News Local Six wealthy Cypriots own assets equal to Cyprus' GDP

Six wealthy Cypriots own assets equal to Cyprus’ GDP

Although Cyprus is a small country, according to a study conducted by UBS and PwC titled “The Billionaire Effect”, six Cypriot citizen are billionaires with assets reaching €19.9 billion at the end of 2018. In 2017 assets of Cypriot tycoons were worth €17.6.

Ali Janoudi, UBS Global Wealth’s head for Central, Eastern Europe and the Middle East, says that two-thirds of billionaires in emerging economies reside in Saudi Arabia and the United Arab Emirates, but also in Cyprus and Poland.

The richest man holding a Cypriot passport is oil and shipping tycoon John Fredriksen, with an estimated net worth of €7 bn. The 73-year-old Norwegian investor is ranked 228th on Forbes.

Suat Gunsel, believed to be the richest man among Turkish Cypriots, also made the list reaching 1,284th place with a net worth of €1.9 bn. Gunsel, aged 65, owns Near East University in the northern part of Cyprus (recognised only by Turkey).

The Haji-Ioannou siblings remain on the list, with 51-year-old Sir Stelios holding his position at number 1,477 with a net worth of €1.6 bn. The fortune comes largely from easyJet, a private airline company based in London. His brother Polys, 58, is also on the list ranked 1650th with a net worth of €1.4 bn, while sister 47-year-old Clelia is worth €1.3 bn ranked at 1,756th place.

Surendra Hiranandani, also ranked 1756th with net worth €1.3 bn, completes the list of Cypriot billionaires on Forbes. The 63-year-old has Indian origins, being the brother of Mumbai-based billionaire, Indian property tycoon Niranjan Hiranandani, ranked 1561 with a net worth of €1.5 bn.

Sources: Philnews/Business Insider

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