Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

# 355 Antti Herlin $5.34B

Random fact: London's Shard skyscraper uses Kone elevators.

Overview

Herlin is Finland's richest person and the largest individual shareholder of Kone, a publicly traded elevator and escalator manufacturer. He serves as chairman of the Espoo, Finland-based company, which has been controlled by the Herlin family since 1924. Kone had revenue of 9.1 billion euros ($11 billion) in 2018.

As of :
Last change +$55.3M ( +1.1%)
YTD change +$1.32B ( +32.8%)
Industry Industrial
Biggest asset KNEBV FH Equity
Citizenship Finland
Age 63
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Antti Herlin's net worth of $5.34B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Herlin's fortune is derived from a 14% stake in Espoo, Finland-based elevator maker Kone, according to a Bloomberg analysis of the shareholding structure provided on its corporate website as of May 31, 2019. He's run the company since 1996 and has served as its chairman since 2003. 

He also owns 15% of Helsinki-based building systems provider Caverion, 2% of Helsinki-based real estate developer YIT and 6% of Finnish media company Sanoma, according to their corporate websites and company filings.

Herlin controls these shares directly and through the Helsinki-based investment vehicles, Holding Manutas and Security Trading. The Kone Foundation has a 49% stake in Manutas, according to a 2005 company presentation. These shares are excluded from Herlin's net worth calculation because he doesn't control, own or benefit from the shares, according to the foundation's charter, Kone company spokesman Jukka Ala-Mello said.

The value of his cash investments is based on an analysis of dividends, insider transactions, taxes and market performance.

Ala-Mello declined to comment on Herlin's net worth.

Biography

Birthdate: 11/14/1956
Family: Married, 4 children
Education: Saint Petersburg State University of Economics & Finance, University of Art & Design Helsinki, Aalto University School of Business

Antti Herlin was born in 1956, in Finland, the oldest of five siblings. He studied cattle raising in the U.S. and holds honorary degrees from St. Petersburg State University of Economics and Finance and the Helsinki School of Economics, as well as a degree in art and design from the University of Art and Design Helsinki. His great-grandfather, Harald, acquired a financially troubled Helsinki manufacturer called Kone, "machine" in Finnish, a producer of electric motors and equipment, elevators, carbide lamps, coffee mills and blades for ice hockey skates.

Harald focused the business on elevators, and expanded its output from five elevators built in 1919 to 320 in 1928, the year his son, Heikki joined the company. The company grew to dominate the Finnish elevator market and, under Heikki, expanded to cranes, motors, hoists and other industrial equipment, helping the business grow in the years during and after the country's war of independence with Russia and WWII.

Antti Herlin's father, Pekka, joined the family business in 1954, and took over 10 years later. It acquired Swedish elevator maker Aseain 1968 and the elevator division of Westinghouse in 1974. After falling behind technologically and doing 70 percent of its business in Europe, Pekka Herlin divested all the business lines except for elevators and escalators.

The billionaire took control of the company in 1996, after his father had grown ill, and three years later was given control of Kone, a secret that was kept from his siblings for a year, according to a 2006 post on the website of the Finnish embassy in Canada. One of Antti's three brothers, Ikka wanted to run Kone, and a family feud ensued. The same year the company announced its EcoDisc technology, which allowed elevators to operate without machine rooms. The feud was solved in June 2005, when the siblings were given shared control of Cargotec, a Finnish conglomerate Antti had acquired in 2002.

Milestones
  • 1924 Herlin's great-grandfather, Harald, acquires financially troubled Kone.
  • 1939 Kone produces its 3,000th elevator.
  • 1968 Purchase of Asea's elevator business sees Kone expand internationally.
  • 1996 Antti given control of Kone over siblings. Family feud ensues.
  • 2005 Siblings given control of renamed conglomerate Cargotec, ending feud.
  • 2010 Kone supplies elevators and escalators to Marina Bay Sands.
  • 2012 London's Shard skyscraper opens with 33 Kone elevators.
  • 2014 Tiina and Antti Herlin Foundation is created.