He has served as Minister for Financial Markets in the cabinet of Ulf Kristersson since October 2022[1] and has been Member of the Riksdag since the 2014 general election, representing Stockholm County.

Until being elected chairman of the Moderate Youth League, Wykman was a student of mathematical statistics at Stockholm University and worked as a team leader at a call centre.

During the 2003 referendum on Sweden adopting the Euro as their currency Wykman worked for the center-right No-campaign Medborgare mot EMU.

After the boarding of the Free Gaza Movements "Freedom Flotilla" by Israeli troops in June 2010, Niklas Wykman declared on his Facebook webpage that "I feel eased now when Hamas does not receive the visits they had expected.

[The Swedish] Ship to Gaza are useful idiots, terrorists, and ideologically driven aiming to genocide Israel"[2][3] The statements received strong criticism from representatives from most political parties, including Swedish prime minister Fredrik Reinfeldt, who recognized the humanitarian aspects of the solidarity movement.