22-year-old is Latvia's top earner

Marcis Martinsons was the highest earner in Latvia last year, according to a study done by independent journalist Lato Lapsa, the Lursoft business database and business magazine Kapitals.

This is the first time in the history of the highest earners' ranking that such a young businessman is ranked first, said Lursoft 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 and many other smaller companies may have been minimal as the companies were signed over to the son by the father in the wake of a tax investigation.

Nevertheless, the total profit of the companies that now belong to Martinsons exceeded €30 million in 2014, said Kiopa.

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

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 jointly in second and third place in the earnings ranking. Fils earned €7,434,000 last year and Bernis earned €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 with a profit of EUR 20,275,373 in 2014.

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