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Billionaire Profile
Erik Must
Global Rank
#3086

Image: Public domain | via Wikimedia Commons

Erik Must

CEO, Must AS
Norway
Real-Time Net Worth
$1B
As of December 2025
Age
82
Source
Stock brokerage
Industry
finance-investments
Citizenship
Norway

Biography

Erik Must, born in 1943, is a prominent Norwegian stock broker and investor, with a net worth of $1.0 billion as of 2024. His wealth primarily stems from his activities in the stock brokerage and finance-investments industry. Must is recognized as one of the largest private investors in the Norwegian stock market. His career began as a stockbroker before co-founding the brokerage firm Fondfinans. He later leveraged the profits from Fondfinans to build a substantial private stock portfolio, demonstrating exceptional skill in the Norwegian capital market. His investments have included significant stakes in companies like Arendals Fossekompani, a hydroelectric power company, and Børregaard, a pulp and paper company. Must's achievements underscore his influential role in Norway's financial landscape.

Wealth Over Time

In-Depth Profile

Early Life

Erik Must was born on January 26, 1943, in Trondheim, Norway. He is the son of a banker and attended the Copenhagen Business School, where he earned a degree in Business Administration.

Rise to Success

Must's career in finance began as a stockbroker at Hans P. Jeppesen. He later co-founded the brokerage firm Avanse Forvaltning and then Fondsfinans. Through Fondsfinans, Must became a dominant figure in the Norwegian capital markets during the 1970s and 1980s. In 1996, he bought out his partner in Fondsfinans, using the profits to build a large private stock portfolio. He is the largest private investor in Kongsberg Gruppen as of 2024.

Key Business Strategies

Must's investment strategy is characterized by a long-term approach. He has been known for acquiring significant stakes in companies and holding them for extended periods. His success is attributed to savvy salesmanship and a keen understanding of the market. He has invested in media companies, including Gyldendal Norsk Forlag, and in energy and technology sectors.

Philanthropy

Erik Must is known for his philanthropic contributions. He has contributed to the development of bioinformatics as a field at the Norwegian University of Science and Technology (NTNU).

Career Milestones

1966

Co-founded Avanse Forvaltning

Established the investment company with Kjell Christian Ulrichsen.

1972

Took over the brokerage firm Fondsfinans

Operated as a stock trader for several decades.

1996

Became Sole Owner of Fondsfinans

Bought out Ulrichsen, using profits to build a large private stock portfolio.

2022

NTNU Honorary Award

Awarded for his contributions to bioinformatics.

Philanthropy & Social Impact

Education and Research

Bioinformatics Funding at NTNU

$35M

Contributed to research and infrastructure at the Norwegian University of Science and Technology.

Business Philosophy & Leadership

Notable Quotes

""I never sell shares.""