New names on Forbes list of Cyprus billionaires

Some new names have been added near the top of the list of billionaires with Cypriot citizenship included in prestigious US business magazine Forbes’ most recent ranking of The World’s Billionaires.

The World's Billionaires is an annual list of people who are considered to have a net worth of $1 billion or more. The ranking was first published in March 1987. It should be noted that the total net worth of each individual on the list is estimated and cited in United States dollars, based on their documented assets and accounting for debt and other factors. The list does not include royalty and dictators whose wealth comes from their positions and also avoids ranking billionaires with wealth that cannot be completely ascertained.

When it comes to Cyprus, John Fredriksen has topped the list for several years and for this year is reported to have a net worth of $13.7 billion. Born in Oslo, Norway, Fredriksen is now a naturalised Cypriot citizen. As noted by Forbes, the sources of Fredriksen's wealth includes oil tankers, dry bulkers, LNG carriers and deepwater drilling rigs.

In second place this year is Vinod Adani with an estimated net worth of $9.8 billion. He is described as a Dubai-based billionaire businessman and the elder brother of Indian billionaire Gautam Adani. According to Forbes, nearly all of the elder brother’s wealth is connected to shares of Adani Group companies and previously attributed to Gautam Adani.

With a net worth of an estimated $3.7 billion, Yakir Gabay is third on the list for 2023. As reported by Forbes, Gabay is a London-based Israeli-Cypriot businessman who owns 15% of Frankfurt-listed German real estate company Aroundtown SA, where he serves as deputy chairman of the advisory board.

Two new names near the top of the 2023 list, Sergey Dmitriev ($2.5 billion) and Valentin Kipyatkov ($1.8 billion), are connected to the software development private limited company JetBrains, which makes tools for software developers and project managers.

As Forbes reported, Dmitriev and Kipyatkov cofounded JetBrains in 2000 and renounced their Russian citizenship this year. They both now have Cyprus passports and live on the island.

The three names rounding off the top eight on the list are connected to easyJet, namely Polys Haji-Ioannou ($1.1 billion), Clelia Haji-Ioannou ($1 billion) and Stelios Haji-Ioannou ($1 billion).

Polys Haji-Ioanno is the son of late Cypriot shipping magnate Loucas Haji-Ioannou who once owned the world's largest private tanker fleet but according to Forbes, much of his wealth derives from a large stake in easyJet, the discount airline founded by his younger brother, Stelios.

Polys continues the family's shipping legacy with his own 15-tanker fleet and has also invested heavily in both commercial and residential real estate, particularly in Cyprus, Greece, Monaco and London, Forbes said.

Clelia is the sister of Polys and Stelios and also has a stake in easyJet, but also owns approximately $200 million worth of real estate across Europe, including properties in London, Monaco and Greece.

She also has a gallery outside of Athens featuring artwork by Picasso, Warhol and Dali, Forbes reported.

Stelios, meanwhile, maintains ownership of the easy brand through his private company, easyGroup and has licensed the easy name to such businesses as easyHotel, easyCar and easyCoffee.