Bulat Utemuratov and Timur Kulibayev have emerged as front runners to take over the Presidency of Kazakhstan.

In what could be billed as the “battle of the billionaires”, two of Kazakhstan’s richest men have emerged as potential presidential candidates.

Bulat Utemuratov and Timur Kulibayev have a combined wealth of more than $6 billion and are believed to be leading contenders to take over from President Nazarbayev if the 78-year old retires.

Nazarbayev has ruled Kazakhstan since its independence from the Soviet Union in 1990 but reports have emerged that he could step down in 2020, when the next presidential elections are scheduled.

Political intrigue has been mounting in Astana, Kazakhstan’s capital and identifying potential candidates for the Presidency is a common topic of conversation.

According to an analysis of the political situation published by Business Insider, the front-runners to succeed Nazarbayev include former prime minister Karim Massimov and former defence minister Adilbek Dzhaksybekov. 

Another possible candidate is Dariga Nazarbayeva, the President’s daughter and a member of the Kazakh Senate.

However, it is the emergence of Kazakhstan’s richest men as potential presidential candidates that has attracted much of the attention.

Utemuratov holds no official position in Kazakhstan apart from running the country’s tennis association but he has been an advisor to Nazarbayev since the 1990s. He has been accused of using this political influence to build a fortune of more than $4 billion.

According to Business Insider, Utemuratov was described in US diplomatic cables as Nazarbayev’s “personal financial manager”  while another diplomatic cable said he was a “a billionaire who has never had a business”.

By contrast, Kulibayev’s business successes are well known and Forbes Kazakhstan named him its man of the year in January. Kulibayev has been described as the most powerful man in the country’s huge oil and gas industry and he sits on the board of Gazprom, the Russian energy giant. Kulibayev also has the advantage of being married to another of the President’s daughters, Dinara.

Both Kulibayev and Utemuratov have been trying to improve their populist credentials recently, possibly anticipating a move into politics. Kulibayev has been working to improve infrastructure for leisure activities in Kazakhstan and told a press conference that helping Kazakhstanis take affordable holidays was an important task.

Utemuratov, meanwhile, has been polishing his reputation with the publication of glowing profiles in the media and on YouTube. The oligarch has also set up his own website to explain his business and charitable interests.

However, Utemuratov does not mention on his website that his family office and much of his wealth is not based in Kazakhstan but in Monaco and Ireland. Business Insider speculated that if Utemuratov does run for the Presidency, he may struggle to explain to Kazakhs why he is investing millions of dollars in luxury real estate in Monaco rather than locally.