In Kazakhstan, the number of private investors has increased 35 times over 5 years.

The Analytical Center of the International Financial Center “Astana” has presented a review of retail investing, which highlights significant structural changes in the stock market of Kazakhstan. The study shows that in recent years, the participation of private investors in the country’s investment activity has increased significantly.

According to the study data, over the past five years, the number of retail investor accounts in the country has grown 35-fold. As of the end of September 2025, 2.2 million individual accounts were registered in the Central Depository AIX, and 4.6 million in the Central Securities Depository.

In 2024, private investors became key participants in trading on the Kazakhstan Stock Exchange, accounting for 62.1% of the total volume of stock transactions in the secondary market. This indicates the growing influence of the retail segment on the country's stock market.

The report, prepared by the AIFC with the support of Freedom Broker, notes that the Kazakhstani capital market is undergoing fundamental changes. More citizens are beginning to invest in the stock market, and investment instruments are gradually supplementing traditional bank deposits in the structure of personal savings.

The growth in interest in investments was facilitated by the IPOs of national companies, which opened up a new investment alternative for the population. In addition, the digitalization of financial services played an important role. The widespread availability of mobile investment applications and the ability to open accounts remotely have made the market more accessible — more than 90% of active brokerage accounts were opened over the past five years.

Trading statistics also confirm the activity of new participants. In 2024, 3.6 million transactions were executed on the KASE, and in the first nine months of 2025 alone, 4.5 million. At the same time, the role of retail investors in trading activity and the pricing of shares of the largest Kazakhstani companies — the so-called “blue chips” — is growing.

The report also identified demographic features of retail investing. The most active group in opening new accounts was youth aged 18–34. This is due to the convenience of mobile applications, low entry barriers, and the ability to buy fractional shares. However, the main volume of funds remains concentrated among investors over 35 years old — they account for more than 80% of the total volume of securities held by private investors.

By the volume of invested capital, about two-thirds of the total portfolio belongs to men, while women’s share is approximately one-third.

At the same time, there is a growing interest in debt instruments. Private investors are actively increasing their investments in corporate bonds, seeking returns higher than bank deposits. As a result, the share of individuals in this segment has increased more than sixfold — from 3.8% in 2021 to 23.1% in 2025.

The highest concentration of retail capital is observed in the sector of microfinance organization bonds, which is explained by higher coupon rates.

Zhanbolat Kakishev, Chief Product Director of the AIFC Administration

Against the backdrop of the growing number of investors, the priority remains increasing the financial literacy of the population. According to the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan, only 40.5% of citizens possess basic financial knowledge. To protect novice investors, since January 2025, the regulator has restricted access of non-qualified market participants to complex and high-risk instruments.

The AIFC ecosystem is also developing educational initiatives. The Astana International Exchange regularly releases a series of mini-podcasts “I am an Investor,” and the AIFC Academy conducts training sessions and develops educational programs for universities. Such programs have already been implemented at Almaty Management University, SDU University, and Kunayev University.

In addition, earlier this year, the AIFC launched the FinPro mobile application for high school students, which combines educational materials, practical tasks, and gamification elements. The application includes an investment module integrated with AIX, where users can buy and sell demo stocks for virtual money in a learning mode.

Thus, the development of infrastructure, digital services, and educational programs forms the foundation for further growth of retail investing and sustainable development of the financial market of Kazakhstan.

Source: AIFC