Iceland's sole billionaire, Björgólfur Thor Björgólfsson, maintains his place on the Forbes list of the world's richest people. Björgólfur Thor is currently ranked the world's 1,161 richest individual, dropping 40 places since 2016 when he was ranked as the 1,121 richest billionaire in the world. His wealth is estimated at 1.81 billion USD. Last year Forbes estimated his wealth at 1.6 billion USD.
Iceland's first billionaire
The source of Björgólfur's wealth is described in the Forbes profile, as well as the history of his business empire. Björgólfur made his fortune along with his father, Björgólfur Guðmundsson and their business partner Magnús Þorsteinsson in Russia, where they founded the Bravo brewery in St Petersburg.
Read more: Work starts to replace last remaining monument to 2008 crash with a Marriott hotel
After they sold the brewery to Heineken in 2002 the Björgólfs made a number of investments around Europe. One of their most important investments was a major stake in Landsbankinn bank in Iceland. Björgólfur Thor made numerous other investments in Iceland, including the pharmaceutical company Actavis and a large stake in CCP, which develops the massive multiplayer online game EVE Online.
Last Corporate Viking standing
Björgólfur Thor was undeniably the most successful of all the financiers and investors who grew out of the pre-2008 Icelandic financial miracle, the so-called corporate Vikings. He first made the list of the world’s wealthiest billionaires in 2005, when he was ranked as the 488th richest man in the world. In 2007 his net wealth had grown to an estimated 3.5 billion USD according to Forbes, which made him the 249th richest man in the world. In that year his father, Björgólfur Guðmundsson, ranked as the 799th richest man in the world.
Read more: Richest Icelander climbs 300 spots on Forbes’ billionaires list, ranked world's 1,121 richest man
The wealth of the two Björgólfurs took a hit in the 2008 crash, not least because Landsbankinn, which was one of their most important assets, was declared bankrupt and Björgólfur had to scramble to pay off huge debts. Following the crash Björgólfur Thor dropped off the list of the world's richest billionaires while his father was declared bankrupt. In 2015, however, Björgólfur was back on the Forbes list as the world's 1,415th richest man.
Continued business interests in E. Europe
Since 2008 Björgólfur has rebuilt his business empire with a focus on telecommunications companies, including cell phone companies in Eastern Europe. His most valuable investment, according to Forbes, is the Polish telecom Play. He also has stakes in several startups, including US startup Zwift, an online platform for indoor cyclists.
Iceland's sole billionaire, Björgólfur Thor Björgólfsson, maintains his place on the Forbes list of the world's richest people. Björgólfur Thor is currently ranked the world's 1,161 richest individual, dropping 40 places since 2016 when he was ranked as the 1,121 richest billionaire in the world. His wealth is estimated at 1.81 billion USD. Last year Forbes estimated his wealth at 1.6 billion USD.
Iceland's first billionaire
The source of Björgólfur's wealth is described in the Forbes profile, as well as the history of his business empire. Björgólfur made his fortune along with his father, Björgólfur Guðmundsson and their business partner Magnús Þorsteinsson in Russia, where they founded the Bravo brewery in St Petersburg.
Read more: Work starts to replace last remaining monument to 2008 crash with a Marriott hotel
After they sold the brewery to Heineken in 2002 the Björgólfs made a number of investments around Europe. One of their most important investments was a major stake in Landsbankinn bank in Iceland. Björgólfur Thor made numerous other investments in Iceland, including the pharmaceutical company Actavis and a large stake in CCP, which develops the massive multiplayer online game EVE Online.
Last Corporate Viking standing
Björgólfur Thor was undeniably the most successful of all the financiers and investors who grew out of the pre-2008 Icelandic financial miracle, the so-called corporate Vikings. He first made the list of the world’s wealthiest billionaires in 2005, when he was ranked as the 488th richest man in the world. In 2007 his net wealth had grown to an estimated 3.5 billion USD according to Forbes, which made him the 249th richest man in the world. In that year his father, Björgólfur Guðmundsson, ranked as the 799th richest man in the world.
Read more: Richest Icelander climbs 300 spots on Forbes’ billionaires list, ranked world's 1,121 richest man
The wealth of the two Björgólfurs took a hit in the 2008 crash, not least because Landsbankinn, which was one of their most important assets, was declared bankrupt and Björgólfur had to scramble to pay off huge debts. Following the crash Björgólfur Thor dropped off the list of the world's richest billionaires while his father was declared bankrupt. In 2015, however, Björgólfur was back on the Forbes list as the world's 1,415th richest man.
Continued business interests in E. Europe
Since 2008 Björgólfur has rebuilt his business empire with a focus on telecommunications companies, including cell phone companies in Eastern Europe. His most valuable investment, according to Forbes, is the Polish telecom Play. He also has stakes in several startups, including US startup Zwift, an online platform for indoor cyclists.
