Bridging People and Markets: An Overview of Retail Investing in Kazakhstan

Retail investor participation has grown significantly

The number of retail investor accounts has increased 35-fold over the past five years. As of the end of September 2025, the Central Securities Depository of AIX held 2.2 million retail accounts, while the Central Securities Depository of KASE registered 4.6 million accounts.

Retail investors have become the dominant force in equity trading

In 2024, retail investors accounted for 62.1% of total secondary market equity trading volume on KASE, reflecting their growing influence on trading activity and price formation.

Digitalisation has accelerated market participation

The report identifies digitalisation as one of the main drivers of retail investing. Mobile investment applications, remote account opening and easier access to investment products have contributed to the rapid growth of the investor base, with more than 90% of active brokerage accounts opened within the last five years.

Young investors drive account growth, while older investors hold most assets

Investors aged 18–34 represent the most active group in opening new investment accounts. At the same time, investors aged 35 and above continue to own more than 80% of retail investors’ securities.

Interest in corporate bonds continues to increase

Retail participation in the corporate bond market has grown substantially. The share of individual investors increased from 3.8% in 2021 to 23.1% in 2025, with the highest concentration of retail investments observed in bonds issued by microfinance organisations (MFOs).