Erik Must Net Worth

Erik Must has an estimated net worth of $1.3 billion, according to Forbes Real-Time Billionaires, Erik Must profile (figures as of October 20, 2026). That is up from $1.1 billion in 2022.

Erik Must is a Norwegian stockbroker and investor, and one of the largest private investors in the Norwegian stock market. He was born in Trondheim on 26 January 1943, the son of banker Arne Bernhoft Must and Svanhild Synnøve Svendsen.

Must is known for keeping out of the spotlight. Even though he is the largest owner of some of Norway's biggest newspapers, he shuns the press and has agreed to only a handful of interviews over the years. As a result, far more is known about his holdings than about the man himself, even though he has long had a major influence over Norwegian media through his ownership stakes.

His holdings reach across Norwegian business and culture. He controls large parts of the publishing house Gyldendal Norsk Forlag and the newspapers Dagens Næringsliv and Adresseavisen. He is a significant owner of the energy company Arendals Fossekompani, and as of 2024 he was the largest private investor in the technology group Kongsberg Gruppen.

How Erik Must made his money

Must started out as a stockbroker at the firm Hans P. Jeppesen, where he met Kjell Christian Ulrichsen. The two went into business together, founding the investment company Avanse Forvaltning and the brokerage Fondsfinans. Thanks to savvy salesmanship, Fondsfinans became a dominant force in Norwegian capital markets in the 70s and 80s.

In 1996 Must bought out Ulrichsen and became the sole owner of Fondsfinans. He used the brokerage's profits to build a large private stock portfolio. Its holdings include large stakes in the hydroelectric power company Arendals Fossekompani and the pulp and paper company Borregaard, along with his media investments and his stake in Kongsberg Gruppen. Because so much of his wealth is held in listed shares, his fortune moves with the Oslo stock market.

How Forbes has valued Erik Must

Forbes first listed Must as a billionaire in 2022, with a net worth of $1.1 billion. He was off the list for the next two years and returned at $1.1 billion in 2025.

His figure rose to $1.5 billion on the 2026 World's Billionaires List, the highest of his record. As of October 20, 2026, the Forbes real-time billionaires tracker showed $1.3 billion. His position near the billion-dollar line means small moves in Norwegian stocks can move him on or off the list.