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On Thursday morning, Kapital released a new edition of Norway’s richest 400 list.
For the first time since the financial crisis, the total wealth of the richest in the country has fallen. At the same time, there are now a record number of billionaires on the list.
At the top of the list is the same man as last year, point guard John Fredriksen (76), with 104 billion crowns. Despite a loss of around NOK 10 billion compared to last year’s summary, it still has a good margin to be next on the list. Second is King Rema Odd Reitan (69) with NOK 44.5 billion.
RICHEST: Point guard John Fredriksen is the richest man in Norway. Photo: Ints Kalnins / Reuters / NTB
Record number of billionaires
Up to 362 billionaires are on this year’s top list, and this year the richest hundred on the list control values to a staggering 925 billion kronor.
In all, there are 21 new billionaires on Kapital’s list for this year.
In third place is Johan Johansson (53), who along with his father and uncle own 74 percent of the nation’s largest grocery group, NorgesGruppen, at $ 44 billion.
This means point guard John Fredriksen is richer than second and third place on the list combined.
In fourth place is Ole A. Halvorsen (59) with 43 billion, while Johan H. Andresen (59) is in fifth place with 35 billion.
Among the 400 richest people in Norway there are 51 women.
In the 31st position on the list is the richest woman in the country, which is the real estate queen Ruth Katharina Mustad Bevreng (68), with 7 billion crowns.
- John Fredriksen (76) – 104 billion
- Odd Reitan (69) – 44.5 billion
- Johan Johansson (53) – 44 billion
- Ole A. Halvorsen (59) – 43 billion
- Johan H. Andresen (59) – 35 billion
- Gustav Witzøe (67) – 33.5 billion
- Stein Erik Hagen (64) – 33 billion
- Ivar Erik Tollefsen (59) – 29 billion
- Kjell Inge Røkke (61) – 27.5 billion
- Torstein Hagen (77) – 20 billion
Huge loss
This year’s list shows a huge decline in wealth. The one who has lost the most since last year is Torstein Hagen (77), a shop owner at Viking Cruises. It has lost around NOK 40 billion in one year.
According to Kapital, this is the biggest “unmatched” loss since the magazine began to appear on the rich lists more than 30 years ago.
Last year, Hagen was Norway’s second-richest, but with the huge loss, the 77-year-old falls to 10th on Norway’s richest list, with NOK 20 billion.
Viking Cruise company director Torstein Hagen has lost a lot of money in the last year. Photo: Ørjan Ellingvåg / NTB
Petter Stordalen (57) has lost around 10 billion. The same applies to John Fredriksen (76), writes Kapital.
Jens Ulltveit-Moe was worth 2.3 billion last year, but is now completely off the list of the richest people in Norway.
- Torstein Hagen (77): minus 40 billion
- Petter Anker Stordalen (57): minus 10.4 billion
- John Fredriksen (76): minus 10 billion
- Kjell Inge Røkke (61): minus 8 billion
- Margaret Boel Garmann (64): minus 5 billion
- Olav Nils Sunde (67): minus 4.250 million
- Lars Wenaas (69): minus 3.6 billion
- Frederik Wilhelm Mohn (43): minus 3.6 billion
- Helene Odfjell (55): minus 2.5 billion
- Christian G. Sundt (43): minus 1.65 billion
Winners of the Corona Crisis
While the crown crisis and the events of the previous year have hit the economy hard, Kapital’s list also shows that several of Norway’s wealthy have seen huge leaps in their fortunes.
REASON TO SMILE: Stein Erik Hagen’s fortune has increased since last year. Photograph: Stian Lysberg Solum / NTB
Stein Erik Hagen is among last year’s winners, according to the magazine. Over the past year, the chairman of the Orkla board got NOK 5 billion richer.
The biggest increase in wealth, however, is that of hedge fund star Ole Andreas Halvorsen (59). He’s gotten nine billion richer since last year.
Johan Johansson of NorgesGruppen has a wealth increase of 4 billion, and Odd Reitan of Rema 1000 has a jump of 2.1 billion.
Ferds Johan H. Andresen has a jump of two billion from last year, while oil fund manager Nicolai Tangen has an increase in wealth of 1.8 billion.
The equity valuation is based on market values, and the magazine has worked to find the true value in everything that the people on the list own.
“Therefore, the Capital list is not a list of the funds that the individual has in his bank account, but rather an overview of private ownership, control and power in Norwegian business and industry”, writes the magazine.
