We are pleased to present the 35th English issue of Forbes Georgia. This issue features a variety of articles on topics such as business, entrepreneurship, and economics. We hope you enjoy reading it as much as we enjoyed putting it together.
➜ Cover Story: The Age of Phage
The growing resistance to antibiotics has prompted the world to rediscover phages. Under the leadership of young innovator Rati Golijashvili, BioChimPharm is writing a new chapter in the history of medicine. This presents a golden opportunity for Georgia, the birthplace of bacteriophage technology.
➜ Cover Story: A Bold Vision
Beka Khoperia has made Apart Group a leader in Georgia’s real estate sector, attracting multi-million-dollar investments. The company will redefine Batumi’s skyline with a $250 million project.
This edition also features the latest insights, analysis, and trends from the dynamic world of business, finance, and entrepreneurship in Georgia and around the world.
Opinions, Rankings, Investigations and Leaderboards
➜ With or Without EU: Georgia’s Fight for Its Soul
“The Georgian people are fighting not just for their country’s future but for the ideals of democracy and human dignity.”
Editorial Piece by Shota Dighmelashvili, Editor-in-chief of Forbes Georgia
➜ The Electoral Expenses of the Parties
The October 26th elections in Georgia saw the ‘Georgian Dream’ party winning with 53.9% of the vote, despite opposition claims of unfairness. The analysis of campaign expenses highlighted that ‘Georgian Dream’ spent the most, with 68% allocated to advertising, while ‘Strong Georgia – Lelo’ had the highest cost per vote.
➜ Elections 2024 Official Voter Turnout vs. Actual Voter Turnout
The 2024 parliamentary elections saw a 76% voter turnout, similar to the 2012 elections. However, the official turnout was inflated by unregistered immigrants, and despite high participation, no change in government occurred.
➜ In Georgia, the Majority of Visitors Come From Russia
After the pandemic, the number of Russian visitors to Georgia increased the most.
➜ Billionaires and Their Share in the Country’s Economy
The leaderboard illustrates the proportion of Georgia’s billionaires wealth relative to Georgia’s GDP. It also compares the countries with the most individuals on the Forbes Top 1000 list and the ratio of billionaire wealth to national GDP.
➜ The Ten Largest Ongoing Projects Financed By the West
In 2025, Georgia will invest ₾4 billion in infrastructure projects, with ₾19.7 billion already spent and ₾14.7 billion to be spent by 2028. Of the 70 projects, 49 are funded by Western countries through preferential loans, totaling ₾13 billion.
➜ Ivanishvili’s Russian Ties
For over a decade, Georgian oligarch Bidzina Ivanishvili and his ruling party have sought to convince the world that he has no ties to Russia. However, a piece of investigative journalism has revealed that Ivanishvili’s family expanded their real estate holdings in Moscow this year.
➜ The Forbes 400
The 400 richest people in America are having a rollicking time in the roaring 2020s. In all, they are worth a record $5.4 trillion, up nearly $1 trillion from last year. A dozen have $100 billion–plus fortunes, also a record. And admission to this elite club is pricier than ever: A minimum net worth of $3.3 billion is required, up $400 million since 2023. Despite the high bar, 23 newcomers managed to break into the ranks, having grown their fortunes in everything from mundane plastic pipes to cutting-edge artificial intelligence.
➜ Ukraine’s Kharkiv: Fortress of Solitude
“As the end of a third year of all-out war approaches, and facing a difficult winter without heat and electricity, Ukraine is in dire need of F-16 fighter jets and anti-aircraft missiles to protect its cities and civilians.”
Piece by Katya Soldak, Editorial Director of Forbes Media’s International Editions
➜ The Georgian Economy Over the Last 12 Years
From 2013 to 2023, Georgia’s economy grew by 70%, but socio-economic issues like high unemployment, poverty, and emigration persisted. Despite promises from Georgian Dream, wage increases were limited, and inflation surged. Migration has worsened demographic challenges, while corruption and reliance on Russia have hindered more substantial progress.
➜ What Drove the Growth of Georgia’s Economy in the First Half of 2024?
In 2024, Georgia’s economy grew by 9.1%, driven by sectors like education, transport, and public administration. Key contributors included increased tourism, domestic consumption, and service exports, while goods exports fell. Economic growth was also supported by money flowing from Russia due to the Ukraine-Russia war.
Interviews, Profile Features and Business Stories
➜ The Age of Phage
The growing resistance to antibiotics has prompted the world to rediscover phages. Under the leadership of young innovator Rati Golijashvili, BiochimPharm is writing a new chapter in the history of medicine. This presents a golden opportunity for Georgia, the birthplace of bacteriophage technology.
➜ A Bold Vision
Beka Khoperia, the ambitious leader behind apart group, has transformed the company into a frontrunner in Georgia’s real estate sector. Within just five years, the company has attracted multi-million-dollar investments, positioning itself as a gamechanger in the market. Now, the company is poised to redefine Batumi’s skyline with a landmark $250 million project.
➜ Building the Settlements of the Future
Metropol’s managing partner, GIORGI MKHEIDZE, is shaping the future of the Georgian real estate market through a variety of residential and investment projects. Metropol’s projects exceed 545,000 square meters in total construction area, while the total investment amounts to 1.05 billion lari. The company’s current undertakings include the Shindisi holiday home project, which is designed to meet the growing demand for private houses in the Tbilisi area. Forbes Georgia spoke to Giorgi Mkheidze about the company’s history and development strategy.
➜ The Producer of Video Masterpieces Up Close
Established in Kyiv in 2019, shelter.film now collaborates with some of the world’s largest brands and renowned musicians. ALBERT ZURASHVILI, the visionary Georgian producer behind the company, aimed to make shelter.film a significant player in the creative industry, establishing Georgia as a sought-after filming location for global brands.
➜ The Marketing Time Machine
Georgian startuppers Roma Gujabidze and Gabriel Meliava have found an effective way to remind people of the joys of taking and printing photos. They have created a device called Printomato, which offers customers free photos and unique advertising opportunities.
➜ Driving Digital Innovation
22-year-old GIORGI SHONIA is the founder and director of the tech firm Moncero. The Swiss-Georgian firm creates convenient digital products tailored to people’s needs for large domestic and foreign companies. One such product is the crypto platform Nordom, which, according to Giorgi, will change the global landscape of the crypto industry.
➜ Onwards and Upwards
For the first time in its 30-year history, Tegeta Holding is led by a woman. Ekaterine Kavtaradze has a wealth of management experience. Two months after taking up her position, she spoke to Forbes Georgia about customer experience, personnel-related plans, and the company’s development strategy.
➜ The New Luxury: Craftsmanship and Timeless Design At Berhasm
Georgian fashion designer BESO TURAZASHVILI on the power of culture and creativity.
History
➜ Sparta and Athens: Oligarchy Versus Democracy
Two of the great ancient Greek city-states, Sparta and Athens, were fierce rivals throughout much of their history. The former was an oligarchic republic run by the aristocracy and an elite minority, while the latter was the world’s first democracy. This contrast lies behind the great rivalry between the two cities.
