Previously we published a report on the 30 Wealthiest People in Sweden. Let’s take a look at the wealthiest person in Sweden.
An Analysis of the Swedish Economy
Sweden is one of the richest countries in the world with a GDP per capita of $67,350 in 2024. The government has always favored long-term growth strategies that have helped the economy today. Some of its exemplary policies include establishing a ceiling on public spending preventing the accumulation of debt. Sweden also ranks eighth on the IMD World Competitiveness Ranking 2023, an indication of its diverse and competitive economy. The service sector has been growing tremendously and is producing tech unicorns at a rapid pace, startups and companies valued at over $1 billion.
On May 26, Reuters reported that the Swedish economy has started to cool off after reporting record levels of growth in 2023. GDP figures are still high and consumer activity remains strong despite six rate hikes since the summer of last year. In an update on June 20, Reuters reported that GDP is expected to grow by 2.4% this year and 1.9% the next. Previously in March, the forecasted growth rates for GDP in 2024 and 2025 were 2.8% and 2.1% respectively. The Swedish economy is expected to slow down as investment in housing declines.
On May 8, Reuters reported that Sweden’s central bank made its first rate cut since 2016 from 4% to 3.75%. The central bank is expected to have two more rounds of rate cuts in the next six months of 2024, as inflationary pressures continue to ease. Inflation is expected to stabilize at 2% in 2024, after hitting a peak of 10% in late 2022. While inflationary pressures are easing, the central bank is concerned that an easier monetary policy would devalue the Swedish crown. You can also read our piece on the wealthiest people in Singapore.
Where is the Swedish Government Investing?
The country’s stance on tech and ICT is evident from its expenditure in the IT sector. Last month, Vinnova, the Swedish Governmental Agency for Innovation Systems, announced a partnership with the Swedish Research Council to advance research and innovation in sixth-generation wireless communication systems. The two entities will collaborate with the National Science Foundation (NSF) in the United States. The Swedish government is also making hefty investments in 6G. It is giving Vinnova a total of 390 million SEK for 6G projects between 2024 and 2026. Of the total amount, 140 million SEK was awarded to the Swedish Research Council. The country believes that bilateral agreements with other countries will advance its research and development in 6G. On May 29, Vinnova also announced proposal calls within 6G in collaboration with the Swedish Research Council. These projects are aimed to improve basic research, applied research, and innovation in 6G between 2024 and 2026 and are to be executed with a total budget of 90 million SEK. Vinnova will also be responsible for supervising funding for 100 degree theses based on 6G until 2026.
Ericsson Disrupting Telecom with 6G Research
Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) is a telecommunications company based in Sweden. The company was founded in 1876 and has more than 100,000 employees. The company developed some of the first telephones in the world that are now responsible for 40% of the world’s data. Today, Ericsson creates a more sustainable future by developing technologies for mobile broadband internet communications. Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) has more than 21 research and development centers headed by over 27,000 R&D experts. It owns more than 60,000 granted patents and has signed over 100 licensed agreements.
According to Ericsson’s (NASDAQ:ERIC) 6G white paper, sixth-generation wireless communication networks will be built on the foundations of 5G and 5G advanced and will exhibit more complex cognitive computing functions. As per the company, 6G is expected to be made available by the early 2030s. The company’s mission is to build 6G, such that the connection between the physical and digital world is as seamless as possible. Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) listed nine crucial takeaways from preliminary research done on 6G. According to the company, sustainability and network resilience are key to the success of 6G. Additionally, 6G will be able to deliver top-notch performance, have extreme sensing capabilities, support trillions of embeddable devices, have a more adaptable and dynamic architecture, and have the ability to learn and act autonomously.
Given that 6G is to be built on the foundations of 5G and advanced 5G, Ericsson suggests that rapid adoption of 5G is crucial and necessary over the next few years. The company’s mobility report expects global 5G subscriptions to reach 5.6 billion by the end of 2029. Subscriptions in Southeast Asia are expected to reach 560 million and data traffic per smartphone will grow to 42 GB per month from 17 GB per month by 2029. In March 2024, mobile network data traffic grew by 25% year-on-year and is expected to grow at a compound annual growth rate of 20% by 2029.
Now that we have studied the Swedish economy and the most dominant industry, let’s take a look at the wealthiest person in Sweden. You can also take a look at the wealthiest people in Japan.
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Our Methodology
To compile our list of the 30 wealthiest people in Sweden, we utilized the real time billionaires data from Forbes and ranked the wealthiest people in Sweden in ascending order of their net worths, as of June 29.
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The Wealthiest Person in Sweden
Stefan Persson
Net Worth as of June 29, 2024: $17.8 Billion
Stefan Persson is the wealthiest person in Sweden with a net worth of $17.8 billion. He owns a 36% stake in Hennes & Mauritz, a popular fashion retailer. He stepped down from his position as chairman in May 2020. His son, Karl-Johan then became chairman of the company. The company was originally founded by his father in 1947. The 76-year-old has three children and a sister. He is the 107th richest person in the world.
Curious to learn about other wealthy individuals in Sweden? Check out our free report on the 30 Wealthiest People in Sweden.
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