Kazakhstan’s stock market has undergone a dramatic transformation over the past five years. What was once a financial tool used mainly by a narrow group of professional investors has now become accessible to millions of private individuals. By early 2026, the number of brokerage accounts in the country exceeded 5 million, marking a more than fivefold increase in a relatively short period, DKNews.kz reports.
According to data from the Central Securities Depository of Kazakhstan (KCSD), as of January 1, 2026, a total of 5.06 million brokerage accounts were registered within the nominee holding system. Of these, 13.8% are individual sub-accounts, while the remaining 86.2% are recorded through omnibus accounts — the model that has become the main driver of mass investor participation.
How the Stock Market Became Accessible
Experts point to the rapid expansion of omnibus accounts as the key factor behind this growth. This model has allowed brokers to scale client services efficiently, while enabling private investors to enter the stock market faster and with fewer barriers, often directly through mobile applications offered by banks and brokerage firms.
The most dynamic period of growth was 2023, when the market experienced a sharp acceleration. In 2024–2025, the trend stabilized, with the nominee holding system adding more than one million new accounts each year. By the end of 2025 alone, the annual growth rate exceeded 40%.
Investing as a New Financial Habit
According to Edil Medeu, Chairman of the Management Board of the Central Securities Depository, reaching the 5 million mark is the result of coordinated efforts across the entire market:
“This growth was driven by several factors, including improvements in the regulatory framework, the development of digital infrastructure for the securities market, the expansion of mobile applications by brokers and banks, and changes in household financial behavior that began during the pandemic. Rising investment literacy also played an important role.”
He noted that, despite being traditionally viewed as riskier than conventional savings instruments, the stock market is increasingly being seen by citizens as a deliberate tool for investing and wealth accumulation.
What Comes Next
The rapid increase in brokerage accounts shows that investing in Kazakhstan is becoming a mainstream financial practice rather than a niche activity. Analysts expect this trend to continue in the coming years, supported by ongoing digitalization and sustained public interest in capital markets.
