Gediminas Ziemelis, the owner of Avia Solutions Group, retains his position as the richest person in Lithuania

Top magazine has published its annual list of the 500 wealthiest individuals in Lithuania, with businessman Gediminas Ziemelis claiming the top spot again. His asset values are estimated at €2.8 billion.

Gediminas Ziemelis, the largest ASG shareholder, focused on business development in 2024. By the end of the year, ASG's fleet consisted of 221 aircraft. Avia Solutions Group offers a wide range of services to airlines, including aircraft rental with crew, ground handling, aircraft maintenance and repair, pilot training, charter flights, and more.

ASG's primary objective is to leverage the seasonality inherent in the aviation industry. While Europe’s largest passenger market typically sees a slowdown during the winter (with a baseline of 1.12 billion passengers), passenger traffic in the Southern Hemisphere surges during this period. To capitalize on this, ASG has expanded its network into counter-seasonal markets such as Brazil, Malaysia, Thailand, India, Australia, the Philippines, and Mexico. In recent years, ASG has established or acquired airlines in Australia, Indonesia, the United Kingdom, and Turkey.

In 2023, ASG’s revenue surpassed €2.3 billion, with an EBITDA of €392 million.

In addition to his involvement with ASG, Ziemelis owns 75% of luxury furniture manufacturer Fitsout and is the principal shareholder of the Vilnius basketball club Wolves Twinsbet. Recently, he entered the betting and gambling sector by launching the Twinsbet brand. The Avia Solutions Group arena in Vilnius has also been renamed in honor of Twinsbet.