The Richest Men in Sweden

Like other Scandinavian countries, Sweden scores high on human development index; its people enjoy a high quality of life and the society has ingrained progressive values. The Swedish economy is characterized by a large, knowledge-intensive and export-oriented manufacturing sector as well as a large public service sector. Here are some of its citizens who have made the best of opportunities provided by the Swedish economy and are among the richest men in the country.

1. Stefan Persson
   
   The richest person in Sweden is H&M heir, Stefan Persson with a net worth of $26 billion which is also enough to rank him eighth on Forbes 2012 List of World Billionaires¹. The fashion company Hennes & Mauritz, is the premier cheap-chic apparel chain of Sweden which boasts of an empire spread across 2,500 shops in 43 countries.  H&M added Versace and Marni to its stable of designers in 2011 and opened its first stores in Croatia, Singapore and Romania. Persson, who is also chairman, bought 5 million additional shares of the company and then gifted 4 million, worth $150 million, to a new employee incentive program. Persson's father, Erling, founded the fashion chain H&M in 1947; Stefan took over in 1982 and after running it for sixteen long years, gave up the chief executive position in 1998. In July 2009., Personn  promoted son, Karl-Johan, 35, to the position of chief executive  officer of the company.
   
   At 65 years of age, Stefan Persson enjoys downhill skiing, tennis and golf in his leisure time.  His primary residence is in Stockholm even though he acquired the 21-cottage village of Linkenholt in Hampshire, England in 2009. He is a founder of the Mentor Foundation, a nonprofit that combats substance abuse among youth.
   
   TIP: Millionaire Match has many single millionaire men from Sweden and other European countries looking for women to date and marry.
    
2. Hans Rausing
   
   Though no longer a resident of Sweden ever since his move to UK in the early 1980s, Hans Rausing remains among the richest Swedes in the world. His net worth of $10 billion is lower in comparison to that of sister-in-law Birgit Rausing – $14 billion – who inherited the fortune from her late husband Gad Rausing. The Rausing brothers owe their fortunes to packaging giant Tetra Laval founded by their father in 1944. The company’s fortunes rode on a breakthrough aseptic packaging technology which made it possible to store beverages like milk and orange juice without refrigeration and now it has sales of $12 billion annually. Hans and his brother Gad inherited the business but Hans sold his share to Gad for estimated $7 billion in 1995 and moved to U.K. to avoid punitive Swedish taxes. However Rausing continues to dabble in commercial ventures and he is an investor in Ecolean, maker of environmentally friendly packaging material, and also apparently Chumak, maker of condiments.
   
   Standing at a towering height 6'8", Rausing speaks fluent Russian and collects vintage cars. He now resides on a 900-acre estate in village of Wadhurst in East Sussex. Hans Rausing was also awarded an honorary knighthood for his services to charity in 2006. His Hans Rausing Endangered Languages Project at the University of London, supports research, training, and archiving of endangered languages. He has also historically made numerous contributions to the British conservative party, while his daughter, Sigrid Rausing, gives money to more liberal causes like ones promoting human rights.
   
   

   

   
    
3. Bertil Hult
   
   According to Forbes 2012 World Billionaire List, Antonia Johnson and Liselot Persson figure at the fourth and fifth position among the richest people in Sweden with a net worth of $6.5 and $3.6 billion respectively. The next man among the richest Swedes though is Bertil Hult with a net worth of $3 billion. Himself a college drop-out, Hult started a business in his dormitory's basement with the purpose of helping to set up students with host families. The company, EF Education First, has now expanded to focus on cultural exchanges, educational travel, language training and degree programs. Its programs are now available in over 50 countries. It was the official supplier of language training for the 2008 Beijing Olympic Games. After being at the helm of company affairs for many years Hult has now passed the reins of EF to his sons.
   
   The 71 year old self-made billionaire lives in Lucerne, Switzerland and continues his interest in philanthropy. Among his favourite causes is a Swedish school which has developed innovative support for dyslexia education. Bertil Hult is also a trustee and former chairman of the Mentor Foundation. He is an avid sailor as well and made headlines when he lent his yacht, the Erica XII, as well as his private jet to Swedish royals Crown Princess Victoria and Prince Daniel for their 2010 honeymoon.
    
4. Ingvar Kamprad
   
   No list of richest Swedish men can be complete without mention of Ingvar Kamprad, the legendary founder of global furniture retailer Ikea whose current net worth is pegged at $3 billion.  Known for his relentless pursuit of efficiency, Kamprad introduced the flat-pack in 1953, moved production to Soviet Poland in 1961 to minimize labor costs. Even more important than the large retail chain was the culture he built that made Ikea one of the world's most successful brands; a case in point is the publishing of the Furniture Dealer's Testament or the "Ikea Bible," which includes business and marketing maxims and the Ikea philosophy that its employees are guided by. Even though Ikea remains Kamprad’s primary interest, he also controls the Ikano Group, through which he currently has interests in banking, real estate, asset management and insurance; Ikea is one of the firm's biggest customers.
   
   The 86 year old self-made billionaire is a staunch philanthropist as well – in fact Kamprad’s net worth suffered a significant slide after his lawyers produced documents in 2011 proving that Kamprad had irrevocably transferred the majority of his economic stake in Ikea to his philanthropic foundations. Kamprad though remains unperturbed since apart from his winery in Provence, he has largely remained unconcerned with the material trappings of success. The billionaire reportedly still drives a Volvo 240 GL that he has owned for two decades.
    
5. Melker Schorling
   
   Yet another of Sweden’s billionaires with a net worth of $3 billion according to Forbes, as of March 2012, is Melker Schorling. Schorling is the chairman and owner of investment firm Melker Schorling AB that He founded MSAB in 1999.  In 2006, the firm went public and in the process caught the attention of such investors as fellow billionaire Stefan Persson of H&M, as well as another Swedish billionaire, Gustav Douglas.
   
   The 65 year old self-made billionaire lives in Stockholm; he is married and has two children.

Reference:

1. The World's Billionaires - Sweden