Björgólfur Thor

Björgólfur Thor Björgolfsson
Björgólfur Thor Björgolfsson
Born	March 19, 1967 (age 59); Reykjavík, Iceland
Occupation(s)	Entrepreneur, businessman
Years active	1991–present
Known for	Founder and chairman of Novator Partners

Adapted from the English Wikipedia article Björgólfur Thor, available under CC BY-SA 4.0Updated 11 August 2025

Björgólfur Thor Björgolfsson (born 19 March 1967), often referred to as Björgólfur Thor or internationally as Thor Bjorgolfsson, is an Icelandic entrepreneur and businessman, recognized as the founder and chairman of Novator Partners. His investment portfolio spans prominent corporations and emerging startups such as the pharmaceutical company Actavis, mobile telecom operators WOM and Play operating in Chile, Colombia, and Poland, as well as the indoor cycling platform Zwift. Novator also holds stakes in Deliveroo, Monzo, Stripe, Cazoo, Xantis Pharma, Klang, and Lockwood Publishing.

In 2005, Björgólfur Thor became the first Icelander to be listed on Forbes' ranking of the globe’s wealthiest individuals. By 2007, Forbes identified him as Iceland’s inaugural billionaire and placed him 249th worldwide with an estimated net worth of $3.5 billion. The financial turmoil of 2008 drastically diminished his wealth, resulting in personal bankruptcy procedures. Through intricate negotiations on debt restructuring, he managed to preserve key investments. His experiences during this challenging time are chronicled in his 2014 memoir, Billions to Bust and Back. By 2015, he had re-entered the Forbes list with a net worth of $1.3 billion, rising to approximately $2.5 billion by August 2023.

Early life and career

Coming from a distinguished Icelandic business lineage, Björgólfur Thor is a descendant of entrepreneur Thor Philip Axel Jensen, who played a pivotal role in introducing industrial capitalism to Iceland. Raised in the Vesturbær district of Reykjavík, he exhibited entrepreneurial tendencies early on by managing various enterprises during his teenage years. After completing his education at the Commercial College of Iceland in 1987, he pursued business studies at the University of California, San Diego and subsequently earned a Bachelor of Science degree in marketing from New York University’s Stern School of Business in 1991. He married filmmaker Kristín Ólafsdóttir in 2010; the couple has three children and primarily resides in London.

Business career

1990s: Growth into Eastern European markets

In 1991, Björgólfur Thor collaborated with his father and Magnús Þorsteinsson to launch Baltic Bottling Plant in Russia, which was eventually sold to PepsiCo. They also established Bravo Brewery (ООО "Торговый дом "РОСА"), which rapidly became Russia’s fastest-expanding brewery through its premium beer brand Botchkarov. In 2002, Heineken acquired Bravo for $325 million. In 1999, he co-founded Actavis alongside Deutsche Bank’s asset management division and participated in privatization initiatives in Bulgaria. Until 2006, he served as Iceland’s honorary consul in St. Petersburg.

2000s: Icelandic ventures and financial crisis impact

Refocusing on Iceland from 2002 while sustaining global investments via Novator Partners, Björgólfur Thor gained attention by acquiring a controlling interest of 45% in Landsbanki through Samson ehf., together with his father. He also held the position of chairman at Straumur Investment Bank.

During the Icelandic financial crisis between 2008 and 2011, both Landsbanki and Straumur collapsed under government administration amid insolvency proceedings. Facing personal guarantees amounting to €650 million, Björgólfur Thor avoided bankruptcy by engaging in extended debt restructuring negotiations predominantly with Deutsche Bank over a two-year period. Although he publicly expressed regret for his involvement in the crisis, he disputed certain criticisms by highlighting that shareholders had limited influence compared to bank executives.

2010s: Business pursuits following the crisis

Following the crisis, Novator Partners emerged as his primary investment vehicle with a focus on sectors including telecommunications, pharmaceuticals, information technology, natural resources, and financial services from its base in London. Among notable investments was a $250 million commitment to visual effects company DNEG in 2021.

Despite setbacks such as abandoning a £100 million yacht project due to diminished wealth after the crisis, Björgólfur Thor retained substantial holdings. The sale of Actavis to Watson Pharmaceuticals for close to $6 billion in 2012 allowed him to fully settle creditor obligations by 2014.

His name appeared in both the Panama Papers (2015) and Paradise Papers (2017) related to offshore entities registered in tax havens.

In healthcare investment activities, he co-led financing rounds for Atai Life Sciences AG in 2018—a company focused on developing psychedelic treatments for depression.

In 2020, Björgólfur Thor co-founded The Lost Explorer Mezcal with David de Rothschild—a sustainable mezcal brand honored with multiple accolades including Double Gold at the San Francisco World Spirits Competition.

In popular culture

Björgólfur Thor served as inspiration for main characters in satirical novels addressing Iceland’s financial crisis and appears alongside his great-grandfather Thor Jensen in the documentary film Thors saga (2011).

External links