Big fish: the aquaculture tycoons on Norway's Rich List
Mowi’s leading shareholder tops Norway’s Rich List, but he is far from the only seafood baron to feature in it, as Vince McDonagh reports.
Many of Norway’s richest men have links to the seafood industry – and to salmon farming in particular, a recent survey has found.
At the very top of the list is ship owner and aquaculture tycoon John Fredriksen, the largest single shareholder in Mowi, who is estimated to have a personal fortune worth NOK 205bn – or some £15bn in sterling terms.
He is now a citizen of Cyprus and living between that island and London, but this Norwegian-born industrial giant earns over NOK 200m (£14m) each day from his fish farming, shipping and oil and gas businesses.
But while he is far out in front among seafood magnates he is far from being alone on the list.
The figures have been compiled by the Oslo-based financial journal Kapital which publishes its own Norwegian table of the 400 richest Norwegians, similar to the UK’s annual Sunday Times Rich List
In the case of John Fredriksen, officially Norway’s richest man, the journal uses the category “trillion” (in krone) for the first time.
In a frank interview with shipping newspaper Tradewinds, 80-year-old Fredriksen indicated he wants to retire.
“It will be nice to finally transfer more responsibility and even more ownership to others. I’m looking for people who can take over,” he said.
“There must be people who are smarter than me, who think long-term and can take this longer,” the magnate added.
Fredriksen has decided that his twin daughters Cecilie (who is on the board of Mowi) and Kathrine Fredriksen will not take control of the companies.
“My daughters should not have to live with the work every day I have had,” he said.
While many of Norway’s billionaires have gone to live abroad for tax reasons, this is not the generally the case with those in seafood. Most are still active and living and working in Norway.
One of them is 71-year-old Gustav Witzøe and number seven on the Kapital list who is said to be worth almost NOK 50bn (£3.5 bn).
He is the founder of SalMar, the world’s second largest salmon farmer with ambitions to be the first.
Witzøe holds a degree in engineering. After several years as an engineer he co-founded BEWI AS, a company producing styrofoam boxes for the fish farming industry.
Witzøe held the position as Managing Director of BEWI AS until 1990. He then founded SalMar ASA in 1991 gaining extensive experience in fish farming and salmon processing.
SalMar expanded steadily but made a huge jump a couple of years ago when he took over rival NTS group which included Norway Royal Salmon.
His son Gustav Magnar, who inherited a large stake in the business, is thought to be worth around £2.15bn and is active in the group.
Helge Gåsø, the founder of aquaculture and shipping group NTS, saw his business acquired by his rival, Gustav Witzøe.
Gåsø received a substantial cash settlement for his stock – he was formerly the company’s biggest shareholder – and he is now said to be worth NOK 5bn (£358m).
Gåsø is good for five billion kroner or £350m and he is fighting back to rebuild his seafood portfolio which he says will benefit coastal communities.
Helge Avid Møgster, the founder of Austevoll seafood which in turn controls the Leroy Seafood Company, is also on the list.
A former fisherman, he is estimated to be worth NOK 6bn or around £420m, says Kapital.
Ola Helge Holmøy is not the highest profile salmon farmer in the country, says Kapital. But his ownership stake in Eidsfjord Sjøfarm has pumped up his assets to NOK 6.85bn.
Meanwhile, Per Grieg junior is the richest member of the Grieg family and worth an estimated NOK 3bn-plus (£212m).
His three sisters also sit on sit on NOK 2.95bn (£211m), NOK 2.9bn (£207m) and NOK 2.7bn (£193m) respectively.
Nordlaks owner Inge Berg increased his wealth in 2023 by over 34%, to NOK 4.61bn (£329m).
Gigante Salmon owner and Managing Director Kjell Lorentsen follows with values of NOK 2.5bn. The company is currently in expansion mode.
Sølvtrans vessel
Sølvtrans founder Roger Halsebakk also has plenty of money. Specifically, NOK 2.35bn (£168m).
One Central Norwegian farmer, Halle Sivertsen, is now worth NOK 1.95bn (£137m).
Pan Fish founder Bjarte Tunold is estimated to have a fortune of NOK 1.85bn (£130m). It is identical to Nils Martin Williksen, who sold out of NTS in 2022. So did Terje Bondø, who is sitting on NOK 1.75bn (£123m).
Jacob Palmer Meland
New to the list this year is Lovundlaks’ owner Jacob Palmer Meland. He is assessed by Kapital to be worth NOK 3.95bn (£278m).
Erko Seafood’s Kjell Haugland follows, with a fortune of NOK 3.6bn (£253m). It is enough to get past Finn Sinkaberg. The Rørvik farmer is sitting on values worth NOK 3.4bn (£239m).
Gerhard Meidell Alsaker, who co-founded Alsaker Fjordbruk and also invests via Meidell AS, is worth NOK 2.87bn (£205m).
And so the list goes on. As expected the publication of the list has refuelled the debate over the land salmon tax brought in by the Labour-Centre coalition three years ago.
Since the salmon tax was introduced, the salmon magnates have increased their assets by an estimated NOK 26bn (almost £2bn) while the combined 51 salmon billionaires (excluding John Fredriksen) own a combined value of NOK 174bn (£12bn).
Nice work if you can get it!
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