“I feel a great responsibility. In a way, I think that I have not made me deserving of this, while I want to help develop Ferd and make it even better. Finding a way to give something back, I think is difficult. The fact that my family has resources has given me many opportunities, especially in the riding, because it requires a lot of capital. But it is not enough to have money to succeed,” Alexandra said as she discussed the wealth of her family.
The Andresen sisters got their riches in 2007 after their father, who owns Ferd Holding, transferred to them his fortune.
The family’s fortune was founded in 1849 by their great-great-great-grandfather who started a tobacco business that later became the leading producer of cigars in Norway. In 20005, the tobacco company was sold for about $500 million, then the money was used to invest in hedge funds and property.
Businesses like private equity and real estates are operated by the Ferd Holdings. In 2007, Johan transferred 80 percent of the company’s shares to his two daughters.
When the Andresen sisters were required to publish their tax returns, it was then that they started gaining worldwide attention for being billionaires at such a young age. And this year, Forbes officially named them as world’s youngest magnates.
Being part of the Forbes list made the sisters the talk of the town. Their personal wealth became known to more people.
The youngest billionaire is actually penny-wise. She said, “I actually save all the time, I have always done. I save when I get my weekly allowance, and I save the cash prizes I win in competitions or if I get money as a gift for my birthday. It means I can buy myself things I really want, like a bag or a pair of shoes, without having to ask mum or dad for money.”
But according to Alexandra and Katharina, being part of an influential family has a huge some downsides. They have to be extra cautious about the relationships they form with other people.