Forbes’ 39th Annual World’s Billionaires List reveals a record-breaking 3,028 billionaires, with a collective wealth of $16.1 trillion. This marks a sharp increase of $2 trillion compared to last year, highlighting the unparalleled expansion of wealth globally. The number of billionaires surpassing $100 billion has also grown, with 15 members now forming an elite group worth $2.4 trillion, more than the combined net worth of the bottom 1,500 billionaires.
The list is heavily dominated by individuals from the U.S., with 902 billionaires, followed by China and IndForbes’ 2025 Billionaire List: Global Wealth Soars, With 9 Cypriots Among The World’s Richestia. Despite the prominence of American fortunes, the reach of global billionaires extends across 76 countries, and 288 newcomers join the ranks this year, including notable figures like Bruce Springsteen and Arnold Schwarzenegger.
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At the top, Elon Musk reclaimed the title of the world’s richest person, surpassing Bernard Arnault, while Amazon’s Jeff Bezos and Meta’s Mark Zuckerberg round out the top three. However, the story isn’t just about record highs; a notable number of billionaires fell off the list, underscoring the volatile nature of wealth accumulation in today’s global economy.
As the list continues to evolve, one significant development is the rise of new industries, particularly in technology, where AI and crypto billionaires have entered the spotlight. Notably, a shift towards self-made fortunes continues, with 67% of the list comprising individuals who have built their wealth rather than inherited it. The youngest self-made billionaire is Scale AI cofounder and CEO Alexandr Wang ($2 billion), who is 28.
With this in mind, Cyprus now plays a noteworthy role in this global landscape, as it is home to ten individuals who have earned a spot among the world’s wealthiest. Let’s explore these Cypriot billionaires and how they’ve navigated the paths to extraordinary wealth in 2025.
John Fredriksen
John Fredriksen, a Norwegian-born shipping mogul with Cypriot citizenship, ranks 119th globally on Forbes’ 2025 Billionaires List, with an impressive net worth of $17 billion. Fredriksen’s empire spans oil tankers, LNG carriers, dry bulkers, and deepwater drilling rigs, solidifying his reputation as a dominant force in logistics. Based in London.
Fredriksen began his career in oil trading in the 1960s in Beirut and entered the shipping world by acquiring his first tankers in the 1970s. By the 1980s, he was running crude oil shipments for Iran. His offshore drilling rig company, Seadrill, famously emerged from bankruptcy in 2018 after Fredriksen played a crucial role in raising around $1 billion in new debt and equity.
Vinod Adani
Vinod Adani, ranked 146th globally on Forbes’ 2025 Billionaires List, with an estimated net worth of $14.9 billion, is the older brother of Indian billionaire Gautam Adani (28th). While Gautam was once the world’s third-richest person, Vinod has carved out his fortune through his diversified business interests, primarily in infrastructure and commodities.
Though based in Dubai, Vinod holds Cypriot citizenship and uses the island as a hub for managing offshore investments tied to the Adani Group. The Adani Group, which originally started in commodities trading, now spans various sectors, including ports, airports, power generation, transmission, and green energy.
A significant milestone for Vinod came in 2022 when the Adani Group became India’s second-largest cement producer, following the $10.5 billion acquisition of Swiss company Holcim’s Indian assets through Vinod’s investment firms. In January 2023, U.S. firm Hindenburg Research accused the Adani Group of financial fraud and stock market manipulation, leading to a sharp decline in its share prices. However, the Adani Group has firmly denied these allegations.
Yakir Gabay
Yakir Gabay, a Cypriot-Israeli billionaire real estate investor, ranks 902nd on Forbes’ 2025 Billionaires List with an estimated net worth of $4 billion. Gabay is a key figure in European real estate through his 15% stake in Frankfurt-listed Aroundtown SA, where he serves as deputy chairman of the advisory board.
Aroundtown SA manages a vast $30 billion portfolio of commercial real estate across Europe. Additionally, the company holds a 63% stake in Grand City Properties, which owns approximately 63,400 residential apartments in Germany and London.
Originally from Israel, Gabay began his career at Israel’s Securities Authority before transitioning to the private sector. He later became the CEO of the underwriting arm of Bank Leumi, one of Israel’s largest banks, before shifting his focus to real estate investments, where he has since built a substantial European property empire.
Sergey Dmitriev
Sergey Dmitriev, co-founder of software company JetBrains, ranks 1,408th with an estimated net worth of $2.6 billion. A resident of Cyprus, Dmitriev is part of the growing wave of tech entrepreneurs who have relocated to the island, reinforcing its status as a hub for startups and the IT community.
Dmitriev co-founded JetBrains in 2000, a company that develops tools used by more than 10 million software developers and project managers worldwide. He serves as the president of the Prague-based firm, which has become a major player in the global software development industry.
In 2023, Dmitriev renounced his Russian citizenship and became a Cypriot citizen.
Igor Makarov
Igor Makarov, a former professional cyclist and member of the USSR national cycling team, ranks 1,763rd with an estimated net worth of $2 billion. Transitioning from sports to business, Makarov became a major player in the energy sector as the founder of Itera, Russia’s first independent gas company.
In the late 1990s, Itera dominated Russia’s gas exports from Turkmenistan, Makarov’s birthplace. The company later entered a joint venture with state-controlled oil giant Rosneft in 2012, and by 2013, Rosneft had acquired Itera for $2.9 billion.
Makarov’s influence extended beyond business—he was appointed as an energy adviser to the president of Turkmenistan in 2019. In 2023, he renounced his Russian citizenship and became a Cypriot citizen, further embedding himself in the global billionaire landscape while making Cyprus his home.
Valentin Kipyatkov
Valentin Kipyatkov, co-founder of software giant JetBrains, ranks 1,947th with an estimated net worth of $1.8 billion. Alongside his business partner Sergey Dmitriev, Kipyatkov has helped shape the global software development industry while contributing to Cyprus’s growing reputation as a tech and startup hub.
JetBrains, founded in 2000, develops tools used by more than 10 million software developers and project managers worldwide. The company was one of the largest employers of programmers in St. Petersburg before ceasing all Russian business operations in 2022.
Like Dmitriev, Kipyatkov renounced his Russian citizenship in 2023 and became a Cypriot citizen. Now based in Cyprus, he continues to play a key role in expanding the island’s influence in the global tech sector.
Stelios Haji-Ioannou
The Haji-Ioannou family maintains its multigenerational presence on Forbes’ 2025 Billionaires List, with Stelios Haji-Ioannou ranked 2,479th with an estimated net worth of $1.3 billion. The son of a Greek Cypriot shipping magnate, Stelios made his fortune by founding budget airline easyJet in 1995 after leaving his father’s business.
Stelios owns around 4% of easyJet, while his siblings, Clelia and Polys, also hold significant stakes in the airline. Beyond aviation, he retains control of the “easy” brand through his private company, easyGroup, which licenses the name to ventures such as easyHotel, easyCar, and easyCoffee.
Despite easyJet’s UK-based operations, the Haji-Ioannou family’s wealth remains closely tied to Cyprus, reinforcing its legacy in both the shipping and aviation industries.
Clelia & Polys Haji-Ioannou
Clelia and Polys Haji-Ioannou, both ranked No. 2,623 with net worths of $1.2 billion each, continue to uphold the family’s business empire, stemming from their stakes in easyJet and other ventures.
Clelia Haji-Ioannou, daughter of the late Greek Cypriot shipping magnate Loucas Haji-Ioannou, built her fortune through her easyJet shares and a vast real estate portfolio worth approximately $240 million across London, Monaco, and Greece. Beyond business, she is a passionate art collector, curating works by Picasso, Warhol, and Dalí in her private gallery near Athens.
Polys Haji-Ioannou, who inherited his father’s shipping acumen, has expanded the family’s maritime legacy with his fleet of 14 tankers. Like Clelia, he holds a significant stake in easyJet and has made major real estate investments in Cyprus, Greece, Monaco, and London, further cementing the Haji-Ioannou name in both the shipping and aviation industries.
Vladimir Krupchak
Vladimir Krupchak (No. 2,623) has amassed a net worth of $1.2 billion, primarily through his stake in Arkhangelsk Pulp and Paper Mill (APPM), Russia’s largest producer of cardboard and a major supplier of market pulp.
Before 2022, Krupchak controlled the Russian and Ukrainian assets of Austria’s Pulp Mill Holding, further solidifying his influence in the pulp and paper industry. His career also saw high-stakes corporate battles, including a notable clash with billionaire Oleg Deripaska over control of APPM in the 2000s.
Beyond business, Krupchak has also been active in politics, serving as a member of Russia’s State Duma. Now based in Cyprus, he continues to manage his investments while leveraging the island’s business-friendly environment.
Conclusion
Cyprus has firmly established itself as a hub for high-net-worth individuals, attracting billionaires across industries—from shipping and real estate to tech and energy. The island’s favorable business environment, strategic location, and investment incentives continue to make it a preferred destination for global entrepreneurs and business magnates. As Cyprus strengthens its position in the global economy, its billionaire residents play a key role in shaping the island’s financial landscape, further reinforcing its status as a major player in wealth and innovation.
Methodology
The World’s Billionaires list ranks every individual whom Forbes estimated to have a net worth of $1 billion or more as of March 7, 2025. Since then, some billionaires have seen fluctuations in their wealth, and Forbes has identified additional billionaires post-publication.
The ranking process involves in-depth research, including interviews with billionaires, their employees, financial advisors, competitors, and industry experts. Analysts review extensive documentation such as SEC filings, regulatory reports, court records, and financial disclosures. The assessment includes assets like stakes in public and private companies, real estate, luxury assets (art, yachts, jets, car collections), and liabilities such as debt and philanthropic contributions. Family wealth is generally excluded unless it remains under the direct control of the founder. In such cases, the listing reflects “& family.” The full ranking of the world’s 3,028 billionaires is available on Forbes’ Real-Time tracker.
