Norwegian tanker tycoon John Fredriksen, who acquired Cypriot citizenship in 2006, is once again featured on Forbes’ 2025 list of billionaires, with a reported net worth of $17 billion.
According to Forbes, the 80-year-old John Fredriksen ranks 119th among the world’s wealthiest individuals. His fortune originates from his extensive shipping interests. Although Fredriksen resides in London, a significant portion of his shipping operations are based in Oslo.
Prior to renouncing his Norwegian citizenship in 2006, John Fredriksen was Norway’s richest man. In 2012, he was included in Bloomberg Markets magazine’s list of the 50 most influential people. A year later, in 2013, Norwegian business magazine Kapital estimated his net worth at $11.9 billion. He also held prominent positions in Lloyd’s List’s ranking of the most influential people in shipping in both 2014 and 2017.
Fredriksen is a self-made entrepreneur who first entered the oil trading business in Beirut in the 1960s. He purchased his first tankers in the 1970s and shipped crude oil for Iran in the 1980s. His business empire spans shipping, energy (oil, natural gas, and coal), and he holds a significant stake in the world’s largest fish farming company, MOWI, as well as shares in Norwegian Air. His current holdings include oil tankers, dry bulk carriers, LNG transport vessels, and deep-water drilling rigs.
Among the other billionaires on the Forbes list, Elon Musk stands out as the world’s richest person, with an estimated fortune of $342 billion. The United States dominates the top of the list, with only two individuals in the “over $100 billion club” not being American: Amancio Ortega ($124 billion), Spain’s wealthiest individual and co-founder of retail giant Inditex, known for the Zara brand, and Bernard Arnault ($178 billion), France’s richest person, whose LVMH fashion and cosmetics empire includes brands like Louis Vuitton and Sephora.
Also featured on the Forbes list is Egyptian businessman Nassef Sawiris, who has invested in Cyprus, specifically in the Ayia Napa Marina. Sawiris, 64, with a net worth of $9.6 billion, ranks 289th, with his wealth derived from construction and investments.
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