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# 205 Antonia Axson Johnson $9.94B

Random fact: Completed a year as an exchange student at Harvard University.


Johnson is the owner of Axel Johnson Group, a closely held conglomerate with interests in water treatment, freight-lashing equipment, retail, real estate and medical devices. The company had revenue of 94 billion Swedish kronor ($9.3 billion) in 2021 and aims to make long-term investments in the US and Europe.

As of :
Last change +$1.48M ( +0.0%)
YTD change -$67.8M ( -0.7%)
Biggest asset Axel Johnson Inc.
Country / Region Sweden
Age 79
Industry Industrial
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Antonia Axson Johnson's net worth of $9.94B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

of the GDP of the United States
of the total wealth of the 500 richest people in the world
of the top 100 U.S. college endowments
of the top 200 U.S. executives’ total awarded compensation
of U.S. existing home sales
times the median U.S. household income

Latest News

Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

Johnson controls Axel Johnson Group, a closely held conglomerate she inherited on her father's death in 1982. The Stockholm-based company consists of four separate and financially independent groups: New York-based Axel Johnson Inc., as well as Axel Johnson AB, AxFast AB and Altocumulus AB, which are all based in Sweden. Johnson controls the group's holding company, according to local filings.

Axel Johnson Inc. holds stakes in a variety of US industrial interests and is valued using reported financials and the average enterprise value-to-Ebitda, enterprise value-to-sales and price-to-earnings multiples of two publicly traded peer companies: Water Works and Aqua America. The valuation is adjusted for an investment in publicly traded Sprague Resources.

Closely held Axel Johnson AB operates one of the Nordic region's biggest food operations through a 51% stake in publicly traded retailer and wholesaler Axfood. It also holds almost 30% of computer product reseller Dustin Group. Closely held assets include Ahlens department stores, cosmetics retailer Kicks, restaurant supplier Martin & Servera and Axel Johnson International, a collection of companies that make products for industrial companies. The closely-held businesses are valued based on their published revenue, according to Axel Johnson AB's 2021 annual report, and the average enterprise value-to-sales or price-to-sales multiples of publicly traded peers.

AxFast owns properties around Sweden, focusing on retail and distribution operations. Its value, based on the market value of its holdings as disclosed on its website, is reduced by 45% to take account of the group's leverage as calculated by real estate brokers in Stockholm familiar with the company's accounts who asked not to be identified as the information is private.

Asset management company AltoCumulus is valued based on its net assets, according to local filings.


Family: Married, 4 children

Antonia Johnson was born in New York in 1943, the only child of Brazilian mother Antonia de Souza and Swedish father Axel Johnson, the grandson of Axel Johnson's founder. She studied psychology in the 1960s at Harvard University and Stockholm University.

She returned to Sweden after her studies and, in 1964, married her first husband, Swedish count Nils Morner, with whom she had four children. Abandoning plans to be a psychiatrist, she joined Axel Johnson in 1971, and spent the next decade working in the company's various business units.

In 1982, the 39-year-old Johnson took charge of the family shipping and industrial conglomerate, which by then had interests in the U.S. and Sweden, and set about transforming the business. She built it into a retail and trading company with interests in department stores, food distribution, car parts and security services that together generated sales of more than 69 billion Swedish krona ($10.4 billion) in 2012.

She divorced Morner in 1984 and married Axel Johnson Chief Executive Officer Goran Ennerfelt and together they transformed the company to make it more socially responsible, with a focus on the sustainable use of natural resources. Four years later, in 1988, the company acquired the Saba group of retailing companies, which became the basis of the conglomerate's wholesale and retail food interests, as well the trade and industrial distribution units. Meanwhile, the U.S. business also started to focus on long-term investments in companies that are involved in producing environmentally responsible products and services.

The company made acquisitions in the U.S. and Europe, expanding in plumbing, car supplies and industrial machines and instruments. In 2000, the company's Swedish food brands merged to form publicly listed Axfood, in which Axel Johnson retains a 50 percent stake.

Johnson enjoys horse riding and owns an Olympic-level dressage and stud farm at her home near Stockholm. In 2010, she was elected as vice mayor of her hometown for the Liberal Party.

  • 1943 Born in New York to a Brazilian mother and Swedish father.
  • 1953 After her grandfather's death, her father takes over Axel Johnson.
  • 1964 Marries Swedish count Nils Morner with whom she has four children.
  • 1971 Studies psychology and economics at Stockholm University.
  • 1982 Succeeds her father as chairman of the family business at age 39.
  • 1987 Leads the company restructuring into retail and trading businesses.
  • 2010 Elected vice mayor of hometown Upplands Vasby.
  • 2015 Daughter Caroline Berg becomes Axel Johnson chairman.