The richest immigrant in Sweden

A few years ago, Sweden’s Ingvar Kamprad, the founder of the furniture chain, IKEA, was proclaimed the richest man in the world, surpassing Microsoft’s founder, Bill Gates. He’s not Sweden’s only rich man: Salvatore Grimaldi is the richest immigrant to Sweden. Grimaldi Industries is one of Europe’s top bicycle manufacturers. His story reads like one of those how-to-become a millionaire guides: move to a foreign country, buy companies and sell them off. And presto!

“I was born in Italy and I was seven years old when we immigrated to Sweden,” says Salvatore Grimaldi. “I don’t have such strong memories. It’s only my heart is still Italian and I will always be Italian and I’m very proud to be Italian.”

In the early fifties, when Sweden with its war-intact industry was crying for manpower, Salvatore's parents left Italy, recruited by a Swedish company. They joined thousands of imported industry workers who were building modern Sweden. Eventually they went into a shoe business and owned a store, GRIMALDI SKOR but they didn't venture further than that, unlike their son:

“I started working for Volvo in Köping where they make gear boxes. I was a very highly specialized worker with the grinding machines. So finally I found out that I was the best grinder in Volvo! And why should I not take the chance to buy a second-hand machine, and from that I built up a sub-contract workshop. I established my own business when I was 24 years-old. Every day was a very, very exciting day for me because I loved this. I had this in my blood – I was an entrepreneur and I like to develop myself, my family and my business.

“Very soon I also started buying companies in very bad shape and then tried to make them turn around – and sometimes I was successful. And then I started to buy good companies and then tried to develop them. And then I sold them to some very successful company and I did business with the largest banker in the world.”

But you make it sound so simple. Buy a company, fix it a bit and sell it off.

“My way of seeing things is to simplify everything and try to make it simple. I will always try to create new things in a very simple way.”

Why the bicycles? What attracted you there?

“I got an offer. A company wanted to sell the stake of it and I took over the stake from them and my strategy was very, very simple. I wanted to be one of the best in the bicycle field and also the largest in Europe.”

The dream came true. Now Salvatore Grimaldi’s assets amount to 1,6 billion kronor.

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