Top 10 Richest People in Iraq in 2025

In 2025, Iraq’s richest individuals are mostly Kurdish entrepreneurs whose fortunes come from oil, real estate, telecommunications, and power projects. Heading the list is Sheikh Baz Karim, whose KAR Group controls pipelines and refineries and boasts a fortune of $7.9 billion . Close behind are Sheikh Fakher and his brothers of Qaiwan Group, worth $6 billion, thanks to oil, housing, gold imports, and more . 

Other notables include Ahmed Ismail of Mass Group ($5.8 billion) in electricity and cement , and Sirwan Barzani, the Peshmerga general turned telecom mogul of Korek Telecom, with $3.9 billion . Though these figures place Iraqi Kurdistan as the 450th richest region globally, none appear on Forbes’ world list because their wealth often bypasses formal banking channels . Below, we dive into the lives, businesses, and backgrounds of the ten richest Iraqis today.

Who Are the Richest Billionaires in Iraq?

1. Sheikh Baz Karim: The Oil & Gold Powerhouse

Sheikh Baz Karim heads the KAR Group and is Iraq’s wealthiest person, with a net worth of $7.9 billion . He owns the KRG oil pipeline, the Khurmala oil field, and the Khabat refinery in Erbil, giving him deep control of local crude flows . 

In the past three years alone, Sheikh Baz saw his fortune double, largely by expanding gold trading operations alongside oil . For perspective, that’s enough to buy over 1,500 average Iraqi homes, each priced around $5 million in Erbil’s hottest neighborhoods.

2. Sheikh Fakher & Brothers: Diversified Conglomerates

Sheikh Fakher and his siblings control the Qaiwan Group, with a combined fortune of $6 billion.Their businesses span oil refining, housing developments, gold imports, pharmaceuticals, food marketing, and transport companies . Famous assets include Qaiwan City residences, Sulaymaniyah Heights estates, the Bazian Refinery, and Qaiwan University and medical communities . By mixing real estate and essential services, they’ve created steady cash flows even when oil prices dip.

3. Ahmed Ismail: King of Cement & Power

Ahmed Ismail’s Mass Group is valued at $5.8 billion . As the main electricity supplier for Iraq and Kurdistan, Mass Group powers millions of homes and businesses . The company also holds 35 % of Iraq’s cement market and 43 % of its iron steel output, making Ahmed a central figure in national infrastructure . When new highways or skyscrapers go up, Mass Group cement and steel are rarely far behind.

4. Farouq Mulla Mustafa: From Telecom to Tourism

Farouq Mulla Mustafa leads Farouq Holding Group, worth $4.4 billion . He has stakes in Asiacell (one of Iraq’s biggest mobile networks), Faruq Hospital, Pioneer Pharmaceutical Company, residential cities, hotels, and commercial real estate . Though most investments sit in Kurdistan and Sulaymaniyah, he’s branching into tourism—backing resorts near the Zagros Mountains.

5. Sirwan Barzani: Telecom Titan & Ex General

Sirwan Barzani’s Korek Telecom alone is worth about $2 billion, contributing to his personal net worth of $3.9 billion A former Peshmerga commander, Barzani turned to business in 2000 and helped expand Korek from a regional operator into a national carrier with seven million subscribers and 3,500 towers. Despite a $1.65 billion arbitration loss in 2023, his hold on communications keeps him near the top of Iraq’s wealth pyramid.

6. Hadi Nazir & Brothers: Infrastructure Builders

The UB Holding Group, led by Hadi Nazir and his brothers, is valued at $3.2 billion . They own Iraq Oil, Class Cola soft drinks, Life Water, the Rixos Duhok Hotel, and dozens of commercial buildings. Their road building projects and real estate ventures have reshaped Kurdistan’s urban landscape.

7. Aso Bamuki: Transport & Trade Specialist

Aso Bamuki of the Halabja Group holds a $3 billion fortune . He owns 25 % of Korek Telecom alongside his brothers, several Gulf registered transport ships, and major stakes in Family Mall and food distribution companies. Unlike many peers, Aso’s wealth remains almost entirely invested in regional projects.

8. Azad Haji Yahya & Brothers: Auto, Education, & Banks

The Cihan Group, run by Azad Haji Yahya and his siblings, is worth $2.7 billion . They hold the Toyota Iraq franchise, operate universities and schools, run international bank branches, and import staples like rice and tea. Their diverse portfolio helps cushion them against sector specific downturns.

9. Peshraw Agha Dzeyi: Real Estate & Security

Peshraw Agha Dzeyi’s Falcon Group sits at $2.5 billion . Falcon builds high end housing, manages gated communities, and provides private security services for VIP clients. In an environment where safety is prized, his security arm is as lucrative as real estate.

10. Ghafoor Khoshnaw: E Commerce Pioneer

Ghafoor Khoshnaw of the Khoshnaw Group rounds out the top ten with $2 billion . He invests in e commerce platforms, power plants, transportation companies, and residential projects. His online retail ventures have surged as more Iraqis shop via smartphones.

Why They Miss Forbes List

You might wonder why none of these Iraqi billionaires appear on Forbes’ global ranking. The main reason is that Forbes excludes countries not fully linked to the World Bank system, and much of Iraqi Kurdistan’s asset value never clears formal banking channels . Instead of bankable cash, these magnates hold projects, land, and infrastructure—assets that are harder to track internationally.

Why Kurdistan Dominates

Most of these billionaires base their operations in Iraqi Kurdistan, a semi autonomous region in northern Iraq. Here, land and oil assets can be valued and traded through local government channels rather than global banks, letting entrepreneurs build massive, project heavy portfolios. For instance, owning an oil pipeline or a cement refinery can add billions to net worth—even if much of that value never passes through international bank ledgers .

What This Means for Iraq’s Economy

• Local Investment: With over 10,000 millionaires holding $38 billion in assets, local spending on real estate and services fuels construction, hospitality, and retail—all needed for job growth. 
• Diversification: While oil remains king, telecom, real estate, and manufacturing projects show a shift toward diversified growth—vital for long term stability.
• Banking Reform: As assets stay tied up in non bank channels, Iraq’s central bank faces pressure to modernize payment systems and attract foreign capital.