Meet The Greek Shipping Billionaires Getting Rich Off Russian Oil

Sanctions after the invasion of Ukraine sent tanker values soaring, boosting the fortunes of these Greek maritime moguls to record highs and minting at least seven new 10-figure fortunes.

Forbes estimates there are now at least 12 shipping billionaires in Greece, more than at any other time in history. Seven of them are making their debut in Forbes’ billionaire ranks. They are worth a collective $32 billion—the equivalent of roughly 12% of the country’s gross domestic product.

These tycoons are the latest in a line of swashbuckling pioneers hailing back to iconic figures like Aristotle Onassis and Stavros Niarchos, who launched the global oil tanker trade after World War II and became famous for their glamorous marriages and lifestyles. This newer group has been in shipping for decades but kept a lower profile. (Despite their success, none would speak to Forbes, while their representatives either declined to comment or did not respond.)

0:00 Introduction
0:24 Greece's Presence In The Shipping Industry
2:46 How Has Greece Made So Much Revenue With Shipping
6:59 How Onassis and Niarchos Reached 10 Figure Status
12:44 Tax Sanctions And Where It Applies In Greece
15:20 How Long Will Greece's Shipping Boom Last

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[stewiegiligan]

Forbes, what size do you wear in cement?

[Matti_us_Alpe]

When Americans get rich while dealing with shady people then it is ok and good.

[spirostravlos]

Yes-yes...Greeks living in Monaco, with offices in London with Panamanian flags and ships in all over the world.
Money has no country.

[sars]

Greek shipping "industry". A nepotistic system revolving around a family owning ships.The only system where you pay zero taxes, and also the only industry where you can purchase a ship with 70%-90% financed by a bank depending how much your family owns politicians. And if your ship does not make money no worries just abandon it for the banks to take over, the citizens will pay.
In Italy their mafia owns the civil sector, in Albania the drugs and human trafficking, in Greece the mafia owns the shipping sector, football clubs and the political parties.

As a Greek i feel offended when i hear about the "Greek shipping industry", these families have nothing to do with Greece, they produce massive wealth for their families and own the useless political parties we have around in the Greek "democratic" system for at least the last 70 years.

[sotossotos]

The title is deceptive Greece has nothing to do with the shipowners. They are international businessmen and the ships are under foreign flags.

[christostentes]

I cant see titles like "the american weapons industry getting rich selling war and death last 80 years" ...i wonder why?

[stavrosr]

They don't even pay taxes in Greece as shipping is exempt from taxation. Hope that those of you that have a normal job and get extorted by taxation, feel a bit better now reading this. Enjoy!

[oyiovqu]

Να μεταφέρει και ο Μελισσανίδης κάνα πετρέλαιο να πάρουμε κάνα παίκτη

[rowinrowinson]

Let's not talk about Lockheed Martin and General Dynamics that profit from war let's talk about obscure Greek ship owners that have zero influence in Washington

[User.premiumpropertiesdeleste]

WRONG ANÁLISIS!
First, Shipping company will get payed as a transporter to move goods from point A to B...the ship owners are NOT TRADERS of oil but transportation contractors.
Second, most of the "Greek" fleet isn't either registered in Greece neither operates from Greece.
Most of Greek owners have their office in London.
Braking sessions! LOOK IN TURKEY!!!

[opzhuoz]

Ok the Greeks are carrying it but who is buying russian oil? For whom they are carrying it for?

[dggmn]

Can you also please make a video about how western companies make money in the area occupied by Turkey in Cyprus

[ioakeimtheodoridis]

i thought forbes was something serious. you cant possibly not know the fact that 80% and more of the fleet of the greek shipowners is flagged to a foreing nation, mostly for tax benefit reason, meaning greece gains nothing from this huge power. they have the power as shipowners, not greece.

[georgeiv]

Greek shipowners made fortunes from breaking blockades . The first one was the one in Napoleonic wars and the wealth that accumulated actually helped the then enslaved Greeks to fight for their freedom for the ottoman empire back in 19th century. Now, the fact that some of the greek shipowners move or moved russian or iranian or venezuelan etc greek owned tankers are 25% of total global dwt and some of it used to carry russian oil since russia didnt have a taker fleet of its own and if they dont move it then someone else will take their contracts (now shadow fleets are doing the job). I think that the majority of them dont carry russian oil that is sold more than the legal rate to begin with. Its just business and if theres a need to move oil from one port to another greek shipowners will be there to do the job. As for tax benefits etc yeah as a greek i can tell you that greek shipowners dont pay 40 to 44 % of their annual income like other people do but i dont think that other great conglomerates or wealthy entrepreneurs pay their fair share of taxes to begin with. I dont think we invented offshore tax heavens in the first place.

[StefAdr]

Billionaires "Getting Rich" 😂
They were poor billionaires before this title 😂

[VasVordokas]

Correction, getting rich off Western sanctions. This is how capitalism works, guys….cmon. We (Greeks) dominate this market. Past present future. PERIOD 🇬🇷📈⚓️

[MaxWell-ppzs]

Their venture in sports and media shows their diversified wealth beyond shipping. I shifted to solid research and diversification over guru advice, and made 1.3M in returns within the past 19 months. Applying certain principles works at any scale

[garmy]

...and who buys the oil carried by their ships?

[Kevinjimtheone]

This is quite misleading, tbh. This has nothing to do with Greece. These are independent businesses, usually family owned, and also usually basically exempt from taxation in Greece.

Not only that, some of them are criminals (see Marinakis).

Finally, it makes sense they would ship the 2nd most Russian oil if they have a top-3 shipping fleet in the world.

[topias]

so Thessaloniki will get two new concrete blocks at the harbor