its IPO, Freedom Holding Corp.’s stock price has surged more than sevenfold, rising from $14 to $140. This increase has generated substantial profits for shareholders, while the company’s market capitalization has surpassed $8 billion.
Currently, Timur Turlov and his team are focused on further developing the company’s ecosystem, which now includes diversified financial services, online ticket and food sales platforms, and travel booking services. Freedom Holding Corp. is also expanding globally — it currently operates in 22 countries and in January 2025, the company received approval from Turkish authorities to open a brokerage firm.
Beyond business, Turlov is a passionate supporter of football, chess, and various educational initiatives. In 2024, Freedom Holding Corp. allocated approximately $77 million to charity and sponsorships, including $8.5 million for KazChess.
Even though Turlov never aspired to be wealthy as a child, he achieved success through his willingness to take risks, make smart investments and exercise patience. Most importantly, he continues to set bigger goals, driving both his own growth and that of his company.
