Energy tycoon Daniel Křetínský becomes Czechia's richest man

Czech businessman Daniel Křetínský has secured the top spot in this year’s Euro business magazine ranking of the richest Czechs, with a net worth of CZK 390 billion. He has therefore dethroned the previous richest Czech, Renáta Kellnerová of the PPF Group (worth approximately CZK 350 billion), who inherited her late husband’s (Petr) business.

Křetínský, who owns the EPH conglomerate and the energy-focused EP Corporate Group, has become richer by about CZK 173 billion in the last 12 months.

Křetínský's wealth is primarily concentrated in his ownership of EPH, a conglomerate of over 70 companies across Europe. According to Euro, his success has also benefitted co-founder of J&T investment group, Patrik Tkáč, who ranks as the third-richest Czech with an estimated fortune of CZK 260 billion. Tkáč is expected to see a significant increase in his wealth due to EPH's growth.

Earlier this year, the billionaire bought a 20 percent stake in the steel division of the large ThyssenKrupp joint-stock company; Křetínský plans to utilize the power plants he controls in eastern Germany as part of the deal. Last year, EPH also purchased two of the Netherlands’ largest power plants.

Křetínský made international headlines in June following a successful bid to buy huge British postal company Royal Mail for GBP 3.6 billion (CZK 104 billion). Křetínský’s plans to build a new home for Czechia’s most-decorated football club Sparta Prague, of which he is a majority shareholder, also illustrate his growing business empire.

As per the rest of the Euro rankings, in fourth place is Karel Komárek, founder of KKCG investment and innovation group, with a net worth of CZK 170 billion. Pavel Tykač (not to be confused with Patrik), owner of Sev.en energy group, has moved up to fifth place with a fortune of CZK 145 billion, a notable increase of CK 37 billion from last year.

However, Radovan Vítek, in sixth place due to his real estate group CPI, saw a net-worth decrease of CZK 22 billion in the last 12 months. 

Former Prime Minister Andrej Babiš has dropped to seventh place, with a net worth of CZK 85 billion. This decline in wealth is attributed to developments in the sectors of Babiš's Agrofert holding, which operates in the chemical, food, and agriculture industries.