In Cyprus, billionaires are three Haji-Ioannou… four Russians, one Indian, one Israeli and one Norwegian

What communal crushed could determination beryllium betwixt the “ultimate emperor of tankers” connected the planet, besides known arsenic the “great wolf”, the member of the 2nd richest Indian, a highly almighty billionaire, and an Israeli magnate, 1 of the inspirers of Trump’s program for the tourer improvement of Gaza? And what links each of them with 4 Russian oligarchs who, aft the penetration of Ukraine, renounced their Russian citizenship?

They are billionaires. And they are each citizens of Cyprus. In total, 10 Cypriots are included successful this year’s “Forbes” database of the world’s billionaires, with a combined wealthiness of $57 billion. But of these, lone 3 are autochthonal Cypriots: the children of the precocious apical shipowner Loukas Haji-Ioannou, Poly, Stelios and Klelia. The different 7 obtained Cypriot citizenship for assorted reasons, the main 1 being that the land offers 1 of the astir charismatic taxation regimes among Eurozone and EU countries. For this crushed it attracts magnates who, by acquiring Cypriot citizenship, instrumentality vantage of this authorities and summation their wealth.

Cyprus is simply a low-tax centre owed to favourable rates, incentives for holding companies, and an extended web of double-taxation treaties. Fully aligned with the EU, it remains a fashionable destination for planetary businesses. Indicatively, the firm taxation complaint is lone 12.5%, among the lowest successful the EU. There are besides important exemptions for holding companies (e.g. exemption from dividend and involvement tax), precise debased costs for institution setup and maintenance. Moreover, with the latest taxation betterment passed past December, taxation exemptions and reliefs person been further expanded.

The “tanker wolf”
John Fredriksen obtained Cypriot citizenship successful 2006, arsenic the richest Norwegian astatine the clip and consistently ranking wrong oregon adjacent the apical 100 richest radical successful the world. With a nett worthy present reaching $21.2 billion, successful 2026 helium holds presumption #118 connected the “Forbes” list. He is the “ultimate emperor of lipid tankers”, owning the largest tanker fleet successful the world.

John Fredriksen – $21.2 cardinal #118 successful the world

If determination is specified a happening arsenic a “self-taught shipowner”, it perfectly describes Fredriksen, who began his vocation arsenic a courier clerk astatine a shipping broker successful Oslo. He rapidly learned the secrets of the shipping industry, adjacent dropping retired of nighttime schoolhouse to afloat dedicate himself to it. He climbed measurement by measurement to the top.

Born connected 10 May 1944 successful the Oslo suburb of Eidsvoll, the lad of a elemental welder, Fredriksen entered the lipid trading concern successful the 1960s. His institution was based successful Beirut. He bought his archetypal tankers a fewer years later. His luck exploded done a high-risk move, suffering vessel losses but besides immense profits erstwhile helium handled Iranian crude lipid transport during the Iran–Iraq warfare successful the 1980s.

His assertive strategy of buying tankers astatine debased prices and maximising profits during periods of precocious request helped him accumulate important wealth. It was this assertive concern strategy that earned him the nickname “the large wolf”.

Beyond Frontline Ltd., which became the world’s largest tanker operator, helium diversified his investments implicit the years. He holds important stakes successful offshore drilling done Seadrill, successful aquaculture done Mowi, present the largest institution successful the sector, and successful adust bulk shipping done Golden Ocean Group. He manages each of them done umbrella concern structures specified arsenic Hemen Holdings and Meisha. In 2012 helium was listed by “Bloomberg Markets” among the 50 astir influential radical successful the world, and successful 2014 and 2017 ranked highly successful Lloyd’s List “Most Influential People”.

In 1973 helium met Inger, whom helium joined successful Athens, and successful 1983 they had duplicate daughters, Kathrine and Cecilie. Inger died of crab successful 2006. He permanently resides successful Chelsea, London, successful a 3,000 sq.m mansion called “The Old Rectory”, erstwhile the residence of a parish priest, dating backmost to 1725. Its worth contiguous exceeds $300 million. According to the “Evening Standard”, the Chelsea mansion erstwhile belonged to Greek shipowner Theo Angelopoulos, from whom Fredriksen bought it for £37 cardinal successful 2001.

In 2004, Roman Abramovich had shown involvement successful acquiring it, but Fredriksen rejected an connection of $125 million. Cyprus is the taxation basal of his businesses, though their office are located successful different countries. Last twelvemonth helium closed the Seatankers office successful Sloan Square, London, signalling a penchant for managing his empire from the UAE. However, his decisions whitethorn present beryllium reconsidered owed to the war. According to manufacture sources, Seatankers precocious agreed to physique 2+2 Newcastlemax vessels astatine China’s Dajin Heavy Industry shipyard, astatine $73.5 cardinal each.

Vinod Adani – $20.8 cardinal #121 successful the world

The Indian magnate
The 77-year-old Vinod Shantilal Adani is the elder member of Gautam Adani, erstwhile the 3rd richest idiosyncratic successful the satellite and presently ranked 30th connected the 2026 “Forbes” list, portion Vinod is ranked 121st.

The Adani Group operates ports, airports, vigor accumulation and transmission, arsenic good arsenic renewable energy, and successful 2022 became India’s second-largest cement shaper aft acquiring Holcim’s Indian assets for $10.5 billion.

Vinod was calved successful 1947 successful Gujarat, India. He maintains a household concern bureau successful Dubai, wherever helium has lived since 1994. He owns Excel Investment and Advisory Services and holds important stakes successful Adani Enterprises, Adani Ports and Adani Power Limited.

In 1976 helium founded VR Textile successful Mumbai, a textile and loom manufacturing business. Recognising opportunities successful planetary commodities markets, helium expanded to Singapore successful 1989 and Dubai successful 1994, focusing connected oil, sugar, aluminium, copper and scrap metallic trading. His planetary operations became cardinal to the Adani Group’s planetary proviso chains.

In 2010 helium took power of Electrogen Infra and its genitor institution Electrogen Infra Holdings. A 2023 study by Hindenburg Research criticised him for managing ammunition companies to unafraid financing. It identified 38 offshore entities successful Mauritius and others successful Cyprus, the UAE, Singapore and the Caribbean linked to Vinod oregon adjacent associates.

Following further investigations by the “Wall Street Journal” and Bloomberg, and revelations of irregular transactions, India’s Securities and Exchange Board (SEBI) recovered successful April 2024 that Adani companies had received backing from up to 12 offshore entities linked to Vinod. The radical paid fines to settee allegations. In Cyprus, Vinod has registered companies including JM Asian Cyprus A Limited, Neptune Asian Cyprus B Limited and Vakoder Investments Limited. He focuses connected identifying emerging markets and gathering resilient proviso chains. He is joined to Ranjanben Adani, and the mates is known for their philanthropic contributions.

Yakir Gabay – $4.2 cardinal #1,011 successful the world

The “Mr Gaza Project”
Yakir Gabay is simply a autochthonal Israeli, present besides a Cypriot citizen, a existent property magnate with a luck of $4.2 billion, yet small known successful his location country. That changed erstwhile Donald Trump appointed him to the highly debated Gaza Peace Council. Everything has its explanation. The 60-year-old Israeli-Cypriot businessman is simply a cardinal pillar successful the planned reconstruction of Gaza, aimed astatine its tourism development.

According to Israeli sources, aft the horrific Hamas onslaught connected 7 October 2023, Gabay worked intensively to signifier a imaginativeness for Gaza’s future. His halfway presumption is that Gaza indispensable make a antithetic economical reality, which is intolerable without stableness and security. His rule is: “It is not the system that brings security, but the opposite.” A prerequisite is Hamas’ disarmament.

In mid-2024, amid ongoing Gaza conflict, Gabay presented his ideas to Jared Kushner, Donald Trump’s son-in-law. After Trump’s re-election, discussions intensified. When the US medication aboriginal presented a 20-point program to extremity the war, Kushner invited Gabay to afloat perpetrate to the issue.

Gabay was subsequently appointed to a assembly including Kushner, Marco Rubio, Steve Witkoff and erstwhile UK Prime Minister Tony Blair. His imaginativeness is to rebuild Gaza from scratch, inspired by the UAE exemplary of development.

He was calved successful Jerusalem. His begetter held elder ineligible and administrative roles successful Israel and the UN. Gabay studied Economics, Accounting, Finance and Business Administration astatine the Hebrew University.

He presently holds 15% of Aroundtown S.A., Europe’s largest existent property institution listed connected Euronext Paris and the Frankfurt Stock Exchange, with a $30 cardinal spot portfolio. He besides owns 63% of Grand City Properties, which manages 63,400 apartments crossed Germany, the Netherlands and London.

Igor Makarov – $2.4 cardinal #1,834 successful the world

4 Russian oligarchs
Four Russian billionaires chose Cypriot citizenship. First is 64-year-old Igor Makarov, with a luck of $2.4 billion, laminitis of Itera, the archetypal autarkic Russian state company, successful 1992. Itera established its US subsidiary successful Jacksonville, Florida, wherever Makarov besides acquired a luxury mansion. It was acquired successful 2013 by Rosneft for $2.9 billion. In 2023 helium renounced Russian citizenship and became a national of the Republic of Cyprus. He is present president of the planetary Areti Group (Itera spelled backwards), registered successful Cyprus, progressive successful vigor and sports investment.

Makarov nary longer has concern ties successful Russia. His companies person been heavy sanctioned owed to the warfare successful Ukraine.

Vladimir Krupchak – $1.6 cardinal #2,481 successful the world

Second is Vladimir Krupchak, with $1.6 billion, derived from his involvement successful Arkhangelsk Pulp and Paper Mill, Russia’s largest cardboard producer. Before 2022 helium controlled Russian and Ukrainian assets of Austria’s Pulp Mill Holding. Born 68 years agone successful Arkhangelsk, helium studied dentistry and aboriginal concern medication successful the United States. He besides served successful the State Duma betwixt 2004–2007. He owns a location successful Limassol, wherever helium often stays with his woman and 7 children.

Valentin Kipyatkov – $1.0 cardinal #3,332 successful the world

The 3 Haji-Ioannou brothers
Next are 2 co-founders, Sergey Dmitriev and Valentin Kipyatkov, who founded the bundle institution JetBrains successful 2000, based successful Prague and Saint Petersburg. Their tools are utilized globally by much than 10 cardinal developers and task managers. Dmitriev is the company’s president. Both ceased each concern enactment successful Russia aft the penetration of Ukraine and renounced their Russian citizenship successful 2023. They present clasp Cypriot passports and unrecorded successful Cyprus. Dmitriev’s luck is estimated astatine $1.4 cardinal (#2,712 globally), portion Kipyatkov’s is $1 cardinal (#3,332).

Sergey Dmitriev – $1.4 cardinal #2,712 successful the world

The genuinely Cypriot-born members of the billionaire database with Cypriot citizenship are the children of Loukas Haji-Ioannou. Poly, Stelios and Klelia Haji-Ioannou proceed their father’s legacy, sometimes unneurotic and sometimes separately, shaping their ain chiseled footprint successful planetary business. Loukas Haji-Ioannou was a landmark fig who near a beardown people connected planetary shipping. A self-made, highly intelligent, visionary and bold entrepreneur, helium built a existent shipping empire and earned the rubric of “king of tankers”. He passed connected to his children some the thrust for concern occurrence and values of generosity and publication to their homeland and society.

Stelios Haji-Ioannou – $1.4 cardinal #2,712 successful the world

Sir Stelios Haji-Ioannou was calved successful Athens connected 14 February 1967. He worked alongside his begetter astatine Troodos Shipping successful Piraeus until the property of 25. He past founded his ain shipping institution Stelmar Tankers, with fiscal enactment from his father. Stelmar was listed connected the New York Stock Exchange successful 2001 and sold to a rival successful 2005 for $1.3 billion. Stelios besides founded the low-cost hose easyJet successful 1994, 1 of the astir palmy successful the sector. He remains a shareholder and controls the casual marque done his backstage institution easyGroup, licensing it to businesses specified arsenic easyHotel, easyCar and easyCoffee.

He graduated from the London School of Economics successful 1987 and holds a master’s degree. At 39 helium was knighted by Queen Elizabeth II. Since 2009 helium has served arsenic honorary consul of the Republic of Cyprus successful Monaco, wherever helium resides. In 2007 helium established the Stelios Foundation, supporting a wide scope of charitable activities successful the UK, Greece, Cyprus and Monaco.

Polys Haji-Ioannou – $1.4 cardinal #2,712 successful the world

The eldest member Poly Haji-Ioannou continues the household shipping contented with his ain fleet. Since 1993 helium has owned Polyar Tankers, with 14 tankers, according to “Forbes”, based successful Oslo with offices successful Limassol, Piraeus, Monaco, Singapore, London, Mumbai, Manila and more. He has besides invested heavy successful commercialized and residential existent property successful Cyprus, Greece, Monaco and London. The 66-year-old Cypriot billionaire built overmuch of his $1.4 cardinal luck from his important involvement successful easyJet. He lives successful Monaco with his family.

The foundation
Klelia Haji-Ioannou is the youngest of the Haji-Ioannou siblings. She is simply a billionaire chiefly owed to her involvement successful easyJet. She owns existent property successful Monaco, London, Greece, Cyprus and crossed Europe. She besides runs a assemblage adjacent Athens featuring works by Picasso, Warhol and Dalí. She studied Banking and International Finance successful London. Her luck is estimated astatine $1.2 billion. She is joined to Konstantinos Skorilas, with whom she has 2 children.

Klelia Haji-Ioannou – $1.2 cardinal #3,017 successful the world

She has founded the Klelia Haji-Ioannou Foundation, housed successful the Trikoupis Tower successful Kifissia, whose intent is to supply scholarships to Greek assemblage graduates for postgraduate studies successful the United Kingdom.