Karapetyan built up the majority of his wealth during the financial crisis and has continued to make more acquisitions over the years. Living in Kaluga, near Moscow, since the 1990s, he has turned his Tashir Group into a huge conglomerate with 24 shopping centers, seven office centers, and seven hotels. Whereas Karapetyan's companies operate in 25 regions of Russia, he is said to have made construction and tourism contracts with officials in Yerevan, the capital of Armenia too. As of March 2013, Karapetyan, became the richest ethnic Armenian in the world thanks to his $3.8 billion fortune. Prior, the title was held by Armenian American business man Kirk Kerkorian.
