Olav Thon, the Norwegian billionaire who built one of Norway’s largest privately-held real estate empires, has passed away at the age of 101. Thon, known for his entrepreneurial spirit, was the founder and chairman of the Olav Thon Group, which owns an extensive portfolio of properties across Norway, Belgium, and the Netherlands, including nearly 90 shopping malls, 80 hotels, and 500 commercial properties. His death was confirmed by Kjetil Nilsen, the CEO of Olav Thon Gruppen, on the company’s website, though no cause of death was provided.
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| Olav Thon in one of his hotels, photographed in 2004. |
A Self-Made Tycoon
Thon’s journey to becoming one of Norway’s wealthiest individuals began humbly. Born on June 29, 1923, in the rural Hallingdal region of Norway, Thon started his entrepreneurial career at a young age, selling Christmas cards to neighbors at the age of eight. By 18, he had already secured his first construction contract. His initial business ventures involved selling furs, but he soon transitioned into the real estate market, purchasing a prime property on Oslo’s Karl Johan Street in 1950.
His real estate success was marked by a series of strategic investments, and he went on to build a diversified portfolio, including restaurants, hotels, and, in the 1990s, shopping malls. His hotel chain, which began as Rainbow Hotels, was rebranded as Thon Hotels and became a staple in Norway’s hospitality industry. Today, the Olav Thon Group remains one of the country’s largest real estate companies, with its properties spanning multiple countries.
The Olav Thon Foundation
In 2013, Thon transferred his shares in the company to the Olav Thon Foundation, a 25 billion-kroner (roughly $4.1 billion) fund. The foundation’s mission is to ensure long-term stability for the Olav Thon Group and promote public benefit, particularly in the fields of musculoskeletal health and education in math and science. Thon’s decision to pass on his wealth in this way reflects his commitment to his employees and the wider community, as the foundation’s work continues to support various charitable causes.
“I want the future of the Olav Thon Group to be secure, so it can provide jobs and contribute to society in line with the principles I’ve upheld throughout my career,” Thon said when establishing the foundation. Despite not having children, Thon was keen on leaving a lasting legacy through his business and philanthropic endeavors.
A Legacy of Business and Charity
Thon’s business acumen extended beyond real estate. He was known for his keen sense of fiscal responsibility and a commitment to giving back to society. He contributed significantly to local infrastructure, with his tax contributions to the municipality of Hole being so substantial that a fund was created to help mitigate the impact of his eventual departure. Over his career, Thon paid more than 900 million kroner in personal income tax, a testament to his wealth and his role in supporting Norway’s economy.
Though Thon made his fortune through real estate, he was also an active philanthropist, funding over 90 Norwegian Trekking Association huts and cabins. A passionate hiker and skier, he enjoyed the outdoors and frequently supported initiatives that benefited Norway’s natural landscapes.
Personal Life and Legacy
Olav Thon was a private man, often seen sporting a knitted red beanie, and he was known for his frugality despite his vast wealth. In his later years, Thon expressed that he never missed having children, instead focusing on his work and the freedom it afforded him. His second wife, Sissel Berdal Haga, a former judge whom he married in 2019, survives him.
Thon’s passing marks the end of an era for the Norwegian real estate industry, as he leaves behind a significant legacy not only through his business empire but also through the charitable foundation that will continue to carry out his philanthropic wishes.
In a 2008 interview, Thon reflected on his legacy, stating, "I can’t take the money with me when I die, but I have made arrangements as to how I want the money to be distributed." His passing at 101 marks the end of a life well-lived, one that profoundly impacted Norway’s economy and charitable landscape.
Conclusion
Olav Thon’s death at the age of 101 leaves a void in the Norwegian business world. He was not only a titan of real estate but also a philanthropist who contributed to the welfare of his community and beyond. His company, the Olav Thon Group, and the Olav Thon Foundation will continue to reflect his vision for long-term business stability and societal benefit, ensuring that his legacy endures for generations to come.
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