The total foreign assets of Kazakhstani residents increased to $239 billion as of the end of 2025, Kursiv.kz reported, citing statistics from the National Bank of Kazakhstan. From 2020 to 2025, the volume of capital exported and placed outside the country increased by 47%.
According to IMF methodology, the International Investment Position (IIP) captures the claims of Kazakhstani residents on foreign counterparties, including direct and portfolio investments, equity participation in foreign companies, stocks, bonds, loans, foreign currency, and reserve assets.
The bulk of external expansion and asset formation was distributed across five key sectors:
- Financial and insurance sector — $109.9 billion (+70% over 5 years);
- Public administration and defense — $65.4 billion (+11%);
- Professional, scientific, and technical activities (including holding companies' parent companies) — $21.6 billion (+27%);
- Mining — $9.1 billion (up 160%);
- Households — $7.0 billion (up 204%, a threefold increase).
The increase in foreign assets held by Kazakhstan residents indicates a systematic process of liquidity withdrawal and distribution by large national businesses and the state. While the government and financial sectors traditionally ensure the safety of reserves (National Fund, gold and foreign currency reserves, and the Unified Accumulative Pension Fund), the record growth in corporate sector assets is indicative—in particular, in the mining industry (+160%).
This dynamic growth in capital outflows by domestic enterprises reflects two trends:
- Integration into global value chains: Kazakh industrialists and commodity holdings are actively acquiring processing facilities, trading structures, and logistics hubs outside the country.
- Country Risk Management: Businesses and the private sector are building protective financial cushions in stable jurisdictions to diversify their portfolios.
In the context of Central Asia, Kazakhstan is establishing itself as a key donor and the largest holder of foreign assets in the region, actively investing profits from resource exports in global financial and manufacturing markets.
CentralasianLIGHT.org
October 5, 2026