We recently compiled a list of the 12 Wealthiest People in Norway and in this article, we will look at the richest person in Norway.
Norway’s Economy: An Outlook
Norway is a highly developed country with a rather small yet robust economy. It is one of the richest countries in the world with a GDP per capita of $84,851 and a wealth per adult of $385,338. In the first quarter of 2024, the Norwegian economy slowed down with the GDP growth experiencing a 0.2% dip. This represents a significant decline from the previous quarter’s 1.6% surge in the. Private consumption and public spending growth also faced contractions in Q1. Despite the overall slowdown, some mitigating factors promise a potential pick up, such as the annual GDP growth improved at 1.1%.
The country benefits from various sectors including aquaculture, shipping, and oil and gas, among others. The top industries in the country are supported by a strong services sector. The emerging markets in Norway include fintech, cleantech, medtech, and biotechnology. The Norwegian government is boosting its investments in cleantech solutions. For instance, a state enterprise, Enova which is owned by the Ministry of Climate and Environment in Norway recently awarded funding for a feasibility study of direct air capture and storage, signifying Norway’s commitment to developing clean technology for carbon removal.
A Top Business Destination
Norway is one of the top business friendly countries in the world. It offers attractive opportunities to companies looking to expand internationally. It also provides a market for firms with a strong market position and the ability to compete and collaborate in sectors such as Norway’s offshore energy, shipping and maritime, healthcare, tourism, consumer staples, defense, and IT. Norway is home to many subsidiaries of US companies including GE Healthcare, Cusco, Tesla, and others. These companies not only boost the market in the country but also play a pivotal role in local employment. In 2018, 655 US companies in Norway invested NOK 153 billion and employed over 45,000 people.
This Sector has the Highest Investments in Norway.
Oil and gas is the biggest sector in Norway, with its government increasing its estimate for 2025 investments in the country’s hydrocarbon operations. According to Statistics Norway, hydrocarbon extraction and pipeline investments are now projected to be 13% higher in 2024. Spending is forecasted to reach 205 billion kroner in 2025.
The oil and gas sector will invest 246.9 billion Norwegian crowns, up 10.22% from a decade ago, representing increased investments in fields on stream, field development, and pipeline transportation. Equinor ASA (NYSE:EQNR) is the biggest company by market cap in Norway. The energy company specializes in the exploration, production, transportation, refining, and marketing of petroleum and other forms of energy in Norway. It boasts a strong presence across the world, extending to 30 countries. It employs nearly 23,000 people and collaborates with a network of 8,000 suppliers. In 2023, the company logged a net operating income of $35.77 billion and produced 2,082 mboe of oil and gas per day. The company is heavily investing to maintain Norway’s position as a key supplier of gas in Europe. It has committed an annual $6 billion to fund exploration, drilling, and existing projects in the North Sea. This will help Norway keep its position as an exporter of nearly 40 billion cubic meters of gas per year through 2035 and ensure steady output.
Equinor ASA (NYSE:EQNR) is also committed to its transition to net carbon emissions. It aims to reduce net carbon intensity by 40% by 2035. In 2023, it generated 4,235 GWh of renewable energy. It is actively reducing its emissions from its offshore operation by making a switch to shore power for Sleipner and Gudrun platforms and other associated fields in the region. The electrification of this project will reduce carbon emissions by 160,000 tonnes, contributing to EQNR’s emission goals and ultimately Norway’s goal of reducing oil and gas emissions by 50%. The company has invested 1.08 billion NOK in the project and created 250 jobs.
Moreover, Equinor ASA (NYSE:EQNR) is actively positioning itself as a key market player in the European carbon storage market. It has secured two licenses of 100% share in the North Sea, with a storage capacity of nearly 5 million tonnes of CO2 per year when in operation. Another significant effort in the carbon storage market by EQNR is its recent partnership with Ørsted and Nordsøfonden for a project in Denmark with a potential capacity to store 12 million tonnes of CO2 annually. EQNR will hold a 60% share in the Danish exploration license, leveraging its 30 years of experience in this field. The company will benefit from these investments to reach its goal of 30-50 million tonnes of CO2 storage capacity annually by 2035.
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Methodology
To compile our list of the 12 wealthiest people in Norway, we consulted the real time billionaires data from Forbes and ranked the wealthiest people in Norway in ascending order of their net worths, as of June 28.
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The Wealthiest Person in Norway
1. Ivar Tollefsen
Net Worth as of June 28: $8.1 billion
Ivar Tollefsen is the wealthiest person in Norway, He started his first company, Tollefsen Enterprises at the age of 14. The company rented out DJ services and event equipment. He began his real estate company, Fredensborg AS with his DJ business earnings. His company owns 100,000 apartments in Europe. He also bought a building in Oslo in 2017 that used to house the US embassy. As of June 28, he has a net worth of $8.1 billion.
Curious to learn about other wealthy individuals in Norway? Check out our report on the 12 Wealthiest People in Norway.
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