What common ground could there be between the “ultimate emperor of tankers” on the planet, also known as the “great wolf”, the brother of the second richest Indian, a highly powerful billionaire, and an Israeli magnate, one of the inspirers of Trump’s plan for the tourist development of Gaza? And what links all of them with four Russian oligarchs who, after the invasion of Ukraine, renounced their Russian citizenship?

They are billionaires. And they are all citizens of Cyprus. In total, 10 Cypriots are included in this year’s “Forbes” list of the world’s billionaires, with a combined wealth of $57 billion. But of these, only three are native Cypriots: the children of the late top shipowner Loukas Haji-Ioannou, Poly, Stelios and Klelia. The other seven obtained Cypriot citizenship for various reasons, the main one being that the island offers one of the most attractive tax regimes among Eurozone and EU countries. For this reason it attracts magnates who, by acquiring Cypriot citizenship, take advantage of this regime and increase their wealth.

Cyprus is a low-tax centre due to favourable rates, incentives for holding companies, and an extensive network of double-taxation treaties. Fully aligned with the EU, it remains a popular destination for international businesses. Indicatively, the corporate tax rate is only 12.5%, among the lowest in the EU. There are also significant exemptions for holding companies (e.g. exemption from dividend and interest tax), very low costs for company setup and maintenance. Moreover, with the latest tax reform passed last December, tax exemptions and reliefs have been further expanded.

The “tanker wolf”
John Fredriksen obtained Cypriot citizenship in 2006, as the richest Norwegian at the time and consistently ranking within or near the top 100 richest people in the world. With a net worth now reaching $21.2 billion, in 2026 he holds position #118 on the “Forbes” list. He is the “ultimate emperor of oil tankers”, owning the largest tanker fleet in the world.

John Fredriksen – $21.2 billion #118 in the world

If there is such a thing as a “self-taught shipowner”, it perfectly describes Fredriksen, who began his career as a courier clerk at a shipping broker in Oslo. He quickly learned the secrets of the shipping industry, even dropping out of night school to fully dedicate himself to it. He climbed step by step to the top.

Born on 10 May 1944 in the Oslo suburb of Eidsvoll, the son of a simple welder, Fredriksen entered the oil trading business in the 1960s. His company was based in Beirut. He bought his first tankers a few years later. His fortune exploded through a high-risk move, suffering ship losses but also huge profits when he handled Iranian crude oil transport during the Iran–Iraq war in the 1980s.

His aggressive strategy of buying tankers at low prices and maximising profits during periods of high demand helped him accumulate significant wealth. It was this aggressive business strategy that earned him the nickname “the great wolf”.

Beyond Frontline Ltd., which became the world’s largest tanker operator, he diversified his investments over the years. He holds significant stakes in offshore drilling through Seadrill, in aquaculture through Mowi, now the largest company in the sector, and in dry bulk shipping through Golden Ocean Group. He manages all of them through umbrella investment structures such as Hemen Holdings and Meisha. In 2012 he was listed by “Bloomberg Markets” among the 50 most influential people in the world, and in 2014 and 2017 ranked highly in Lloyd’s List “Most Influential People”.

In 1973 he met Inger, whom he married in Athens, and in 1983 they had twin daughters, Kathrine and Cecilie. Inger died of cancer in 2006. He permanently resides in Chelsea, London, in a 3,000 sq.m mansion called “The Old Rectory”, once the residence of a parish priest, dating back to 1725. Its value today exceeds $300 million. According to the “Evening Standard”, the Chelsea mansion once belonged to Greek shipowner Theo Angelopoulos, from whom Fredriksen bought it for £37 million in 2001.

In 2004, Roman Abramovich had shown interest in acquiring it, but Fredriksen rejected an offer of $125 million. Cyprus is the tax base of his businesses, although their headquarters are located in other countries. Last year he closed the Seatankers headquarters in Sloan Square, London, signalling a preference for managing his empire from the UAE. However, his decisions may now be reconsidered due to the war. According to industry sources, Seatankers recently agreed to build 2+2 Newcastlemax vessels at China’s Dajin Heavy Industry shipyard, at $73.5 million each.

Vinod Adani – $20.8 billion #121 in the world

The Indian magnate
The 77-year-old Vinod Shantilal Adani is the elder brother of Gautam Adani, once the third richest person in the world and currently ranked 30th on the 2026 “Forbes” list, while Vinod is ranked 121st.

The Adani Group operates ports, airports, energy production and transmission, as well as renewable energy, and in 2022 became India’s second-largest cement producer after acquiring Holcim’s Indian assets for $10.5 billion.

Vinod was born in 1947 in Gujarat, India. He maintains a family investment office in Dubai, where he has lived since 1994. He owns Excel Investment and Advisory Services and holds significant stakes in Adani Enterprises, Adani Ports and Adani Power Limited.

In 1976 he founded VR Textile in Mumbai, a textile and loom manufacturing business. Recognising opportunities in global commodities markets, he expanded to Singapore in 1989 and Dubai in 1994, focusing on oil, sugar, aluminium, copper and scrap metal trading. His international operations became key to the Adani Group’s global supply chains.

In 2010 he took control of Electrogen Infra and its parent company Electrogen Infra Holdings. A 2023 report by Hindenburg Research criticised him for managing shell companies to secure financing. It identified 38 offshore entities in Mauritius and others in Cyprus, the UAE, Singapore and the Caribbean linked to Vinod or close associates.

Following further investigations by the “Wall Street Journal” and Bloomberg, and revelations of irregular transactions, India’s Securities and Exchange Board (SEBI) found in April 2024 that Adani companies had received funding from up to 12 offshore entities linked to Vinod. The group paid fines to settle allegations. In Cyprus, Vinod has registered companies including JM Asian Cyprus A Limited, Neptune Asian Cyprus B Limited and Vakoder Investments Limited. He focuses on identifying emerging markets and building resilient supply chains. He is married to Ranjanben Adani, and the couple is known for their philanthropic contributions.

Yakir Gabay – $4.2 billion #1,011 in the world

The “Mr Gaza Project”
Yakir Gabay is a native Israeli, now also a Cypriot citizen, a real estate magnate with a fortune of $4.2 billion, yet little known in his home country. That changed when Donald Trump appointed him to the highly debated Gaza Peace Council. Everything has its explanation. The 60-year-old Israeli-Cypriot businessman is a key pillar in the planned reconstruction of Gaza, aimed at its tourism development.

According to Israeli sources, after the horrific Hamas attack on 7 October 2023, Gabay worked intensively to shape a vision for Gaza’s future. His core assumption is that Gaza must develop a different economic reality, which is impossible without stability and security. His principle is: “It is not the economy that brings security, but the opposite.” A prerequisite is Hamas’ disarmament.

In mid-2024, amid ongoing Gaza conflict, Gabay presented his ideas to Jared Kushner, Donald Trump’s son-in-law. After Trump’s re-election, discussions intensified. When the US administration later presented a 20-point plan to end the war, Kushner invited Gabay to fully commit to the issue.

Gabay was subsequently appointed to a council including Kushner, Marco Rubio, Steve Witkoff and former UK Prime Minister Tony Blair. His vision is to rebuild Gaza from scratch, inspired by the UAE model of development.

He was born in Jerusalem. His father held senior legal and administrative roles in Israel and the UN. Gabay studied Economics, Accounting, Finance and Business Administration at the Hebrew University.

He currently holds 15% of Aroundtown S.A., Europe’s largest real estate company listed on Euronext Paris and the Frankfurt Stock Exchange, with a $30 billion property portfolio. He also owns 63% of Grand City Properties, which manages 63,400 apartments across Germany, the Netherlands and London.

Igor Makarov – $2.4 billion #1,834 in the world

4 Russian oligarchs
Four Russian billionaires chose Cypriot citizenship. First is 64-year-old Igor Makarov, with a fortune of $2.4 billion, founder of Itera, the first independent Russian gas company, in 1992. Itera established its US subsidiary in Jacksonville, Florida, where Makarov also acquired a luxury mansion. It was acquired in 2013 by Rosneft for $2.9 billion. In 2023 he renounced Russian citizenship and became a citizen of the Republic of Cyprus. He is now chairman of the international Areti Group (Itera spelled backwards), registered in Cyprus, active in energy and sports investment.

Makarov no longer has business ties in Russia. His companies have been heavily sanctioned due to the war in Ukraine.

Vladimir Krupchak – $1.6 billion #2,481 in the world

Second is Vladimir Krupchak, with $1.6 billion, derived from his stake in Arkhangelsk Pulp and Paper Mill, Russia’s largest cardboard producer. Before 2022 he controlled Russian and Ukrainian assets of Austria’s Pulp Mill Holding. Born 68 years ago in Arkhangelsk, he studied dentistry and later business administration in the United States. He also served in the State Duma between 2004–2007. He owns a home in Limassol, where he frequently stays with his wife and seven children.

Valentin Kipyatkov – $1.0 billion #3,332 in the world

The three Haji-Ioannou brothers
Next are two co-founders, Sergey Dmitriev and Valentin Kipyatkov, who founded the software company JetBrains in 2000, based in Prague and Saint Petersburg. Their tools are used globally by more than 10 million developers and project managers. Dmitriev is the company’s president. Both ceased all business activity in Russia after the invasion of Ukraine and renounced their Russian citizenship in 2023. They now hold Cypriot passports and live in Cyprus. Dmitriev’s fortune is estimated at $1.4 billion (#2,712 globally), while Kipyatkov’s is $1 billion (#3,332).

Sergey Dmitriev – $1.4 billion #2,712 in the world

The truly Cypriot-born members of the billionaire list with Cypriot citizenship are the children of Loukas Haji-Ioannou. Poly, Stelios and Klelia Haji-Ioannou continue their father’s legacy, sometimes together and sometimes separately, shaping their own distinct footprint in global business. Loukas Haji-Ioannou was a landmark figure who left a strong mark on global shipping. A self-made, highly intelligent, visionary and bold entrepreneur, he built a true shipping empire and earned the title of “king of tankers”. He passed on to his children both the drive for business success and values of generosity and contribution to their homeland and society.

Stelios Haji-Ioannou – $1.4 billion #2,712 in the world

Sir Stelios Haji-Ioannou was born in Athens on 14 February 1967. He worked alongside his father at Troodos Shipping in Piraeus until the age of 25. He then founded his own shipping company Stelmar Tankers, with financial support from his father. Stelmar was listed on the New York Stock Exchange in 2001 and sold to a competitor in 2005 for $1.3 billion. Stelios also founded the low-cost airline easyJet in 1994, one of the most successful in the sector. He remains a shareholder and controls the easy brand through his private company easyGroup, licensing it to businesses such as easyHotel, easyCar and easyCoffee.

He graduated from the London School of Economics in 1987 and holds a master’s degree. At 39 he was knighted by Queen Elizabeth II. Since 2009 he has served as honorary consul of the Republic of Cyprus in Monaco, where he resides. In 2007 he established the Stelios Foundation, supporting a wide range of charitable activities in the UK, Greece, Cyprus and Monaco.

Polys Haji-Ioannou – $1.4 billion #2,712 in the world

The eldest brother Poly Haji-Ioannou continues the family shipping tradition with his own fleet. Since 1993 he has owned Polyar Tankers, with 14 tankers, according to “Forbes”, based in Oslo with offices in Limassol, Piraeus, Monaco, Singapore, London, Mumbai, Manila and more. He has also invested heavily in commercial and residential real estate in Cyprus, Greece, Monaco and London. The 66-year-old Cypriot billionaire built much of his $1.4 billion fortune from his significant stake in easyJet. He lives in Monaco with his family.

The foundation
Klelia Haji-Ioannou is the youngest of the Haji-Ioannou siblings. She is a billionaire mainly due to her stake in easyJet. She owns real estate in Monaco, London, Greece, Cyprus and across Europe. She also runs a gallery near Athens featuring works by Picasso, Warhol and Dalí. She studied Banking and International Finance in London. Her fortune is estimated at $1.2 billion. She is married to Konstantinos Skorilas, with whom she has two children.

Klelia Haji-Ioannou – $1.2 billion #3,017 in the world

She has founded the Klelia Haji-Ioannou Foundation, housed in the Trikoupis Tower in Kifissia, whose purpose is to provide scholarships to Greek university graduates for postgraduate studies in the United Kingdom.