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What is John Fredriksen’s Net Worth?
John Fredriksen, a Norwegian-born Cypriot businessman, is a prominent figure in the global shipping and oil industries. His net worth is estimated to be approximately $15.6 billion.
In the 1960s, Fredriksen entered the oil trading business in Beirut, Lebanon. His fortunes soared during the Iran-Iraq War in the 1980s, where he took considerable risks by using his tankers to transport oil, reaping substantial profits in the process.
Over the years, he expanded his business empire, becoming the world’s largest oil tanker owner and diversifying his interests into offshore drilling, fish farming, and dry bulk shipping.
His business portfolio includes major stakes in several high-profile companies. Fredriksen controls Seadrill, an offshore drilling company, and Mowi, one of the world’s largest fish farming companies.
In addition, he has significant investments in Golden Ocean Group, a dry bulk shipping company, and other entities through his investment companies, Hemen Holdings and Meisha.
Fredriksen has been recognized in various rankings, including being listed among the top 10 most influential people in the shipping industry by Lloyds List in 2014.
He is also known for his philanthropy, having donated hundreds of millions of Norwegian kroner to medical research in Norway.
Here’s the breakdown of John Fredriksen’s net worth:
Name: | John Fredriksen |
Net Worth: | $27.6 Billion |
Date of Birth: | Mar 19, 1982 |
Profession: | Businessperson, Entrepreneur |
If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.
Early Life
John Fredriksen was born on May 10, 1944, in Oslo, Norway, to a working-class family. His father was a welder, and he grew up in Etterstad, a suburb in the eastern part of Oslo. Fredriksen’s humble beginnings would later contrast sharply with his eventual status as one of the world’s wealthiest individuals.
At the age of 16, Fredriksen left school and took his first job as a courier for a local shipping broker. This early exposure to the shipping industry would prove pivotal in shaping his future career.
Despite leaving formal education, Fredriksen continued to learn, enrolling in night school to complete his education.
However, he found the telex machine at work to be a more valuable source of knowledge, as it provided insights into freight movements and shipowner charters.
Career
Fredriksen’s career in shipping began in earnest during the 1960s when he ventured into oil trading in Beirut, Lebanon. In the 1970s, he made his first tanker purchases, marking the beginning of his fleet ownership.
However, it was during the Iran-Iraq War in the 1980s that Fredriksen’s fortune truly began to amass. He took significant risks by using his tankers to transport oil from the conflict zone, reaping substantial profits in the process.
Over the years, Fredriksen expanded his business interests beyond oil tankers. He ventured into offshore drilling, fish farming, and dry bulk shipping. His business portfolio now includes major stakes in several high-profile companies:
- Seadrill – an offshore drilling company
- Mowi – one of the world’s largest fish farming companies
- Golden Ocean Group – a dry bulk shipping company
- Frontline – an oil tanker company
- Golar LNG – a liquefied natural gas shipping company
Fredriksen’s business acumen and strategic investments have made him one of the most influential figures in the shipping industry. In 2014, he was listed among the top 10 most influential people in the shipping industry by Lloyds List.
Gard Case
The Gard case is a significant event in Fredriksen’s career that highlights both the risks and controversies associated with his business practices. In 1985, the Norwegian insurance company Gard became suspicious about losses of cargo from Fredriksen’s tankers.
A private investigation revealed a system for using heavy oil as bunker fuel. The case was turned over to the Norwegian police, leading to office searches and the detention of Fredriksen’s associates. In November 1986, prosecutors charged Fredriksen and several of his senior executives with directing crews to steal crude from vessels and use it as bunker fuel.
Fredriksen was imprisoned for almost four months pending trial. During this time, fearing for his business, he directed his associates to sell his fleet, a decision that reportedly cost him $300 million.
After several years of legal arguments, the case was eventually settled out of court. Fredriksen paid a fine of 1.5 million Norwegian Kroner (approximately $250,000 at the time) and over $800,000 to Gard. Importantly, Fredriksen did not admit guilt as part of this settlement.
This case, while a significant challenge at the time, did not ultimately derail Fredriksen’s career. He went on to rebuild his business empire and become one of the world’s most successful shipping magnates.
Philanthropy
Despite his reputation as a tough businessman, John Fredriksen has shown a significant commitment to philanthropy, particularly in the field of medical research in Norway.
According to reports, Fredriksen claims to support research projects at The Radium Hospital and has donated several hundreds of millions of Norwegian kroner to medical research at hospitals in Norway.
While the exact figures of his donations are not publicly disclosed, the scale of his philanthropic efforts is considered to be substantial.
Personal Life
Fredriksen was married to Inger Astrup Fredriksen, a dentist who belonged to one of the prominent Astrup families in Norway. Sadly, Inger passed away in 2006, leaving Fredriksen a widower.
The couple had twin daughters, Cecilie and Kathrine Astrup Fredriksen, born in 1983. Both daughters have become involved in their father’s business ventures, potentially positioning them as heirs to his business empire.
In terms of lifestyle, Fredriksen is reported to enjoy both high-end experiences befitting his wealth and more casual interactions within the shipping industry. He’s been known to hold court with Norwegian money managers at upscale venues in Oslo, as well as share beers with fellow shipowners at industry events in Athens.
Real Estate and Art Collection
Fredriksen owns several properties around the world, including houses in London, Oslo, Cyprus, and Marbella, Spain. His London residence, The Old Rectory, is particularly noteworthy, estimated to be worth US$172 million.
Fredriksen is also known to be an avid art collector, with a particular interest in classic Norwegian art. This passion for art reflects his connection to his Norwegian heritage, despite having given up his Norwegian citizenship for tax reasons.
Ashley Roberts is the founder of Real-Time Billionaires List. She founded this platform because she likes to know how much celebrities are actually making. She is always curious why these people can make much more money than the ordinary person.
With a Bachelor’s degree in finance, she is skilled at financial analysis and understands numbers related to wealth. Most of the articles on this site are edited by herself before publishing.
