NetWorth
LeaderPortfolio
Must
Erik Must
Rank #2904
NORWAY•Finance & Investments•stock brokerage

Erik Must

Net Worth
$1.276B
-3.17% (24h)
Erik Must, born in 1943, is a prominent Norwegian investor and stock broker with an estimated net worth of $1.5 billion. His wealth stems from his successful career in the stock brokerage industry. Must is known for founding the investment company Avanse Forvaltning and later acquiring Fondsfinans. He is a significant investor in Norwegian media and energy companies, demonstrating a strategic approach to building a diversified portfolio and is ranked #2600 on the Forbes Billionaires list.

How to read Erik Must's profile

Public net-worth figures are estimates. They combine observable inputs—typically listed equity, disclosed transactions, and market prices—with editorial judgment where filings are incomplete (for example, private holdings, debt, or cross-holdings). For Erik Must, we anchor the narrative to Stock brokerage and stock brokerage, then update the headline number as markets move. The chart on this page is meant to show trajectory, not a certified balance sheet.

When you see $1.276B alongside global rank #2904, interpret it as our best synthesis of widely cited ownership and price signals—not a claim about cash on hand. Estimates can diverge from other publishers because of different treatment of options, trusts, charitable vehicles, or illiquid assets. We document the general approach in methodology and welcome corrections via corrections.

Country (NORWAY) and career milestones on this page are curated for reader context; they should be verified against primary sources when used for research. Editorial metadata for this profile is refreshed on a rolling basis, with deeper audits at least annually (last noted cycle: 2026).

Looking for depth? When available, the dossier and timeline sections below add long-form context beyond the headline number—prioritize those modules when evaluating claims about strategy, controversies, or philanthropic commitments.

The Full Dossier

Early Life

Erik Must was born on January 26, 1943, in Trondheim, Norway. He is the son of banker Arne Bernhoft Must. Details about his early life and education are limited, but he graduated from Copenhagen Business School with a degree in Business Administration.

Rise to Success

Must began his career as a stockbroker. He partnered with Kjell Christian Ulrichsen and established the investment company Avanse Forvaltning. Later, Must acquired the brokerage firm Fondsfinans. Through savvy salesmanship and strategic investments, Must built a large private stock portfolio, dominating Norwegian capital markets. His wealth increased by leveraging profits from Fondsfinans.

Key Business Strategies

Erik Must is known for his keen eye for investment opportunities, primarily within the Norwegian market. He has demonstrated a preference for building significant stakes in various companies. He has invested in hydroelectric power, media, and energy, showing a strategic interest in diverse sectors. Must is recognized for his long-term investment approach and has built holdings over many years. His investment vehicle, Must Invest, is also used for private deals.

Philanthropy

While specifics on his philanthropy are not widely publicized, Erik Must serves on the board of the SAM fund for medical research. He has also been involved with the Norwegian Museum of Cultural History.

Career Timeline

2024

Largest Private Investor in Kongsberg Gruppen

His assets in Kongsberg Gruppen reached an estimated worth of NOK 5 billion.

1996

Acquired Fondsfinans

Must bought out Ulrichsen and leveraged profits to build a large private stock portfolio.

1970s-1980s

Founded and Dominated Norwegian Capital Markets

Formed the brokerage firm Fondfinans with Kjell Christian Ulrichsen and excelled in the Norwegian capital markets.

Philanthropic Impact

Medical ResearchUndisclosed

SAM fund for medical research

Must serves on the board.

Key Business Ventures & Holdings

CompanyStakeValue
Borregaard ASA7.25%$0.135M
Gyldendal Norsk Forlag ASA87.26%$0.104M
Elkem ASA3.07%$0.063M
Vow ASA14.48%$0.013M
Kongsberg Gruppen2.59%—

Net Worth History

In-Depth Analysis

Early Life

Erik Must was born on January 26, 1943, in Trondheim, Norway. He is the son of banker Arne Bernhoft Must. Details about his early life and education are limited, but he graduated from Copenhagen Business School with a degree in Business Administration.

Rise to Success

Must began his career as a stockbroker. He partnered with Kjell Christian Ulrichsen and established the investment company Avanse Forvaltning. Later, Must acquired the brokerage firm Fondsfinans. Through savvy salesmanship and strategic investments, Must built a large private stock portfolio, dominating Norwegian capital markets. His wealth increased by leveraging profits from Fondsfinans.

Key Business Strategies

Erik Must is known for his keen eye for investment opportunities, primarily within the Norwegian market. He has demonstrated a preference for building significant stakes in various companies. He has invested in hydroelectric power, media, and energy, showing a strategic interest in diverse sectors. Must is recognized for his long-term investment approach and has built holdings over many years. His investment vehicle, Must Invest, is also used for private deals.

Philanthropy

While specifics on his philanthropy are not widely publicized, Erik Must serves on the board of the SAM fund for medical research. He has also been involved with the Norwegian Museum of Cultural History.

Data Sources & Methodology

Figures for Erik Must are synthesized from the sources below and cross-checked against our net worth methodology. Estimates may lag market moves; see corrections to report discrepancies.

You may also like

HubAll BillionairesHubGlobal RankingsHubNewsroom