Newsroom
Cyprus has quietly become a magnet for some of the world's wealthiest individuals, transforming the island into a hub for global business and investment. From shipping magnates to tech pioneers and real estate moguls, the country’s business-friendly environment and strategic location have drawn billionaires from across industries — many of whom are reshaping both the local economy and international markets.
While some of Cyprus’ richest residents are homegrown names, others have secured Cypriot citizenship through the country’s now-defunct investment program. What they all have in common is that they see the island not just as a place to live, but as a launchpad for their multinational business empires.
According to a recent report by Fast Forward, these are the wealthiest individuals linked to Cyprus — and the stories behind their fortunes.
Shipping Tycoons Setting Sail from Cyprus
Leading the list is John Fredriksen, with an estimated net worth of $15.9 billion. The Norwegian-born shipping mogul made his fortune through oil tankers, LNG carriers, and offshore drilling. Though based in London, Fredriksen shifted the headquarters of his shipping giant Frontline to Limassol, cementing his ties to Cyprus as a key player in the island’s maritime industry.
Another shipping heavyweight is Polis Hajiioannou ($1.3 billion), part of one of Cyprus' most influential families. He controls a fleet of tankers and holds significant real estate assets in Cyprus, Greece, London, and Monaco.
Tech Innovators Finding a New Home
Cyprus has also become a haven for tech billionaires, especially since the outbreak of the war in Ukraine. JetBrains co-founders Sergei Dmitriev ($2.9 billion) and Valentin Kipyatkov ($2.1 billion) renounced their Russian citizenships and relocated to Cyprus. Their company, which develops tools for software developers, is used by over 10 million professionals worldwide.
Real Estate Moguls on the Rise
The island’s real estate sector has been another magnet for wealth. Yakir Gabai ($4.0 billion) made his fortune through European commercial properties, with stakes in companies like Aroundtown SA and Grand City Properties, which manage tens of thousands of apartments across Germany and London.
The Adani Connection
Perhaps the most surprising name on the list is Vinot Adani ($14.6 billion), brother of Indian billionaire Gautam Adani. Though based in Dubai, Vinot Adani holds Cypriot citizenship and uses the island as a base for managing offshore investments linked to the Adani Group — one of India's largest conglomerates spanning ports, airports, and green energy projects.
The Hajiioannou Legacy
No billionaire list in Cyprus would be complete without the Hajiioannou family.
Stelios Hajiioannou ($1.2 billion) revolutionized air travel in Europe by founding low-cost carrier easyJet in 1995. Alongside him is his sister Klelia Hajiioannou ($1 billion), who was a key investor in the airline’s early days and has since built a real estate portfolio stretching across London, Greece, and Monaco.
More Than Just Wealth
Beyond their billions, many of these individuals have left a mark on Cyprus itself — whether through business investments, job creation, or philanthropy. Stelios Hajiioannou funds bi-communal initiatives aimed at building bridges between Greek and Turkish Cypriots, while Klelia Hajiioannou has poured money into the arts.
As Cyprus continues to position itself as a global business hub, the presence of high-net-worth individuals is only set to grow — shaping not just the island’s economy, but its role on the international stage.
