Olav Thon
Olav Thon | |
|---|---|
| Born | Template:Birth date Ål, Hallingdal, Norway |
| Died | November 16, 2024 (aged 101) |
| Occupation(s) | Property developer, entrepreneur, philanthropist |
| Known for | Founder of Olav Thon Group; Norway's largest privately owned real estate company |
Olav Thon (29 June 1923 – 16 November 2024) was a prominent Norwegian property developer. His enterprise, the Olav Thon Group, stands as Norway's largest privately owned real estate firm, overseeing a portfolio of 450 properties, which includes 60 hotels. Thon's entrepreneurial journey began in Oslo shortly before World War II, dealing in animal pelts, and he launched his first dining establishment in 1966.
Early life
Born on 29 June 1923 in Ål, Hallingdal, Norway, Thon was the son of businessman Sevat Embrikson and Margit Engebretsdatter Dok. His early ventures started on the family farm where he raised fur-bearing animals and traded skins of foxes, squirrels, and rabbits. At just eight years old, he sold Christmas cards to neighbors, and by sixteen, he had relocated to Oslo to open a fur shop in 1941. Although initially aiming to pursue medical studies, the onset of World War II restricted his travel options, steering him toward focusing on the fur trade. After the war ended, he furthered his education by studying English in London.
Business career
Thon acquired his first property in 1951 and inaugurated his inaugural restaurant in 1966. Today, his company owns a diverse range of 450 properties throughout Norway, including shopping centers, office complexes, retail outlets, and hotels. His primary assets are held through the private entities Stormgård AS and Thongård AS, along with a significant ownership share in the publicly listed Olav Thon Eiendomsselskap ASA.
In 1952, during a business trip to Iceland, Thon faced legal troubles upon returning in 1953 when he was detained on allegations of customs violations; he was subsequently fined NOK 50,000 and received a suspended one-year sentence.
Expanding beyond real estate and hospitality, Thon acquired Unger Fabrikker AS in 1992—a chemical manufacturing company based in Fredrikstad specializing in anionic surfactants.
By 2007, his net worth was estimated at NOK 20.8 billion, placing him as Norway's second wealthiest individual.
His authorized biography titled Olav Thon: Billionaire in a Parka, authored by Norwegian politician Hallgrim Berg, was translated into English and published in 2009.
Trust
In 2008, Thon's legal representative revealed plans for him to donate his entire fortune through an independent foundation dedicated to medical research. On 10 December 2013, he announced the transfer of his entire 71.9% ownership stake in Olav Thon Eiendomsselskap ASA to this philanthropic trust. By early 2014, his personal wealth was estimated at approximately US$1 billion.
At the time of his passing, Thon left no direct heirs.
Personal life
Residing near Oslo in Sollihøgda within the Hole municipality, Thon was a devout Christian who remained married but had no children. He had a passion for outdoor pursuits and held honorary membership in the Norwegian Trekking Association. Proud of both his achievements and substantial contributions through taxation, he regarded paying taxes as a significant aspect of his success.
In recognition of his accomplishments, Karlstad University awarded him an honorary doctorate in 2013. He was married to Inger-Johanne Thon (1919–2018) until her passing. For over three decades, he lived with partner Sissel Berdal Haga (born 1940) without divorcing his wife who suffered from Alzheimer's disease. He eventually married Berdal Haga on 21 June 2019.
Thon celebrated his centennial birthday on 29 June 2023 and died at age 101 on 16 November 2024. After his death, Norwegian Prime Minister Jonas Gahr Støre hailed him as an "exceptional entrepreneur" who consistently maintained strong ties to Norway’s local communities.