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A shakeup has redefined the top of Czechia’s rich-list rankings, with Bloomberg’s Billionaires Index naming 32-year-old Michal Strnad as the country’s new wealthiest person. With a net worth of CZK 371.6 billion, he has overtaken Renáta Kellnerová, the beneficiary owner of the PPF investment group, who had previously been the long-standing leader of the country’s rich lists.
The shift signals a broader transformation in Czechia's wealth drivers and highlights the growing dominance of defense and energy in the national economy. It also underscores Czechia’s persistent gender divide in the world of business—and work overall.
The importance of defense
Strnad leads the defense conglomerate Czechoslovak Group (CSG), which has seen its value triple in just two years. This surge is tightly linked to geopolitical instability, especially Russia’s invasion of Ukraine, which has triggered a surge in demand for military hardware across Europe.
His ascent to the 134th-richest person globally in Bloomberg's list—and the wealthiest individual in the political east of Europe outside of Russia—underscores how Czechia's defense industry has emerged as a surprising but powerful engine of wealth creation.
Energy: The backbone of Czech wealth
While defense may be the newest powerhouse, energy remains the backbone of Czech wealth. Nearly all of the country's top billionaires are heavily invested in energy production, distribution, or related sectors.
Karel Komárek, Czechia’s third-richest person with CZK 241.2 billion, built his fortune through KKCG, which spans energy and gambling. His ownership of the MND Group has positioned him to benefit from the European energy crunch sparked by the war in Ukraine.
Just behind him is Daniel Křetínský (CZK 240 billion), whose empire is rooted in the vertically integrated energy conglomerate EPH. His holdings span the full energy value chain across Central and Western Europe, highlighting Czechia’s strategic position in European energy flows.
A separate rich list compiled by business magazine Forbes reveals the rest of the country’s richest people. Pavel Tykač, worth CZK 180.2 billion, owns extensive coal mining and power generation assets in Czechia and abroad.
Real estate, retail, and tech: Secondary, yet significant
While energy and defense dominate, other sectors also show strong representation. Radovan Vítek (CZK 120 billion) stands out in real estate—a sector less globally volatile but still lucrative in a country with a booming property market.
Tech and e-commerce also make appearances. Aleš Zavoral (CZK 56.4 billion) made his fortune through Alza, Czechia’s leading online retailer, showing the continued relevance of digital business models. Meanwhile, Pavel Baudiš (CZK 54.5 billion), co-founder of cybersecurity firm Avast, represents the tech sector’s longer-term role in Czech wealth creation.
Former Prime Minister Andrej Babiš, worth CZK 81 billion via his Agrofert conglomerate, demonstrates the enduring value of agribusiness and food production—still foundational, but no longer at the forefront of new wealth generation.
A gender divide
With only one Czech woman featured in Bloomberg and Forbes’ lists, Czechia’s business elite continues to reflect deep gender inequality. This is underlined by the fact that Czech women earn, on average, over 17 percent less than men in the same positions.
According to a recent OECD study, Czech women rank 23rd in labor market equality, a decline in recent years. The European Institute for Gender Equality shows that in 2023 women held just 7.7 percent of CEO positions among the largest nationally registered companies listed on the national stock exchange in Czechia.
Meanwhile, the male-dominated, entrenched presence of energy billionaires reflects a broader reality: Czechia’s path to wealth has been forged through producing what the world cannot do without—energy and security.
