Top 100 Richest Bulgarians -Updated May 18th 2019

*As published in Bulgaria Business Review Magazine.

2019 has seen 2 new entrants to the top 10 richest Bulgarians; Vladimir Tenev and Marin Mitev(has been in top 10 before). Tstvetan Vasilev and Ivo Profokiev were the two that dropped out of the top 10. There have been 13 entries and dropouts from the top 100 in 2019.

Vasil Bozhkov and Ignat Kaneff remain in the top 2 respectively for the 7th year in a row. With Robinhood tech startup co-founder Tenev taking the 3rd sport from pharma tycoon Kiril Domuschiev.

The total net worth of the top 100 richest Bulgarians has seen a $2 Billion increase from 2018 with the three biggest gainers being Vladimir Tenev($1 billion), Ignat Kaneff ($100 million) and Vasil Bozhkov($100 million). They gained $1.2 billion between the three of them in 2019.

The three biggest losers, on the other hand, were Tstvetan Vasilev($350 million), Ivo Profokiev($200 million) and Grisha Ganchev($150 million) who lost together in total $700 million between them in net worth.

There are no women in the top 10 richest Bulgarians a decrease from two from the previous years (with Petya Slavova and Vesela Kuleva being overtaken). However, there has been a small increase in the number of women in the overall top 100 list. The richest Bulgarian woman Vesela Kuleva is also the only person on the top 100 richest Bulgarians list who is not self-made with her wealth being inherited after the murder of her husband Emil Kulev in 2005.

Ignat Kaneff is the oldest in the list at the age of 93 years old with the youngest being Georgi Zhechev at 20 years old. The median age of the top 100 richest Bulgarians has fallen due to an increased amount of tech startup founders joining the list.

The total net worth of all the top 100 richest Bulgarians in 2019 is $16.4 billion. Which is more than all of the 900 other entrants in the top 1000 richest Bulgarians combined and also equal to the combined net worth of 30% of the average Bulgarians in Bulgaria and the diaspora. To put it in perspective the top 100 richest Bulgarians have the same combined net worth as 1 million Bulgarians.

Bulgaria is a country that has just come out of a government controlled Communist economy meaning all the billionaires and millionaires have become so in the past 30 years which means that the country has a higher than average amount of self-made individuals on this list than developed countries who were capitalist since the start of the 20th century. In the past couple of years the median age of entries in the top 1000 and top 100 has been getting younger and younger as the new generation of entrepreneurs now get rich by creating tech startups and using the power of the internet allowing for a much faster accumulation of wealth and much more wealth to be accumulated at that. The tech scene in tech hubs such as Plovdiv and Sofia is being boosted by increased investments from abroad in 2012 there was just $4.2 million invested in Bulgarian tech startups but in 2019 there was close to $300 million invested.

Net worth is calculated like this (value of known assets – any debts & liabilities)

Finally, condolences to the family of Krasimir Uzunov who passed away suddenly at the age of 56 while we were starting to create this list in February 2019.

1. Vasil Bozhkov – $1.6 Billion

Main Source Of Wealth: Gambling, Banking

Other Business Interests: Construction, Lottery, Hotels, Railroads, Property

Bulgaria’s richest man since 2012, Vasil Bozhkov is a controversial figure in Bulgaria. Labelled as an oligarch by Western media he is also surrounded by unproven rumours that he was at the start of his business career part of the Bulgarian mafia involved in extorting and protection rackets. However, he has never been convicted over any such crimes. He started off his business empire but setting up money exchange shops with the income from that he set up casinos and physical betting shops. In 1994 he opened his own bank the Bulgarian Commercial Industrial Bank. In the early 2000’s he saw that everything was moving online and seized the opportunity by setting up the countries biggest online sports betting and online casinos.

2. Ignat Kaneff – $1.3 Billion

Main Source Of Wealth: Construction

Other Business Interests: Golf Courses, Shopping Malls, Property Lettings

Ignat Kaneff is the oldest person on the top 100 richest Bulgarians list at 93, he was born in 1926. After the end of the Second World War, he travelled to Austria to escape the communist government. He worked in Austria for a construction company before moving to Canada in 1951 at the age of 25 to start his own construction company which has now grown into one of the largest construction companies in Canada.

3. Vladimir Tenev – $1 Billion

Main Source Of Wealth: Robinhood (fintech startup)

Other Business Interests: None currently

Vladimir Tenev is the youngest in the top 10 richest Bulgarians and also one of the youngest on this list at the age of 33 and the youngest person ever to be featured in the top 10 richest Bulgarians. He moved to Washington DC, the United States at the age of 5 with his parents. Tenev attended Stanford University and dropped out from his Maths PhD at UCLA in 2014 at the age of 28 to co-found the fintech startup Robinhood which is currently valued at $5.6 billion. If his startup’s value continues to rise he may become the richest Bulgarian, the youngest ever and also potentially the richest (in modern times) if he surpasses $1.7 billion.

4. Kiril Domuschiev – $950 Million

Main Source Of Wealth: Pharmaceuticals

Other Business Interests: Property, Ports, Shipping, Television Channels

After graduating from the Technical University of Sofia, Kiril and his brother Georgi (who is 42nd on this list with a net worth of $60 million) started importing and selling clothes and shoes. He also set up a privatization fund in 1996 that bought controlling stakes in industries previously controlled by the state. Majority of those businesses were in the industrial and manufacturing sectors. In 1999 he also set up his own pharmaceutical company which is now Bulgaria’s biggest specializing mainly in the research and production of drugs for animals including poultry, pigs, cattle, rabbits, and fish(the company also produces drugs for humans). In 2003 he set up a joint stock company with his brother Georgi Domuschiev that focused on investing in property and in 2008 began investing and building up his business interests in the port and shipping sector. Kiril Domuschiev is best known in Bulgaria and in the rest of the world for being the owner of PFC Ludogoretz Razgrad who won the Bulgarian top league 8 times in a row since 2011.

5. Delyan Peevski – $861 Million

Main Source Of Wealth: Media

Other Business Interests: Construction, Property

Delyan Peevski is one of Bulgaria’s most powerful people due to his media businesses comprising over half of all Bulgarian media. He currently controls six out of 12 of Bulgaria’s biggest newspapers and also 20 newspapers in the country in total. He is also the owner of multiple construction firms and was once the owner of Bulgaria’s biggest tobacco producer Bulgartabac with revenues of over $112 million a year. Lately he has been divesting from a lot of his businesses such Bulgartabac and some of his media companies due to a less than ideal business climate to both businesses amid falling profitability.

6. Hristo Kovachki – $730 Million

Main Source Of Wealth: Energy

Other Business Interests: Coal Mining, Electricity Stations, Briquettes Manufacturing, Gas Providers, Heating Companies, Property

After graduating from school he moved to St Petersburg, Russia to attend ITMO university studying Physics. After that Hristo returned to Bulgaria and started a fund that helped privatize many companies in the Bulgarian energy sector and mining sectors. Kovachki is currently with interest in coal mines, gas suppliers, coal-powered electricity stations, heating companies around the country and Bulgaria’s only producer of briquettes. Kovachki was also the founder of the LIDER conservative party that got over 5% of the votes in the 2003 Bulgarian elections before being d

7. Valentin Zahariev – $685 Million

Main Source Of Wealth: Coal Mining, Zinc Mining, Lead Mining

Other Business Interests: Metalworking, Property

Valentin Zahariev is Bulgaria’s mining tycoon with the biggest control of any individual over the Bulgarian mining industry. After the fall of communism in Bulgaria in 1990, he went about buying state-controlled mines. He also has an interest in a large part of Bulgaria’s metalworking companies which means they don’t have to buy the product from his mines at a market value allowing them to be more competitive. He was once the owner of the Kremikovtzi iron and cast working plant in Sofia which employed 7000 people before being bought by one of India’s richest people the Mittal brothers. Currently, he has interest in coal mines, zinc mines, lead mines and also the metalworking companies that manufacture the ore into the finished metal.

8. Ivo Kamenov – $675 Million

Main Source Of Wealth: Hotels, Property

Other Business Interests: Private security, Chemical Sector, Airlines

Ivo Kamenov grew up in the biggest coastal city in Bulgaria, Varna. At the fall of communism, he was part of an elite Bulgarian military unit. After the fall of communism, he left the military to start his own private security firm employing many of Bulgaria’s best ex-special forces members from which he then reinvested his profits to start an airline, a chemical business, invest in hotels and property. Ivo Kamenov is also a Shihan or what is otherwise known as a martial arts expert, he is currently the Chairman for the National Martial Arts Association In Bulgaria.

9. Tihomir Mitev – $650 Million

Main Source Of Wealth: Hotels, Property

Other Business Interests: Private security, Chemical Sector, Airlines

Tihomir Mitev an ex-special forces soldier and entrepreneur who is a major shareholder in Bulgaria’s biggest holding company the TIM Group. He is also the older brother of Marin Mitev who is also on this list.

10. Marin Mitev – $580 Million

Main Source Of Wealth: Hotels, Property

Other Business Interests: Private security, Chemical Sector, Airlines

Mitev is one of the 12 founders of the TIM Group Bulgaria who all met while met being part of the Bulgarian naval secret special forces in Varna. Tihomir Mitev grew up in the biggest coastal city in Bulgaria, Varna. His company of which he is a major shareholder has interests in agriculture, debt collection, airlines, chemical industry, hotels, property, and others.

11. Nikolay Banev – $570 Million

Main Source Of Wealth: Private security

Other Business Interests: Restaurants, Property, Newspapers, Ski Resorts

Nikolay Banev is a former soldier who got into the business by founding one of the first private companies in post-communist Bulgaria. His first company was a private security firm which he then invested in properties, restaurants, newspapers and ski resorts.

12. Mitko Sabev – $550 Million

Main Source Of Wealth: Gas Stations, Petrol Shipping & Transportation

Other Business Interests: Financial services, Insurance, Wine Vineyards, Property

After serving in the Bulgarian Navy, Mitko Sabev began working in the petroleum and financial services industry where he reportedly excelled and managed to secure an investment from a group of rich Latvian businessman that allowed him to enter the Bulgarian petroleum businesses where he and his company are one of the top 3 players. They own 470 petrol stations, 80 petrol depots and currently 3 port petrol terminals. His stake in his Petrol Ad (his petroleum company) is just 47% but still sizeable enough to make up most of his net worth, Sabev is currently on the advisory board of the company. He also has business interests in financial services, insurance and owns vineyards. Sabev is also the owner of Chernomorets Burgas FC.

13. Vesela Kuleva – $500 Million

Main Source Of Wealth: Inherited after divorce

Other Business Interests: Property, Hedge Funds

The only not self-made entry on the top 100 richest Bulgarian’s list, she started off as a secreatary of succesful banker Emil Kulev and ended up becoming his wife. Kuleva is the richest Bulgarian woman right now but is not self-made. Vesela Kuleva is the widow of Emil Kulev who was a successful banker and at once one of the richest people in Bulgaria before being shot dead in 2006.

14. Spas Rusev – $330 Million

Main Source Of Wealth: Mobile Network Telecomunnication

Other Business Interests: Property

Spas Rusev controls the majority stake of Vivacom which is Bulgaria’s largest mobile network operator and telecommunications company with 300 retail outlets in the country and in total over 8000 employees. His company also operates in other countries in the Balkans such as Romania, Albania, Macedonia and Hungary.

15. Grisha Ganchev – $310 Million

Main Source Of Wealth: Car Assembling, Petrol Product Manufacturing

Other Business Interests: Petrol Stations, Petrol Shipping & Transportation, Hotels, Magazines, Private Bus Stations, Property

Grisha Ganchev nicknamed ‘The King Of Litex’ for controlling so many businesses in the northern Bulgarian town of Litex. Ganchev is linked to Mitko Sabev who is in 8th place in this years list for owning a majority stake in Petrol Ad which is one of the top 3 Bulgarian petrol station companies. However, Ganchev’s main sources of his wealth come from his car assembling plant that was later sold and became a subsidiary of one of China’s biggest car manufacturers Great Wall Motor, Ganchev’s other big money maker is the production of various petrol products such as plastics, tar and paraffin wax. His other businesses include hotels, magazines and private bus stations.

16. Ivo Profokiev – $300 Million

Main Source Of Wealth: Media, Private Equity Funds

Other Business Interests: Solar Energy, Property, Energy Sector

After graduating from UNSS Sofia with a degree in Finance in 1994, Profokiev co-founded Economedia which is a subscription magazine that publishes detailed business information about the Balkan and Eastern Europe area in general. After that in he founded private equity investment company Alfa which invests the money of its rich clients in businesses, assets and commodities that they believe will give a return over time. He is a top investor in solar energy in Southeastern Europe since 2006. However, it has not been so rosy for the businessman as his net worth has fallen by over $100 million in the past year after he had a large chunk of his assets and bank accounts frozen due to an investigation by Bulgarian prosecutors over alleged illegal privatization of a public plant in the 1990s.

17. Veselin Mareshki – $286 Million

Main Source Of Wealth: Pharmacies

Other Business Interests: Property, Pharmaceuticals

Veselin Mareshki is a Bulgarian pharmacy tycoon and one of the richest people in the coastal city of Varna. After graduating high school he moved to Moscow, Russia to study engineering before returning to complete the last year of his degree at the Varna Technical University, as soon as he graduated university he opened his first business which was selling drugs to hospitals. After that, he moved back to Russia for a few years where he worked in the pharmaceutical industry and established connections that helped fund his pharmacy business in Bulgaria which after the end of communist rule in the 1990s had literally no pharmacies. His company currently owns over 350 pharmacies in Bulgaria and it is one of the biggest pharmacy firms in the whole of Bulgaria. Despite his success in business his business and net worth have suffered ever since he entered politics by founding his own political party called the National Movement for Freedom and Democracy (NMFD). Mareshki has been called ‘The Bulgarian Donald Trump’ by newspapers multiple for his proposed anti-immigrant policies. In the 2017 presidential elections, his party finished 5th with just 4.15% of the vote.

18. Petya Slavova – $282 Million

Main Source Of Wealth: Banking

Other Business Interests: Tourism, Property

Petya Slavova is Bulgaria’s richest self-made woman with a net worth $282 million. She is the only woman in Bulgaria to own a bank and one of the only women in Europe. Originally her dream was to become a Bulgarian literature teacher but she instead opted to become an entrepreneur. Along with her former partner Mitko Sabev(who is ranked 8th on this list) she co-founded Festa Holdings and is still a shareholder in. She founded her bank after her split from Sabev, the bank was originally called the International Orthodox Bank before being renamed to Neftinvestbank and now to its current name the Investment Bank. Using her bank she has helped finance her former partner’s Mitko Sabev’s expansion in the oil business seeing good returns. Slavova also is an influential figure in the Bulgarian tourism sector with resorts in the southeastern coastal town of Pomorie. Slavova also owns properties in Italy, Dubai and in the capital of Bulgaria, Sofia.

19. Tsalo Vutov – $256 Million

Main Source Of Wealth: Mining

Other Business Interests: Road Construction, Construction

Tsalo Vutov is one of Bulgaria’s most successful industrialist and mining entrepreneurs, Vutov (currently 70) originally started his career during the time of communist Bulgaria in the mining industry in 1976 at the age of 27. He eventually was promoted to the position of marshal of the Elatzite mine and in the subsequent years had a pivotal role in the Geotechmine mining company now known as the Geotechmine, a company that now has 20 subsidiaries which now has interests not just in mining but also in road construction, metro construction, biological reclamation and road maintenance.

20. Petar Petrov – $236 Million

Main Source Of Wealth: Fashion Industry

Other Business Interests: Property, Art

Petar Petrov is one of Bulgaria’s most successful fashion designers, specializing in women’s’ clothing. Petrov was born in Ukraine to Bulgarian minority parents who immigrated back to Bulgaria when he was still a child. At 18 he moved to Austria to study at the University of Applied Arts in Vienna. In 2003 at the age of 26, he set up his own fashion label ‘Petar Petrov’ named after himself with funding from the Vienna Business Agency which is an Austrian fund supporting new businesses. He is known for his shy real-life persona that is portrayed in his elegant designs. An average piece of clothing from his collection costs around $1500 each with some exclusive pieces going for the tens of thousands. His fashion collections have been featured in Vogue on multiple occasions. Petrov also appeared in the film ‘We Die Young’ that was released in 2019.

21. Kamen Kolchev – $230 Million

Main Source Of Wealth: Capital Industry, Finance Industry, Investing

Other Business Interests: Cheese making, Land for agriculture, Vineyards, Property

Kamen Kolchev is a Bulgarian mathematician who is the owner and founder of Elana Financial Holding (founded in 1991) which started out as a company with interests in the Bulgarian capital markets and is now a financial conglomerate with interests in currency trading, insurance, merger and acquisition advice, and investment management among other interests. Born on the 20th of July 1963, Kamen Kolchev grew up in Sofia and attended Sofia University St. Kliment Ohridski from 1981 to 1986 studying a Masters in Maths. His other business interests are vineyards, wind farms, Bulgarian cheese making, an agriculture land fund, and property. Kamen Kolchev is also an experienced mountain climber having climbed the Himalayas multiple times.

22. Ognin Donev – $216 Million

Main Source Of Wealth: Pharmaceuticals

Other Business Interests: Property

Ognin Donev, born on the 22nd of December 1957 is the Chairman, Managing Director and majority holder of one of Bulgaria’s biggest pharmaceutical companies called the Sopharma Group. Donev is an extremely well-educated individual having attended and graduated universities in Hamburg, Vienna, Sofia and also Berlin. Donev is fluent in Germany, Russian, Italian, English as well as Bulgarian. He founded his pharmaceutical company Sopharma in the 1990s and in the 2000’s it experienced exponential growth of about 20% increase in sales year on year with the company now being a major player in Eastern Europe and the Baltic States. Donev also has major business interests in property.

23. Tzvetelina Borislavova – $208 Million

Main Source Of Wealth: Investment Fund, Banking,

Other Business Interests: Property, Renowned CEO

Tzvetelina Borislavova is a Bulgarian CEO that has helped run many of Bulgaria’s leading companies. She attended UNWE Sofia graduating in International Business Relations and also attended Sofia University St. Kliment Ohridski studying Spanish and English Philology. From there she managed to establish herself as a capable business leader and took up positions leading many of Bulgaria’s leading companies that were privatized after the fall of communism in Bulgaria. Borislavova then set up her CSIF investment fund and also founded the Bulgarian-American Credit Bank of which she currently she is a majority shareholder with 61% ownership of the company. Along with Petya Slavova who is ranked 13th on this list with a net worth of $282 million they are the only two women in Bulgaria to own a bank. She is also the ex-girlfriend of Boyko Borrisov who has been the longest serving Prime Minister of Bulgaria in history, with Borrisov first taking on the position in 2006.

24. Georgi Zhechev – $158 Million

Main Source Of Wealth: Music Record Labels, Concert & Tour Organising

Other Business Interests:Media,

Currently, the youngest person on this years list at the age of 20 and the youngest self-made person ever to be featured in the top 100 richest Bulgarians. Zhechev is a Bulgarian-British music executive and concert promoter & organizer who immigrated to London with his parents at 8 years old. Zhechev became a self-made millionaire at the age of 17 after founding a number of popular news websites. At 18 in 2017, he started his own rap record label in a studio in Brixton, South London and it is now one of Europe’s biggest rap record labels managing hundreds of rappers in multiple countries.

25. Tunio Zafer – $105 Million

Main Source Of Wealth: Encrypted Cloud Hosting

Other Business Interests: N/A

Tunio Zafer is a Bulgarian tech entrepreneur from Turkish origin. Zafer went on to found pCloud in 2013 which is one of the world biggest encrypted cloud platforms. pCloud boasts 8 million users in 192 countries and over 3 billion files are hosted on the platform. His company is yet to turn a profit but after a Series A funding that raised $3 million by a Swiss hedge fund his majority stake is valued at $105 million. His company has experienced exponential growth since being founded in 2013 and is currently Bulgaria’s most valuable startup.

26. Alexander Rangelov – $103 Million (International Power Supply)

Main Source Of Wealth: CEO Of International Power Supply

Other Business Interests: Property

Alexander Rangelov is the current CEO of International Power Supply which is one of Europe’s biggest research and development companies in Europe for energy, telecommunications, transportation and the military. The company has created over 6000 patented inventions that are in use in 58 countries around the world.

27. Vladimir Hristov – $101 Million

Main Source Of Wealth: CEO Of Telenor Bulgaria

Other Business Interests: Property

Hristov is the CEO of Telenor Bulgaria a subsidiary of the Dutch PPF investment fund founded and owned by Czech Republic’s richest person Petr Kellner.

28. Ivailo Mutafchiev – $101 Million

Main Source Of Wealth: Banking

Other Business Interests: Ski Resorts, Property

Ivailo Mutafchiev is one of Bulgaria’s richest bankers who along with his business partner Tseko Minev owns Fibank which as of 2019 is Bulgaria’s third-biggest lender in the country. Mutafchiev’s bank has $9.3 billion in assets and had a profit of $89 million last year. Mutafchiev also served as Transport Minister for the majority GERB party from 2009 to 2011. His other businesses include property investments and interests in the Bansko Ski Resort.

29. Georgi Samuilov – $96 Million

Main Source Of Wealth: Oil Refining

Other Business Interests: Banking, Property, Petrol Stations

Georgi Samuilov is the founder and owner of Insa Oil the leading company in Bulgaria for the manufacturing and distribution of petroleum.His company now also owns a few petrol stations around Bulgaria. Insa Oil refined 180,000 tonnes of petroleum and recorded a profit of $13 million last year. In 2018, Samuilov bought the Municipality Bank in Bulgaria which is a small bank that lends money primarily to government institutions such as hospitals. He is also the owner of top tier football club FC Botev Vratsa.

30. Xavier Marcenac – $91 Million

Main Source Of Wealth: Vice Chairman of TELUS International Europe, Insect Breeding

Other Business Interests: N/A

Xavier Marcenac is a Bulgarian entrepreneur from French origin who is the vice-chairman of TELUS International Europe which is the European arm of the global TELUS company that specialises in outsourcing work such as cleaners, builders and security to big companies with the European arm of TELUS employing over 5000 people. Marcenac is also the co-founder of Nasekomo along with his wife Olga (which in Bulgarian means ‘insect’) which is a startup that breeds insects using food waste and then sells the insects as low-cost food for livestock and fish. Marcenac holds a Computer Science degree from the Sofia Technical University, he is also a chartered accountant and holds a business degree from the INSEAD European business school.

31. Levon Hampartzoumian – $89 Million

Main Source Of Wealth: CEO of UniCredit Bulbank

Other Business Interests: Property

Levon Hampartzoumian is a Bulgarian banker who is the CEO of Bulgaria’s biggest bank, the UniCredit Bulbank. After graduating from Sofia University with a Chemical Engineering degree he got a job at PWC which is one of the four biggest professional financial services companies in the world. In the 1990’s he moved to Earnst&Young where he became a chartered partner before in 1991 becoming Deputy Economy Minister and Executive Director of the Privatization Agency which helped privatize state-owned assets after the fall of communism. In 2001 after leaving politics he was appointed CEO of UniCredit Bulbank and has been CEO ever since. UniCredit Bulbank currently has assets under its control of $9.79 billion and recorded a profit of $150 million last year.

32. Vassil Terziev – $85 Million

Main Source Of Wealth: Telerik

Other Business Interests: N/A

Vassil Terziev is one of the four co-founders (all the other three are also on the list) of Bulgaria’s most successful tech startup in history Telerik which was sold for $262.5 million in 2014 to American software firm Progress Software. The four founders studied computer science together at American University In Bulgaria and Technical University of Sofia. Telerik is a software company that develops software and subscription-based services for businesses.

33. Simeon Saxe-Coburg-Gotha – $85 Million

Main Source Of Wealth: Property

Other Business Interests: N/A

Simeon Saxe-Coburg-Gotha is Bulgaria’s last reigning monarch and also the only living monarch in the world to also have held the position of President in his lifetime. After the communists came to power at the end of the Second World War he went into Egypt and later Western Europe before eventually returning to Bulgaria after the fall of communism and being elected President.

34. Vladimir Dokov – $83 Million (EGT)

Main Source Of Wealth: Property

Other Business Interests: N/A

Vladimir Dokov is the founder and managing director of Euro Games Technology who create gambling machines and software. EGT is one of the biggest companies in the market.

35. Todor Batkov – $78 Million

Main Source Of Wealth: Telecommunication, Phone Operator

Other Business Interests: Property

Todor Batkov is a chartered lawyer and Bulgarian businessman who is involved in telecommunications and selling mobile phones & tech.

36. Slavi Trifonov – $76 Million

Main Source Of Wealth: T.V show hosting

Other Business Interests: N/A

Slavi Trifonov is Bulgaria’s most famous and successful T.V host with the ‘Slavi Show’ being on air since the year 2000. Trifonov is also a musician and singer who has appeared multiple times in the Bulgarian charts and also performed in the Eurovision finals in 2005.

37. Svetozar Georgiev – $76 Million

Main Source Of Wealth: Telerik

Other Business Interests: N/A

Svetozar Georgiev is one of the four co-founders (all the other three are also on the list) of Bulgaria’s most successful tech startup in history Telerik which was sold for $262.5 million in 2014 to American software firm Progress Software. The four founders studied computer science together at American University In Bulgaria and Technical University of Sofia. Telerik is a software company that develops software and subscription-based services for businesses.

38. Sasho Donchev – $75 Million

Main Source Of Wealth: Gas Industry

Other Business Interests: Property, Ski Resorts

Sasho Donchev is the owner of Overgas Inc which is the biggest private gas company in Bulgaria with a partnership with JKX Oil & Gas and is also part of the Gazprom network. Donchev’s firm is said to have made over $250 million between the late 1990s and 2019 in the arbitrage sale of gas (buying it for less and selling it for more). His company has been criticized for being a monopoly due to there being no competition for his company in parts of Bulgaria.

39. Ivan Kostov – $74 Million

Main Source Of Wealth: Corporate Events

Other Business Interests: Universities, Property

Ivan Kostov is a Bulgarian economist who served as the 47th Prime Minister Of Bulgaria from 1997 to 2001, and Bulgarian Finance Minister on two separate occasions. Kostov was instrumental in creating Bulgaria’s strict fiscal rule that the budget deficit can only exceed 2% of Bulgaria’s GDP. He is a world-renowned and respected economist and has made the majority of his money from doing speeches for banks and big firms as well as being a university professor.

40. Martin Hadzhistoykov – $68 Million

Main Source Of Wealth: Electric Car Charging Stations

Other Business Interests: Poker

Martin Hadzhistoykov is a former professional poker player who started an electrical car charging station startup with Hadzhistoykov’s stake currently valued at $68 million with the company yet to make a profit.

41. Dichko Prokopiev – $67 Million

Main Source Of Wealth: Residential Construction, Energy

Other Business Interests: Infrastructure Construction

Dichko Propokiev is the founder of Bulgarian energy and construction firm Enemona which has interests in mining, infrastructure construction, residential construction and as of late in renewable energy

42. Tsvetan Vasilev – $66 Million

Main Source Of Wealth: Banking

Other Business Interests: N/A

Tsvetan Vasilev is a former Bulgarian banker who was once in the top 10 richest Bulgarians worth over $400 million but is currently on the run from Bulgarian authorities in Serbia accused of embezzling billions from Corpbank (once the fourth largest bank in the country before it was shut down by Bulgarian authorities). Vasilev is the biggest loser in net worth on this list.

43. Kalin Peshov – $65 Million (Glav)

Main Source Of Wealth: Construction

Other Business Interests: Property

Kalin Peshov is the current CEO and owner of the Glavbolgarstroy conglomerate after inhering it from his father. Glavbolgarstroy is one of Bulgaria’s biggest construction companies and contractor involved in projects around Eastern Europe in countries including Kosovo, Belarus, Serbia, Romania, and Russia.

44. Georgi Domuschiev – $60 Million

Main Source Of Wealth: Property

Other Business Interests: N/A

Georgi Domuschiev is the brother of Kiril Domuschiev who is ranked as the 4th richest. Georgi manages the brother’s property portfolio.

45. Marin Radevski – $59 Million (kalinel home textile)

Main Source Of Wealth: Textile

Other Business Interests: N/A

Marin Radevski is the founder and owner of the Kalinel Group, which is one of Europe’s largest producers of Textiles. Radevski’s produces hundreds of thousands of pillows, cushions, quilts, mattress covers and mattresses every year.

46. Radosvet Radev – $57 Million

Main Source Of Wealth: Textile

Other Business Interests: N/A

Radosvet Radev is a journalist and media tycoon who owns many of Bulgaria’s biggest newspapers, news websites and radio stations.

47. Krasimir Uzunov – $55.5 Million

Main Source Of Wealth: Radio Stations

Other Business Interests: N/A

Krasimir Uzunov is a journalist and founder of the Focus Information Agency which is the biggest owner of radio stations in Bulgaria that covers the news. (Sadly, Krasimir Uzunov passed away suddenly on the 25 Feb 2019 at the age 56)

48. Valeri Simeonov – $55 Million

Main Source Of Wealth: Cable Television

Other Business Interests: N/A

Valeri Simeonov is the founder of SKAT which is Bulgaria’s biggest cable television company. He is also one of the three leaders of Bulgarian far-right political party The National Front For The Salvation Of Bulgaria.

49. Boyko Borissov – $52 Million

Main Source Of Wealth: Private Security, Bodyguards

Other Business Interests: N/A

Boyko Borissov is a Bulgarian politician and businessman, after the fall of communism he started a bodyguard and security firm with his then partner Tzvetelina Borislavova who is 18th on this list. Borissov is the most successful politician in post-communist Bulgaria to-date having been mayor of the capital Sofia once, Prime Minister Twice and founder and current leader of GERB which has been the ruling party since 2007.

50. Boyan Peychev – $51 Million

Main Source Of Wealth: Computer Servers,

Other Business Interests: N/A

Boyan Peychev is the founder of Cloud DNS which is a company that providers network servers for websites, wikis, gaming servers and domain parking.

51. Boyko Iaramov – $50 Million

Main Source Of Wealth: Telerik

Other Business Interests: N/A

Boyko Iaramov is one of the four co-founders (all the other three are also on the list) of Bulgaria’s most successful tech startup in history Telerik which was sold for $262.5 million in 2014 to American software firm Progress Software. The four founders studied computer science together at American University In Bulgaria and Technical University of Sofia. Telerik is a software company that develops software and subscription-based services for businesses.

52. Mladen Mihalev – $48 Million

Main Source Of Wealth: Insurance

Other Business Interests: N/A

Mladen Mihalev is an insurance broker with business interests in car and home insurance. Mihalev is also an MP for the ruling GERB party.

53. Hristo Kosev – $43.2 Million

Main Source Of Wealth: Telerik

Other Business Interests: N/A

Hristo Kosev is one of the four co-founders (all the other three are also on the list) of Bulgaria’s most successful tech startup in history Telerik which was sold for $262.5 million in 2014 to American software firm Progress Software. The four founders studied computer science together at American University In Bulgaria and Technical University of Sofia. Telerik is a software company that develops software and subscription-based services for businesses.

54. Vladimir Koylazov – $41 Million (Chaos)

Main Source Of Wealth: Movie Industry

Other Business Interests: N/A

Vladimir Koylazov is the founder of the Chaos Group which is an animation company that creates computer generated and rendered images. In 2017 he won an Oscar for Technological Innovation in the Movie Industry.

55. Sasha Bezuhanova – $40 Million

Main Source Of Wealth: CEO at HP Computers Europe

Other Business Interests: N/A

Sasha Bezuhanova is a Bulgarian computer scientist who was the CEO of HP Computers Europe for 10 years before entering politics. She is also the Chairwoman for the European Center For Women In Technologies.

56. Georgi Ivanov – $40 Million

Main Source Of Wealth: Enhancv

Other Business Interests: N/A

Georgi Ivanov is the co-founder of Enhancv which is a website startup that allows users to create free CVs/work resumes. Their company is valued at $40 million.

57. Volen Vulkov – $40 Million

Main Source Of Wealth: Enhancv

Other Business Interests: N/A

Volen Vulkov is the co-founder of Enhancv which is a website startup that allows users to create free CVs/work resumes. Their company is valued at $40 million.

58. Igor Levin – $39.7 Million (Antelope Audio founder)

Main Source Of Wealth: Music Technology

Other Business Interests: Clockwork

Igor Levin is a Bulgarian inventor and computer scientist who is the founder of Antelope Audio which is a high-end manufacturer of speakers, microphones, and clocks.

59. Grigor Dimitrov – $36.6 Million

Main Source Of Wealth: Professional Tennis Player

Other Business Interests: Sponsorships

Grigor Dimitrov is a professional Bulgarian tennis player whose career high ranking is No 3 in the whole world and was ranked No 1 in the world in the junior rankings.

60. Valentin Zlatev – $36 Million

Main Source Of Wealth: Professional Tennis Player

Other Business Interests: Sponsorships

Valentin Zlatev is a Bulgarian businessman who is in charge of Lukoil in Bulgaria which is Russia’s second biggest petroleum and gas company. Zlatev is also the owner of Lukoil Akademik which is a Bulgarian professional basketball club.

61. Krasen Kralev – $33 Million

Main Source Of Wealth: Physio/Doctor

Other Business Interests: N/A

Krasen Kralev is a Bulgarian doctor, former sportsman and politician. Kralev was once the holder of the Bulgarian under 18 record for running 20,000m in the shorters amount of time. After moving to the United States to study medicine and has worked for the government and football clubs including Chernomore FC as a head physio and Minister of Sports. He is currently a Board member of WADA which is the World Anti-Doping Association.

62. Ivaylo Penchev – $30 Million

Main Source Of Wealth: Professional Tennis Player

Other Business Interests: N/A

Ivaylo Penchev is the founder and owner of the largest climbing wall manufacturer in the world. Penchev’s company currently operates in over 50 countries around the world.

63. Darin Madzharov – $28 Million (ucha.se founder)

Main Source Of Wealth: Professional Tennis Player

Other Business Interests: Sponsorships

Darin Madzharov is the founder of Ucha.se which is an online learning platform for Bulgarian students which is now used by the majority of schools and students in Bulgaria.

64. Kubrat Pulev – $26 Million

Main Source Of Wealth: Professional Boxer

Other Business Interests: Sponsorships

Kubrat Pulev is a Bulgarian-German professional boxer with as of writing this list a 28-1 win to loss professional record.

65. Hristo Krusharski – $25.7 Million

Main Source Of Wealth: Alcohol, Textile

Other Business Interests: Property

Hristo Krusharski is a Bulgarian businessman involved in the alcohol and textile industry. Krusharski however is best known for being the owner of Lokomotiv Plovdiv FC for close to 20 years making him one of Bulgaria’s longest owners of a professional football club.

66. Dobroslav Dimitrov – $25.3 Million (imperiaonline.bg)

Main Source Of Wealth: Imperia Online

Other Business Interests: N/A

Dobroslav Dimitrov is the co-founder of online multiplayer online strategy game Imperia Online which during the early 2000’s was one of the most popular strategy games in the world.

67. Moni Dochev – $25.3 Million
(imperiaonline.bg)

Main Source Of Wealth: Imperia Online

Other Business Interests: N/A

Moni Dochev is the co-founder of online multiplayer online strategy game Imperia Online which during the early 2000’s was one of the most popular strategy games in the world.

68. Lili Ivanova – $25 Million

Main Source Of Wealth: Singer

Other Business Interests: N/A

Lili Ivanova is Bulgaria’s richest and most successful singer, she started off her career in Germany before moving back to Bulgaria after the fall of communism. She has been compared to Madonna due to her long 40-year music career and also for keeping in good shape and looking young(Ivanova is currently 80 years old and the picture we used is recent.).

69. Desi Slava ( Desislava Doneva ) – $23 Million

Main Source Of Wealth: Singer

Other Business Interests: N/A

Desislava Doneva is a Bulgarian pop-folk singer who is popular among the youths of the country. She is also married and has children with Hristo Kovachki who is the 6th richest Bulgarian.

70. Violina Marinova – $23 Million

Main Source Of Wealth: Banking

Other Business Interests: Property

Violina Marinova is a Bulgarian banker who is the CEO of the DSK Bank which has total assets of over $5 billion.

71. Krassimir Guergov – $21 Million

Main Source Of Wealth: Alcohol, Textile

Other Business Interests: Property

Krassimir Guergov is a former special forces soldier who is now in the advertising business and also has some business interests in the media sector.

72. Dimitar Berbatov – $19 Million

Main Source Of Wealth: Professional Football Player

Other Business Interests: N/A

Dimitar Berbatov is a retired Bulgarian football player who is leading goalscorer for the Bulgarian national football team and also has the most Bulgarian Player Of The Year Awards(with a total of 7). Berbatov is also the first Bulgarian to play for Manchester United and the only Bulgarian to be a Premier League Goalscorer Of The Year.

73. Raina Kabaivanska – $18 Million

Main Source Of Wealth: Opera Singer

Other Business Interests: N/A

Raina Kabaivanska is a world-renowned Bulgarian opera singer who had worked with famous composers including Giuseppe Verdi and Giacomo Puccini.

74. Nina Dobrev – $17.6 Million

Main Source Of Wealth: Actor

Other Business Interests: N/A

Nina Dobrev is a Bulgarian-Canadian actress who is best known for starring in the Vampire Diaries. She has also appeared in XXX: Return Of Xander Cage, The Final Girls and Let’s Be Cops.

75. Hristo Stoichkov – $17 Million

Main Source Of Wealth: Professional Football Player

Other Business Interests: N/A

Hristo Stoichkov is a retired Bulgarian professional footballer considered by many as being the greatest Bulgarian footballer for being the only Bulgarian footballer to be a runner-up FIFA World Cup Player Of The Year and only Bulgarian player to win a Ballon d’Or.

76. Raycho Raychev – $16 Million

Main Source Of Wealth: Aviation & Aerospace, Satellites

Other Business Interests: N/A

Raycho Raychev is the founder of EnduroSat which is a space tech startup that aims to create affordable space satellites that will be available to universities, businesses and eventually consumers.

77. Phillip Kirkorov – $16 Million

Main Source Of Wealth: Singer

Other Business Interests: N/A

Phillip Kirkorov is a Bulgarian-Russian-Armenian singer who is one of the most successful singers in Russia with 5 Platinum Certified hits and the prestigious Order Of Honour presented to him by Vladimir Putin.

78. Azis (Vasil Boyanov) – $15.5 Million

Main Source Of Wealth: Singer

Other Business Interests: N/A

Azis whose real name is Vasil Boyanov is a Bulgarian singer in the pop fol and the chalga genre who became popular in Bulgaria and the rest of Eastern Europe for being one of the first mainstream signers to be openly gay and transexual.

79. Anton Stratiev – $15 Million (Puzl Coworking co-founder)

Main Source Of Wealth: Puzl Coworking

Other Business Interests: N/A

Anton Stratiev is the co-founder of Puzl Coworking which is a company that buys or rents office buildings and then rents them out to freelancers and startups similar to WeWork which is the biggest company in the world of this kind. Stratiev’s company is yet to make a profit but its valuation by its current investors gives Stratiev a net worth of $15 million as of 2019.

80. Stefan Sofiyanski – $15 Million

Main Source Of Wealth: Corporate Events

Other Business Interests: N/A

Stefan Sofiyanski is a Bulgarian economist and politician who has been mayor of the capital Sofia three times. He has made the majority of his net worth from speeches at corporate events.

81. Georgi Gergov – $14 Million

Main Source Of Wealth: Business Consulting

Other Business Interests: Trade Fairs

Georgi Gergov is a business consultant, also the owner of the International Fair Plovdiv which is Bulgaria’s oldest and largest trade fair having been founded in 1933. Gergov is also a politician.

82. Krasimir Stanev – $13.3 Million

Main Source Of Wealth: Corporate Events

Other Business Interests: N/A

Krasimir Stanev is the elected governor of the Albena resort strip in Varna. Stanev is a very influential figure in the Bulgarian coastal tourism scene.

83. Radoslav Nikolov – $ 13 Million (Connecto.ai sold to Leanplum)

Main Source Of Wealth: Corporate Events

Other Business Interests: N/A

Radoslav Nikolov is the founder of Connecto.ai which is a chat bot that uses AI to increase engagement and sales. He sold the company to Leanplum for $13 million.

84. Georgi Ganchev – $13 Million

Main Source Of Wealth: Corporate Events

Other Business Interests: N/A

Georgi Ganchev is a director, playwright, television show producer and politician. Ganchev escaped to West during communist times but returned after its fall to get involved in politics and produce shows for Bulgarian television.

85. Martin Petrov – $12 Million

Main Source Of Wealth: Professional Football Player

Other Business Interests: N/A

Martin Petrov is a Bulgarian former football player who played for Wolfsburg FC, Athletico Madrid, Manchester City, and Bolton Wanderers.

86. Georgi Kamarashev – $11.5 Million

Main Source Of Wealth: Agriculture

Other Business Interests: N/A

Georgi Kamarashev is a businessman with interests in agriculture. He is also the vice-mayor of the city of Veliko Tarnovo and the Chairman of Etar FC.

87. Kaloyan Mahlyanov-Kotooshu – 10.7 Million

Main Source Of Wealth: Sumo Wrestler

Other Business Interests: N/A

Kaloyan Mahlyanov-Kotooshu is the most successful European professional Sumo wrestler. During his twelve year career, he won 4 championships and 5 Sumo of the year awards.

88. Petar Stoyanov – $10.1 Million

Main Source Of Wealth: Lawyer

Other Business Interests: N/A

Petar Stoyanov is a Bulgarian lawyer and politician who served as President of Bulgaria from 1997 to 2002.

89. Yulian Indzhov – $10 Million

Main Source Of Wealth: Gambling

Other Business Interests: N/A

Yulian Indzhov is a Bulgarian businessman with interest in gambling. Heis a close business partner to Bulgaria’s richest man Vasil Bozhkov.He is also a chairman for CSKA Sofia FC.

90. Georgi Petrov – $9.2 Million (Coherent Labs founder)

Main Source Of Wealth: Game Engine Programming

Other Business Interests: N/A

Georgi Petrov is the founder and owner of Coherent Labs which is a game studio that programmes game engines in Javascript.

91. Blagoy Ivanov – $9 Million

Main Source Of Wealth: MMA Fighter

Other Business Interests: N/A

Blagoy Ivanov is a Bulgarian MMA fighter with a 17-3 win to loss record. As of writing this list he is ranked 14th in the world heavyweight MMA rankings.

92. Ivo Georgiev – $8.8 Million (Stremio founder)

Main Source Of Wealth: Stremio

Other Business Interests: N/A

Ivo Georgiev is the founder of video content aggregation platform Stremio.

93. Yanko Georgiev – $8.7 Million

Main Source Of Wealth: Professional Football Player

Other Business Interests: N/A

Yanko Georgiev is the CEO of Bulgaria Air which flies 1.2 million passengers every year.

94. Momchil Andreev – $8.6 Million

Main Source Of Wealth: Insurance

Other Business Interests: N/A

Momchil Andreev is a Bulgarian insurance executive in charge of the Uniqa insurance group which is a subsidiary of the Borica Bank.

95. Rosen Plevneliev – $8 Million

Main Source Of Wealth: Real Estate

Other Business Interests: N/A

Rosen Plevneliev is a Bulgarian real estate investor and the 4th President of Bulgaria from 2012 to 2017.

96. Mitko Dimitrov – $7.5 Million

Main Source Of Wealth: Music Executive

Other Business Interests: Television

Mitko Dimitrov is a Bulgarian music executive and television channel owner, he is said to be the most influential person in Bulgarian pop-folk

97. Stiliyan Petrov – $7.3 Million

Main Source Of Wealth: Professional Football Player

Other Business Interests: N/A

Stiliyan Petrov is a retired Bulgarian professional footballer who is Bulgaria’s most capped player for the national team. Petrov famously got cancer but after leukemia treatment returned to play but retired after one season.

98. Albena Denkova – $5.3 Million

Main Source Of Wealth: Figure Skater

Other Business Interests: N/A

Albena Denkova is a Bulgarian ice figure skater who is a two time World champion, a two-time silver medalist in the Europeans and a Grand Prix Finalist.

99. Rosen Nikolov – $5 Million

Main Source Of Wealth: Shkolo

Other Business Interests: N/A

Rosen Nikolov is the co-founder of Shkolo which is an online platform where teachers and students in Bulgaria can interact. It is on a subscription-based module for each school and academic institution.

100. Miroslav Dzhokanov – $5 Million

Main Source Of Wealth: Shkolo

Other Business Interests: N/A

Miroslav Dzhokanov is the co-founder of Shkolo which is an online platform where teachers and students in Bulgaria can interact. It is on a subscription-based module for each school and academic institution.


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