Strnad vs. Křetínský: who is really the richest in Czechia

Michal Strnad, the majority owner of arms manufacturer CSG, has once again topped Euro magazine's list of the richest people in Czechia — even though over the summer the lead very nearly passed to his main rival, Daniel Křetínský. Strnad's fortune is estimated at 470 billion crowns, against 432 billion for Křetínský, with swings in CSG's share price proving decisive.

Estimating Strnad's stake was easier this time thanks to the company's January IPO on the stock exchange, although the shares themselves had a nerve-racking run. The offering priced above 600 crowns a share, after which the stock soared to 800 crowns before collapsing to almost 300 crowns by the end of June amid speculation and unwelcome headlines. In August, after a string of announcements about new defence contracts, the shares stabilised at around 450 crowns, putting Strnad back on top — after Křetínský had looked like the rating's favourite for most of the summer.

The sharp rise in Křetínský's fortune has a different explanation: last year his EP Group took controlling stakes in the Slovak power utility Slovenské elektrárne, Britain's Royal Mail, the logistics firm GLS and the retail chain Metro, and the new valuation fully reflects those deals. Similar transactions have made the whole top of the list noticeably richer: a year ago the combined fortune of the top six barely reached 1.5 trillion crowns, and it is now approaching two trillion.

Besides the leaders, Martin Drda and Ludmila Drdová, owners of the arms group STV Group, doubled their wealth, while Zdeněk Cendra, founder of CDN77, crossed the 30-billion-crown mark for the first time.

Euro's top 10 richest Czechs and Slovaks:

1. Michal Strnad (CSG) — 470bn crowns
2. Daniel Křetínský (EPH) — 432bn
3. Renáta Kellnerová and family (PPF) — 385bn
4. Karel Komárek (KKCG) — 275bn
5. Patrik Tkáč (J&T) — 220bn
6. Pavel Tykač (Sev.en) — 190bn
7. Radovan Vítek (CPI) — 116bn
8. Andrej Babiš (Agrofert) — 83.5bn
9. Josef Tkáč (J&T) — 76bn
10. Ivan Jakabovič (J&T) — 66bn