Olav Thon Net Worth, Biography and Assets

Olav Thon Net Worth  $5 billion

Olav Thon is a real estate developer from Norway. At this moment, he is listed in the Forbes list of the world’s wealthiest people as the 437th richest billionaire with a fortune of about 5 billion dollars. Mr. Thon is the richest person in Norway.

His business establishment, the Olav Thon Group, is the largest private real estate company in Norway, with more than 400 properties, including 60 hotels. More details follow below.

Early Life: Childhood, Education

Olav was born on 29 June 1923 in Hallingdal, Norway, and was raised on the Thon farm in Hallingdal. Like most children his age at the time, the young Olav had to do everything it was possible to ask of a boy at a tender age, from tending the cattle in the fields and helping to herd them out into pastures during the summer.

He also had to help out with multiple tasks around the farm and became a haymaker when he was old enough. Nothing is known about his educational background and academic qualifications.

Professional Life: Early Start, Businesses

He got extremely interested in trade even as a child. When he was eight years old, he purchased Christmas cards from a mail-order catalog based in Oslo called Utstyrmagasinet and went around the village selling them for profit.

As a young teenager, he started to buy and sell leather. Because educational opportunities were very difficult to come by because of the Second World War, Olav increased his trading activities and dived deeper into business instead.

At the age of 18, he became the owner and manager of Volvat Pels, a fur shop in Majorstuen in Oslo. When the Second World War ended, traveled abroad and traded wholesale. He accrued funds that he later invested in real estate, which soon became a lasting and solid investment.

As a property developer, Mr. Olav Thon built up an extensive portfolio throughout the years of his career. He initially started with apartment buildings and shopping malls, and later invested in hotels.

In 2013, a significant share of his capital was relinquished to the Olav Thon Foundation at a time when he owned around 70 shopping centers and a significant number of hotels, both in Norway and overseas.

He was also heavily invested in Unger Fabrikker A.S, a Norwegian conglomerate that undertakes significant industrial activity. Mr. Olav Thon’s Olav Thon Foundation owns the Olav Thon Group, which is mainly involved in the property and hotel business.

In 2019, the operating income of the Olav Thon Group amounted to around NOK 10 billion, and the company employed around 3,330 FTEs. The Group consists of two main divisions: Thon Eiendom and Thon Hotels.

Thon Eiendom (Thon Property) is Norway’s leading property company and has about 90 shopping centers in addition to 500 commercial properties in the portfolio. The listed company, Olav Thon Eiendomsselskap ASA is also a part of the property division.

Thon Hotels, on the other hand, is one of Norway’s leading hotel chains. It has approximately 80 hotels in Brussels, Belgium, Rotterdam, the Netherlands, and Norway. In addition to hotels and restaurants, the Olav Thon Group owns a number of pubs and Cafes, including Den Gamle Major and The Scotsman in Oslo.

Furthermore, a number of other significant operations account for a small proportion of the conglomerate’s income and earnings. The largest at the moment is the industrial company Unger Fabrikker.

The Olav Thon Foundation was established in the year 2013. All the shares in the Olav Thon Group were transferred to the foundation from Olav Thon upon its establishment. The foundation’s purpose is to own and manage the Olav Thon Group’s business activities.

In addition, the foundation also makes financial donations to non-profit organizations and charitable causes.

Olav Thon Net Worth: Salary, Income Sources, Assets

The Norwegian real estate developer, Olav Thon, is one of the world’s known billionaires. He is the richest person in Norway, thanks to his numerous investments in significant businesses including real estate, hotels, and many more.

As of this writing, Mr. Olav Thon’s net worth is approximately 5 billion dollars. Since buying his first piece of real estate in 1951, Mr. Thon has managed to grow his simple foundation into a massive real estate empire that includes many properties in Norway and other countries in Europe.

His holding company has grown in value exponentially over the last decade. Now in his 90s, the Oslo resident has given most of his wealth to the Olav Thon Foundation.

He intends that after his death, his fortune will be spent on future generations. An icon in the Norwegian business industry, Mr. Olav Thon has truly given his country and the world at large many reasons to always remember his name for years to come.