Capital and jurisdiction of a new generation: Armenia’s moment - an interview with Irina Belysheva

 Over recent years, Armenia's economy has demonstrated robust real growth, yet, according to Irina Belysheva, CEO of Wilco Wealth Management, the most significant shift is qualitative: the country is building a modern financial ecosystem that is attracting growing interest from entrepreneurs, institutional investors, and the diaspora. As Armenia marks the 35th anniversary of its independence this week, Belysheva discussed with Armenpress why first-generation founders are building family financial architecture from scratch, how the dialogue with the global diaspora is changing, and what the local market still lacks to become a recognized regional hub.

A Different Nature of Capital: Entrepreneurs and the Next Gen

-The structure of private capital differs quite a bit in emerging markets and post-Soviet states compared to mature financial centers. How exactly is capital evolving in Armenia, and what opportunities and challenges does this process create for the country?

Irina Belysheva: In countries that have navigated independence over the past three decades, private capital was historically inseparable from operational business. For a long time, wealth accumulation followed a familiar cycle: profits were either immediately funneled back into company growth or left in classic bank deposits, rather than being treated as an independent institutional asset class.

The shift we are observing today is driven by business maturity and generational transition. A significant group of first-generation entrepreneurs, particularly those in technology, regional trade, and export manufacturing, has reached the stage of partial exits, liquidity events, or succession planning. Simultaneously, the next generation is stepping onto the scene: they are mobile, conduct business across multiple jurisdictions, and approach risk management and asset structuring entirely differently.

For Armenia, this presents two distinct sides. From an opportunity perspective, the country is building its financial infrastructure without the ballast of legacy systems. Mature markets are often held back by institutional inertia, high costs, and difficult-to-navigate internal processes. Because the wealth management industry in Armenia is relatively young, it can be built from scratch as a flexible, technology-driven industry that is equally responsive to clients' corporate and personal goals. Furthermore, a relatively compact market allows an open, professional dialogue established between the regulator and the industry, allowing for swift adaptation and continuous legislative refinement. 

From a challenge perspective, the capacity of the domestic market remains limited for now. Armenia's banking sector is liquid and well-capitalized, and private wealth and institutional savings are growing. However, the variety of liquid domestic investment options, such as liquid corporate bonds or equities, remains limited. The primary test for the country over the next decade will be helping businesses lengthen their planning horizons so that companies tap into open markets more actively and long-term capital stays to work within the domestic economy.

Armenia's Evolution: The Rise of a Financial Ecosystem

-If an international asset manager from London or New York looks at the regional map, why should Armenia catch their attention?

Irina Belysheva: Over recent years, the country has taken a tangible qualitative step forward. Economic growth has been strong, though the pace is gradually normalizing: 12.6% in 2022, 8.3% in 2023, 5.9% in 2024, and 7.2% in 2025, according to official statistics.

International rating agencies have taken notice as well. Fitch affirmed Armenia’s long-term sovereign rating at "BB-" with a positive outlook, while Moody’s upgraded the outlook on its "Ba3" rating from stable to positive. Both agencies tied these moves to strong economic dynamics and a decrease in regional risks.

Perhaps more importantly, a deeper transformation is underway. Armenia is systematically solidifying its position as a crossroads for investment and logistics. Capital is seeking diversification, and international investors view jurisdictions as balancing points within broader global portfolios. Geographically and institutionally, the country is integrating into key transportation corridors, including the North-South route and regional infrastructure initiatives such as the TRIPP project. This amplifies its role as a connector between Europe, the Middle East, and Asia.

This connectivity is reinforced by an influx of major infrastructure investments. In August 2026, the first phase of Firebird's large-scale AI data center launched in Hrazdan, utilizing NVIDIA technologies and Dell compute infrastructure. First-phase investments totaled approximately $500 million, with the multi-stage program projected to scale up to $4 billion and more than 70,000 GPUs by 2027. Precedents of this magnitude signal to the world that the country is a serious and long-term destination for global technology capital.

Diaspora Capital: From Philanthropy to Investment Logic

-The global Armenian diaspora is estimated at 8 to 11 million people-several times the population of the three million back home. For a long time, support for the homeland relied on charity. Is this approach changing when it comes to institutional capital?

Irina Belysheva: We work with the diaspora, and I can say that this is one of the most fundamental turning points. The old paradigm of "helping the historic homeland" has objectively reached its limit. You cannot build a sustainable system purely on a sense of duty or emotional impulse.

Pragmatic business calculation is gradually becoming more dominant than philanthropy. Among the second and third generations of the diaspora are professional financiers, tech entrepreneurs, and fund managers. They look at Armenia through the lens of investment attractiveness.

The formula at work here is "market return plus real impact." An investor is willing to enter a project if they see promising investment opportunities, transparent corporate governance, and robust protection of their rights. The fact that their capital simultaneously strengthens the country’s infrastructure, creates quality jobs, and generates tax revenues provides a powerful added layer of value-driven motivation.

Our shared task today is to complement the household-level transfers with institutional investments into equity and debt instruments.

A Clean-Slate Architecture and the Specifics of Family Wealth Management

-In mature financial centers, standard solutions have long been tried and tested: discretionary trusts, private foundations, family constitutions. How applicable are these templates in our context?

Irina Belysheva: Blindly copying Western blueprints in our region makes little sense. A formal construct, such as a family constitution or trust agreement, is essentially meaningless if it contradicts a family's cultural code.

In our region, business is inextricably tied to personal relationships, respect for older generations, and the unwritten division of roles. Succession mechanisms cannot simply be copied out of a foreign textbook. They must be crafted individually, respecting the traditions, communication nuances, and genuine business interests of each specific family.

Simultaneously, a young jurisdiction carries a massive advantage: it bears far less baggage from inherited institutional systems. Mature hubs are often burdened by bureaucratic red tape, siloed departments, and legacy IT infrastructure. As the first wealth management company in Armenia, we are developing this discipline at an earlier, more dynamic stage. This allows us to design fully digital processes from day one. We take a holistic approach to client balance sheets by combining portfolio management, cross-border structuring, and succession planning into a unified strategy,  backed by our extensive network of partnerships.

A Candid Conversation: Where the Market Stalls and What Needs to Be Built

-An objective view of any jurisdiction is impossible without an open conversation about its gaps. What does Armenia genuinely lack today?

Irina Belysheva: Openly acknowledging bottlenecks is a sign of professional maturity. Armenia is at the beginning of this journey, and pretending everything is already in place makes no sense.

The country has a strong, highly liquid banking system, with banking sector assets reaching roughly 112% of GDP. Pension savings are accumulating rapidly; however, the local stock and corporate bond markets remain small.

The primary objective is to cultivate a long-term planning horizon within the business community.

What inspires confidence is that this direction has been formalized at the institutional level. It is specifically outlined in the Government Program of the Republic of Armenia for 2026–2031, which identifies the development of the capital market and investment inflows as key economic policy priorities.

The Wilco Focus

-What is Wilco's practical role in all of these processes?

Irina Belysheva: For over thirty years since gaining independence, the first generation of Armenian entrepreneurs has focused on building businesses and accumulating capital from scratch. Today, the market has reached a threshold where this capital requires systematic, institutional management. The regional specifics of large-scale generational wealth transfer do not fit neatly into straightforward Western frameworks: business and family are intertwined too closely here, and preparing for succession demands a nuanced understanding of the local context.

At Wilco, we see our role as serving as a reliable co-pilot for such families and founders. Drawing on an international network and strategic partnerships, we connect Armenian capital with global markets and, conversely, help foreign capital and diaspora funds come to Armenia. Thanks to our partnerships and infrastructure, we handle liquidity management, cross-border legal and tax structuring, and family governance practices, freeing clients from operational tasks so they can focus on growing their businesses and their lives.

We work with business founders and their rising next generation. These are clients who require a personalized approach, transparency, and a team that speaks the same professional language as the financial centers of London, Frankfurt, or New York.

Building a modern financial jurisdiction requires institutional maturity and a continuous dialogue with the outside world. This conversation must be ongoing. We strive to maintain this momentum by collaborating with international peers and engaging in substantive discussions right here in Yerevan, including at an upcoming major industry conference where all these practical issues will be explored in depth.

Wilco LLC is regulated by the Central Bank of Armenia. This material does not constitute an investment recommendation.