Analytics, Financial Services, Investments, Latvia, Markets and Companies

This is the first time in the history of the highest earners' ranking that such a young businessman is ranked first, commented Lursoft IT board member Daiga Kiopa. However, this remarkable achievement is thanks to his wealthy father, Maris Martinsons, and the newcomer's contribution to the excellent results of the companies BE projects, MM investicijas, Profs Real Estate may have been minimal. Nevertheless, the total profit of the companies that now belong to Martinsons exceeded EUR 30 million in 2014, said Kiopa.

Since October 2012, Marcis Martinsons (1993) is the owner of the company MM investicijas, which in turn owns, fully or partly, a total of sixteen companies: Moduls-Riga, GRIF 23, MMA Invest, Palladium Riga, Extron Investments, BE Projekts, viensviens.lv, Agelluss rosae, Dzintara rezidence, Priezceli, LENVEST, MM investiciju risinajumi, Moduls Interjers, MN Invest, AN Projekts and GRIF 29, according to data available from Firmas.lv.

Before that, MM investicijas belonged to Marcis Martinsons' father, Maris Martinsons.

Marcis Martinsons has also acquired 70% interest in Profs Real Estate and 50% in BE Projekts.

Maris Martinsons stepped down from the board of Moduls-Riga after the Finance Police had launched investigation into a value added tax fraud scheme where the company may have been involved.

ABLV Bank owners Olegs Fils and Ernests Bernis are in second and third place in the ranking. Fils earned EUR 7,434,000 last year and Bernis earned EUR 26,859,000.

Rietumu banka co-owner Leonids Esterkins earned EUR 24,541,000 last year and is ranked fourth, while Mikrotikls shareholder Arnis Riekstins is in fifth case with a profit of EUR 20,275,373 in 2014.

Gaming company Fenikss owner Janis Zuzans earned EUR 5,010,221 last year, Skonto buve founder Guntis Ravis – EUR 4,926,817, businessman Juris Savickis – EUR 1,628,564, Mono co-owner Mihails Ulmans – EUR 1,479,329, and ex-Prime Minister Maris Gailis – EUR 876,253.

Traditionally, the most successful and profitable sectors represented in the ranking of 100 highest earners in Latvia are the pharmaceutical industry, construction, real estate, hotel and gaming business, freight transport.

There are 18 women on the list, up from 12 last year, and the average age of the highest earners in Latvia in 2014 was 51 years for men and 46 for women.

The list is based on companies' annual reports submitted to the Register of Enterprises and collated in the Lursoft database, and on banks' annual reports.