As Kazakhstan approaches 2026, it has taken another step toward deepening inequality and injustice. The standard of living for the majority of the population is declining, while the oligarchs’ coffers are bursting with increasing wealth. The authorities are diligently satiating the appetites of the nouveau riche by selling off state property.

Four years ago, following mass protests in January 2022, the country’s leadership, led by President Kassym-Jomart Tokayev, promised to build a “fair Kazakhstan.” Big business, officials assured, would lose its privileges as a closed caste and would be forced to share its profits with ordinary citizens.

One can imagine how the rich smirked at these promises of a false “paradise on earth.” They knew full well that even the most pompous speeches were worthless, since they came from the mouths of the representatives of capital, who did nothing without the sanction of their masters.

In short, instead of justice, workers saw increasing exploitation, poverty, and inequality. Confident that they had lulled the people with beautiful slogans, the ruling class went on a rampage. This is evident in the socioeconomic indicators with which the republic entered the new year. The official poverty rate for the third quarter of 2025 (more recent data has not yet been released) was 5.3 percent. In the second quarter, by comparison, 5.1 percent of residents had incomes below the subsistence level, and in the first quarter, 4.5 percent. It is highly significant that the Mangistau Region, one of the main oil production centers, is among the regions with the highest poverty rates.

The number of citizens whose incomes fall short of the basic consumer basket is growing. While statistics showed 45,000 people in this category a year ago, their number has now risen to 58,000. The true scale of the social disaster is, of course, far greater. To conceal this fact, officials resort to manipulating the figures. For example, in November, the subsistence minimum unexpectedly fell from 62,700 to 56,700 tenge (from 9,400 to 8,500 rubles). Officials explained this by excluding certain “seasonal products,” such as watermelons and grapes. One would think the poor spent so much money on fruits and berries! A far more likely theory is that the authorities needed to, at least on paper, curb the accelerating decline in living standards.

One of the factors worsening the situation for ordinary citizens is rising inflation, which is increasingly outpacing their incomes. Last year, prices increased by an average of 12.3 percent (8.6 percent in 2024). Meanwhile, food prices increased by 13.5 percent, and tariffs for paid services rose by 12 percent. The average nominal wage showed a much more modest increase of 10.6 percent. This means that in real terms, the incomes of most Kazakhstanis are declining. Moreover, those most vulnerable are those whose labor creates the country’s wealth, saves lives, and provides a start in life. In industry, real wages fell by 2.1 percent over the year, in healthcare by 6.5 percent, and in education by 4.8 percent. However, in the real estate sector, the indicator rose by 12 percent, and in trade by 7 percent.

However, the “public benefactors” managed to shirk responsibility here too! For example, the National Bank attributed the growing share of food expenditures (according to the latest data, it has exceeded 52 percent) to… the habit of eating at home. They say if residents went to restaurants, they would spend less on food! Such “experts,” with the logic of Fonvizin’s Mitrofanushka, determine economic policy…

However, when it comes to the interests of business, especially large ones, this lack of intelligence vanishes. The incomes of the top management of the Samruk-Kazyna investment holding company, whose stated mission is to “increase national prosperity,” have been made public. Apparently, this is why the members of the boards of directors and management boards of the fund and its subsidiaries increased their wealth by 6.7 billion tenge (1 billion rubles) in the first nine months of last year. Over the course of the year, payments increased by more than 30 percent.

The banking sector is thriving. Its net profit rose 7 percent year-on-year, and total assets by 11 percent, to 68 trillion tenge (over 10 trillion rubles). As usual, a handful of oligarchs are skimming the cream. According to Forbes magazine, the combined wealth of the 75 richest businessmen increased from $46.6 billion to $57.5 billion over the year. At the very end of 2025, news broke of the emergence of a new billionaire in Kazakhstan. Nurlan Artykbayev’s company, Qazaq Acquisition Corp. Ltd., acquired the assets of leading copper producer Kazakhmys Corporation. The businessman’s fortune increased from $228 million to $2-3 billion.

The government is creating the most favorable conditions possible for such operators. The approved privatization plan for 2026–2030 includes 504 facilities, including industrial giants such as the Atyrau Oil Refinery and the Pavlodar Petrochemical Plant. Around 200 public utilities, including heat and water supply companies, will be transferred to private ownership. Airports will be transferred to private management, and the process of denationalizing the largest power plants will begin. While this will bring new profits to the wealthy, it will mean higher tariffs and prices for the vast majority of residents.