The Top 5 Richest People in Bulgaria

Society | July 24, 2018, Tuesday // 12:50
Bulgaria: The Top 5 Richest People in Bulgaria

1. Vasil Bojkov

Estimated net worth: BGN 1.48 billion
Stakes in privately held companies: Nove Holding, majority shareholder in Bul Ins, sold his shares in Eurofootball. Owner of Vabo-1, casinos, hotels (Gloria Palace) and many other companies and offshore entities.
Stakes in public companies: Patishta Holding - around 60%, worth BGN 240.32 million, Moststroy - around 70%, worth around BGN 35.66 million, Railway Infrastructure Holding Company - around 78%, worth around BGN 230 million.
Owner of many paintings and a rich collection of antiques.

2. Hristo Kovachki

Estimated net worth: BGN 850 million
Stakes in privately held companies: Maritsa Iztok 3 Thermal Power Station (TPS), Pasarel Hydroelectric Power Station (HEPS), Kokapyane HEPS, Toplofikatsia (District Heating Station) Burgas, Toplofikatsia Pleven, Atomremontstroy, Municipal Bank, TV Evropa, Toplofikatsia Vratsa, Galabovo Briquette Factory, Chukurovo Mine, Beli Breg Mine, Cherno More Mine, Balkan 2000 Mine, Toplina Pension Fund, Laser and Optical Technologies, Bobov Dol TPS, Dragoman Processing Factory, New Partners, etc.
Stakes in public companies: Unknown
Hristo Kovachki is just as famous for his business as he is for being married to the pop-folk singer Desi. He is notorious for buying up property and winning privatisation tenders at prices well below market value. He often poses as a consultant to his own companies or appoints 23-year-old female students in similar positions. The acquisitions made by his companies are mostly financed by First Investment Bank, whose majority shareholder is his best man, Ivaylo Mutafchiev.

3. Mitko Sabev

Estimated net worth: 650 million
Stakes in privately held companies: Petrol Holding, Naftex Holding, TransCard, Air Lazur, Chernomorets FC, hotels, shops, etc.
Stakes in public companies: Petrol AD - holds around 47%, worth around 450 million.
Mitko Sabev started out in business with Festa. With funding provided by Denis Ershov, a millionaire with Latvian roots, he co-founded the aforementioned company with his then-wife Petya Slavova. They later split up, but continued to work together. He is one of the three big players on the petroleum market.

4. Vesela Kuleva, Emil Kyulev's widow

Estimated net worth: 520 million
Stakes in privately held companies: Riviera, Interhotel Sandanski, VK Management, AEKS AD, Demeks Korporatsiya AD, Kontrakt Holding Kampani AD, publishing houses, newspapers, etc.
Stakes in public companies: Riviera was delisted from the Bulgarian Stock Exchange in 2007, when its market cap was BGN 60 million.
Vesela Kyuleva travelled the path from secretary at Emil Kyulev's office to his wife and widow. She inherited half of his empire and now spends her time arguing with Darina Pavlova about which one of them is Bulgaria's richest woman, though Boyko Borisov's friend, Tsvetelina Borislavova, is trailing not far behind with her BGN 306 million fortune. Kyuleva sold DZI and DZI Bank for well over EUR 300 million, thereby entering the ranks of the wealthiest East Europeans.

5. Grisha Ganchev

Estimated net worth: BGN 480 million
Stakes in privately held companies: Litex Commerce and through that Sofia Central Bus Station, Litex Magazin EOOD, Hotel Presidium Palace, CSKA Football Club. Also manufactures the Queens juices, trades in sugar, rents out 31 petrol stations to Shell, produces hydroelectricity through Pirinska Bistritsa Energiya, etc.
Stakes in public companies: Unknown.
Grisha Ganchev is famous as one of the biggest patrons of the arts in Bulgaria. He is also one of the biggest sponsors of sports and is passionate about horses.

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