Torbjörn Törnqvist, principal owner of the oil trading company Gunvor, is the Swedish dollar billionaire who has increased his fortune the most in the past year, according to Affärsvärlden’s review of Sweden’s richest. Törnqvist’s fortune is estimated by the newspaper at 4 billion dollars, equivalent to approximately 42 billion kroner, more than doubling last year’s valuation of 1.8 billion dollars. The increase can be attributed to Geneva-based oil trading company Gunvor, one of the world’s largest, making a record profit in the volatile commodities market, where prices rose further after Russia’s large-scale attack on Ukraine. Gunvor is the company that trades the second most in Russian oil of all Western oil companies – until the end of February this year, the company should have sold oil and oil products from Russia to the value of SEK 8 billion, according to the environmental organization Global Witness. Only the Dutch-Swiss commodity trading company Vitol Group has traded more. Gunvor emphasizes that the company complies with all sanctions and that it is not prohibited to trade in Russian oil outside the EU. According to Affärsvärlden, there are 39 dollar billionaires in Sweden, i.e. people who not only have a fortune over 1 billion kroner, but 1 billion dollars.
t4-general
Swedish billionaire makes record year – on Russian oil
