2023 Top 5 Billionaires in Bermuda and their Net Worth — As the pristine paradise of Bermuda graces the Atlantic Ocean, its allure extends far beyond its turquoise waters and pink sand beaches. Amidst this natural beauty, the island is home to a select group of individuals who have scaled the heights of wealth and success. The 2023 top 5 Billionaires in Bermuda embody a captivating blend of entrepreneurship, innovation, and strategic foresight that have propelled them to the summit of affluence. In this article, we delve into the lives, achievements, and contributions of these exceptional figures who not only reflect the island’s economic prowess but also play a crucial role in shaping its present and future.
Diverse Paths to Prosperity
The 2023 top 5 Billionaires in Bermuda hail from diverse backgrounds and industries, encompassing finance, real estate, technology, and more. Their journeys to fortune are as unique as their contributions to the island’s economy, demonstrating the remarkable breadth of opportunities that Bermuda offers.
Pioneering Innovation and Economic Impact
These wealthy individuals are more than just bearers of riches; they are trailblazers who have ignited economic growth through their ventures. Their innovations, investments, and leadership have cultivated thriving sectors within the Bermudian economy, influencing everything from global finance to technological advancements.
Navigating Challenges and Shaping Progress
Bermuda’s affluent elite navigate a dynamic landscape of opportunities and challenges, both domestic and global. As pioneers in their respective fields, they hold a significant responsibility in shaping the trajectory of the island’s economic future. Amidst shifting tides, these individuals adapt, innovate, and contribute to sustainable growth that benefits the island’s populace at large.
2023 Top 5 Billionaires in Bermuda
1. Michael Bloomberg: Net Worth – $ 54.9 Billion
- Michael Bloomberg cofounded financial information and media company Bloomberg LP in 1981.
- He put in the seed funding for the company and now owns 88% of the business, which has revenues north of $10 billion.
- Bloomberg got his start on Wall Street in 1966 with an entry level job at investment bank Salomon Brothers. He was fired 15 years later.
- A major philanthropist, he has donated more than $5 billion to gun control, climate change and other causes.
- He announced a run for president in November 2019 (but dropped out in March 2020), and has spent hundreds of millions to defeat Donald Trump in 2020.
- The mayor of New York City for 12 years, Bloomberg is one of just four individuals to have served that long.
He owns at least six homes, including ones in Bermuda and London.
2. Abigail Johnson: Net worth – $15 Billion
- Abigail Johnson has served as CEO of Fidelity Investments since 2014, when she took over for her father, and has been chairman since 2016.
- Her grandfather, Edward Johnson II, founded the Boston-based mutual fund giant in 1946.
- She owns an estimated 24.5% stake of the firm, which has nearly $2.9 trillion in managed assets.
- Johnson has embraced cryptocurrencies and, in 2018, Fidelity launched a platform that allows institutional investors to trade bitcoin and ether.
- She worked summers at Fidelity through college and joined full-time as an analyst in 1988 after receiving a Harvard M.B.A.
3. John Fredriksen: Net Worth- $10.1 Billion
- Fredriksen’s empire includes oil tankers, dry bulkers, LNG carriers and deepwater drilling rigs.
- In 1960s in Beirut, he got into oil trading; in the 70s he bought his first tankers; in the 80s he ran crude for Iran and had tankers hit by missiles.
- His offshore drilling rig firm Seadrill emerged from bakruptcy in 2018, with Fredriksen helping to raise about $1 billion in new debt and equity.
- His biggest holding is Marine Harvest, now named Mowi, which has rolled up competitors to become the biggest fish farmer in the world.
- In January 2019, Fredriksen invested $350 million in Norwegian Air after the airline failed to find a buyer.
4. Silvio Berlusconi: Net Worth – $7.5 Billion
- Starting in the late 1970s, Silvio Berlusconi built media group Fininvest into a national force, importing American shows like ‘Baywatch’ to Italy.
- He entered politics in the 1990s and was first appointed prime minister of Italy in 1994. He was convicted of bribing a former senator in 2015.
- The three-time prime minister was convicted of tax fraud in 2014 and was initially banned from running for political office until 2019.
- An Italian court lifted the ban in May 2018, and Berlusconi won a seat in the European Parliament the following year.
- His fortune, which he shares with his five children, includes stakes in media, publishing and banking firms.
5. Edward Johnson III: Net Worth – $7.4 Billion
- After a stint in the Army, Edward “Ned” Johnson III became an analyst at money manager Fidelity, which his dad founded in 1946.
- Ned led Fidelity as CEO for 37 years; his daughter Abigail replaced him in 2014.
- He ran the famed Magellan Fund before promoting buy-what-you-know manager Peter Lynch to run it in 1977.
- Fidelity is the second-largest mutual fund manager in the U.S. after Vanguard, with $2.9 trillion in managed assets.
- He’s an avid art collector and his Brookfield Arts Foundation has some 600 paintings, antiques and historical artifacts on loan to various museums.
Catalysts for Philanthropy and Social Change
Beyond their financial triumphs, many of Bermuda’s wealthiest are dedicated to giving back to their communities. Their philanthropic endeavors, charitable contributions, and investments in social causes underscore their commitment to fostering positive change and upliftment within the island’s society.
Pillars of Influence and Inspiration
As pillars of influence and inspiration, the 2023 top 5 Billionaires in Bermuda have etched their names into the island’s history. Their legacies are interwoven with Bermuda’s own narrative of development, resilience, and prosperity. Their stories resonate not only within the island’s borders but also beyond, showcasing the heights that determined individuals can reach in pursuit of success.
Conclusion: Anchoring the Island’s Prosperity
In the sun-dappled haven of Bermuda, the 2023 top 5 Billionaires stand as beacons of prosperity, innovation, and hope. Their accomplishments span a spectrum of industries, illustrating the diversity of avenues available for success within the island’s shores. While their stories are marked by individual brilliance, collectively, they form a tapestry of achievement that shapes Bermuda’s destiny. As the island navigates the complexities of a globalized world, these figures will continue to serve as guides, mentors, and champions of Bermuda’s continued growth and prosperity.