No More Billionairs In Iceland

21.3.2013
Words by Catharine Fulton
There are no more billionaires in Iceland, with all the pre-crash billionaires having either lost or exported their wealth, RÚV reports.

Back in the roaring days of 2007 and thereabouts Iceland claimed six (US dollar) billionaires, in an economy worth about $13 billion, according to Bloomberg.

Among the billionaires to lose it all are Björgólfur Guðmundsson, former chairman and owner of west Ham united FC, and former majority owner and chairman of Landsbanki; and former Baugur Group head honcho recently handed  a suspended sentence for accounting fraud, Jón Ásgeir Jóhannesson. Both men filed for bankruptcy in 2009.

The only Icelander still to be considered a billionaire is Björgólfur’s son and Iceland’s original billionaire, Björgólfur Thor Björgólfsson who, despite playing a role in the financial collapse, was able to escape with $1 billion in tact. He resides in the UK.



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