Who are Norway's wealthiest people right now? Discover the top 10 Norwegian billionaires thanks to the latest ‘rich list' published by a Norwegian business magazine.
Each year, Norwegian business magazine Kapital publishes its annual list of the 400 wealthiest people in Norway. The list is widely reported on in the Norwegian media because it does not consider income, rather the value of total assets held.
This better reflects an individual's overall financial standing, particularly in a country like Norway where wealth accumulation often takes the form of real estate, investments, and company ownership rather than high salaries alone.
By focusing on total net worth, the list provides a more comprehensive picture of the economic power and influence of Norway’s wealthiest citizens.
This approach also highlights the generational aspect of wealth in Norway, where family-owned businesses and inherited assets play a significant role in maintaining long-term financial stability.
For instance, many names on Kapital’s list represent legacy fortunes built on industries like shipping, fishing, or energy—sectors that have historically driven the Norwegian economy.
Wealth Soars in 2024
The big news from the 2024 report is the remarkable increase in total wealth.
Norway's 400 wealthiest individuals are now worth a staggering NOK 2.139 trillion, up from NOK 1.884 trillion in 2023. This represents a 14% increase, one of the largest annual rises recorded in recent years.
Shipping magnate John Fredriksen remains Norway’s richest person, and his fortune has grown significantly. The 80-year-old, known for his aggressive investments in the shipping industry, is now worth an eye-watering NOK 253 billion—making him the first Norwegian to surpass the NOK 250 billion milestone.
While fortunes soared for many, real estate investors were hit hard by rising interest rates and falling property values. Pål G. Gundersen, for example, has seen his fortune plummet by more than 80% over the last two years, highlighting the volatile nature of the property market.
The report also highlights a concerning trend: nearly half of the total wealth—48.5%—is now controlled by families who have relocated abroad, leading to significant losses in tax revenue and domestic investments for Norway.
Overall, 2024 has been a banner year for Norway’s richest, with a collective wealth increase that reflects strong gains in industries like shipping and investments, despite challenges in real estate
Compiling Norway's Rich List
For 30 years, the Norwegian business magazine Kapital has published an annual list of the 400 wealthiest people in Norway.
The list is based on the tax return data published by the Norwegian tax authorities each year. Kapital researchers then adjust those figures based on share price movements and other public information available from 2024.
This means of course that the figures are estimates, and certainly no reflection of what's available in their bank accounts!
Given that oil and gas is the reason why Norway is such a wealthy nation, you might expect Norway’s wealthiest people to focus on that industry. But that’s not the case, at least not directly. Now, let's take a look at the top ten in more detail:
1. John Fredriksen
NOK 253 billion: The Oslo-born Cypriot national who resides in London remains at the top of the list, and by an enormous margin. No one comes close to his level of wealth, with Fredriksen’s fortune now more than double that of the runner-up.
In addition to holding substantial assets in less-publicised stock and bond investments, the 80-year-old shipping legend is active in virtually every shipping sector: tankers, dry bulk, LPG, LNG, rigs, supply vessels, and ship leasing—and at significant scale.
Through Seatankers, he oversees an extensive newbuilding program and also maintains a large private fleet.
Fredriksen’s presence on the list continues to raise eyebrows, given his decision to renounce Norwegian citizenship decades ago for more favorable tax arrangements. As a Cypriot citizen, he avoids Norway's wealth tax, which applies to Norwegian citizens.
Despite this, his influence and ties to the Norwegian shipping industry remain undeniable, solidifying his position as the country’s most successful self-made billionaire.
2. Torstein Hagen
NOK 92 billion: The founder, chairman, and CEO of Viking Cruises has experienced a monumental surge in wealth this year, more than doubling his fortune.
Hagen’s rise is attributed to the continued success of Viking Cruises, culminating in the company’s recent listing on the New York Stock Exchange, which valued the business at NOK 160 billion.
Torstein Hagen owns more than 50% of the shares, making him the biggest climber on Kapital's 400 list this year, with his fortune increasing by an astonishing 167%.
Kapital notes that the public listing has brought greater transparency to Viking Cruises’ valuation, solidifying Hagen’s position as the second wealthiest person in Norway.
Founded in 1997 with just four river ships, Viking Cruises now boasts nearly 100 vessels, including a growing fleet of ocean cruise ships, and has firmly established itself as a global leader in the cruise industry.
3. Ole Andreas Halvorsen
NOK 76 billion: Fredrikstad-born Ole Andreas Halvorsen continues to grow his fortune steadily. The CEO and co-founder of Viking Global Investors has had a solid year, with the hedge fund delivering strong returns despite global market volatility.
Based in Connecticut, Halvorsen remains a Norwegian citizen but has long lived in the United States. He has climbed 38 spots to rank 399th on Forbes magazine’s list of the world’s wealthiest individuals.
Halvorsen had a senior role at Tiger Management before he co-founded Viking Global Investors in 1999. His firm has been a consistent performer, contributing to his place among Norway’s financial elite.
4. Odd Reitan
NOK 69 billion: Chances are you'd expect many of the top ten to be involved in shipping or the energy industries. However, those in positions four and five are both in the supermarket trade.
Odd Reitan is the founder of well-known supermarket chain Rema 1000. The chain began in Trondheim and now covers the entire country, as well as several other countries in northern Europe.
Last year, the acquisition of 114 Aldi stores in Denmark was approved, making Rema 1000 a leading discount retailer in the Danish market.
Reitan was also the man behind the expensive overhaul of the Britannia Hotel in Trondheim.
Reitan’s wealth is further bolstered by strategic investments in global equity and bond markets through Reitan Capital. This division achieved a profit of NOK 1.1 billion in 2023, aided in part by a significant weakening of the Norwegian krone, which contributed to higher returns.
5. Johan Johansson
NOK 55.5 billion: The founder of Rema 1000's main rivals NorgesGruppen, which includes the brands Kiwi, Meny, Spar and Joker, trails Reitan on the list.
Johannson’s wealth has increased over the past year, though not as rapidly as that of his main rival, Odd Reitan of Reitangruppen.
The two grocery tycoons have long dominated Norway’s retail landscape, but Reitan’s additional investments in global markets have given him the edge in recent years.
6. Johan H. Andresen
NOK 50 billion: The heir to the Tiedemanns tobacco fortune, Johan H. Andresen, has long been one of Norway’s wealthiest individuals.
While the family business once centred on tobacco, Andresen has transformed the legacy into Ferd, a highly diversified investment company with interests in private equity, financial investments, and social entrepreneurship.
Ferd’s portfolio has performed well over the past year, contributing to steady growth in Andresen’s wealth. In addition to growing his fortune, Andresen is a prominent figure in Norwegian society.
He has served as the chairman of Norway’s Ethics Council for the Government Pension Fund Global (the Oil Fund) and remains an advocate for responsible corporate governance.
7. Gustav Witzøe
NOK 49.5 billion: Gustav Witzøe, the founder of SalMar, remains one of Norway’s wealthiest individuals, thanks to the continued global demand for farmed salmon.
What began as a bankrupt estate with a single salmon farming license has grown into the world’s second-largest salmon producer.
Witzøe is known for his innovation in the aquaculture industry, including investments in offshore fish farming technology.
Although Witzøe has stepped back from day-to-day operations, his influence on the company remains significant. His son Gustav Magnar Witzøe now holds most of the assets. However, since Witzøe Sr. retains all the A-shares and remains the chairman of the holding company Kvarv, Kapital still attributes the wealth to him.
8. Kjell Inge Røkke
NOK 35.5 billion: Kjell Inge Røkke has built an impressive business empire through his company, Aker, and its associated subsidiaries. With a roughly 68% ownership stake in Aker, Røkke and his family control substantial assets in the publicly listed group.
Aker continues to maintain a strong position in Norwegian industry, although its share price has fallen by about 7% over the past year. This has resulted in a decline in the fortune of the Molde-born businessman, who relocated to Switzerland two years ago.
9. Stein Erik Hagen
NOK 28.5 billion: Earlier this summer, Stein Erik Hagen announced that he, too, is packing his bags and moving to Switzerland. The largest assets in the family-owned Canica group are now held in a Swiss corporation.
The group, which has significant holdings in retail, consumer goods, and real estate, is reporting deep losses for the second consecutive year.
Hagen has faced setbacks, including losses in the spirits industry through the Finnish company Anora. However, through Canica Eiendom, he holds substantial real estate assets, and the group also includes the hardware chain Jernia and the wellness centre The Well.
The bright spot is the publicly listed food giant Orkla, where the family maintains a controlling stake. Over the past year, Orkla's stock price has risen by approximately 20%.
10. Petter Anker Stordalen
NOK 23 billion: After a few challenging years, recent years have been record-breaking for the hotel operations within the Strawberry Group.
With nearly 250 hotels in its portfolio and a strong hotel market, this year is set to reach new heights with a turnover of NOK 18.5 billion, up from NOK 11.5 billion in the year before the pandemic.
The bottom line has also seen positive developments so far this year, with even brighter prospects for next year. However, these gains have been offset by negative value adjustments in the property portfolio and losses in the equity portfolio.
Over the past year, for instance, 95% of the stock value in Atlantic Sapphire, where Stordalen is one of the largest shareholders, has been wiped out. As a result, despite strong operational performance, Stordalen’s fortune has declined on this year’s list.
That was really interesting. Thank you.
Wow still curious why John Fredriksen is in the list , but this is a very useful article, thanks!
He still invests in Norwegian companies,soccer clubs as well as owning several vacation homes in Norway where he spends time.
what about Olaf thon?
This was very interesting and even though I don’t know them, I am proud of these Norwegian men and women !
Good and that was great, and I’m interested to do business with some Norwegian business class, I’m interested in cocoa and brewery business, thanks
Darn. As a Norwegian born in Bergen, I was hoping to see a close relative, but alas, it was not to be.