Olav Thon, the renowned Norwegian billionaire real estate developer, has passed away at the age of 101. Recognizable by his iconic bright red cap, Thon built one of Norway's largest real estate empires starting from humble beginnings as a fur trader and leather goods seller. His company, Olav Thon Gruppen, confirmed his death on Saturday, expressing deep sorrow but did not disclose the cause of death.
Born on June 29, 1923, in Ål located within the Hallingdal Valley northwest of Oslo, Thon’s early aspirations were grounded in medicine. Unfortunately, World War II disrupted these plans. During the war, he turned to animal farming and fur trading, which laid the groundwork for his future entrepreneurial endeavors.
Thon made his first significant investment in real estate back in 1950 when he purchased his first apartment building. This pivotal decision marked the start of what would become a sprawling real estate business, employing thousands today and overseeing approximately 90 shopping centers across Norway and Sweden. His empire also extends to about 90 hotels not just within Norway, but also across Belgium, Denmark, and the Netherlands, according to his company’s website.
His vision and commitment to real estate transformed the industry within the region, making him one of Norway's wealthiest individuals. By 2013, he contributed most of his wealth to the Olav Thon Foundation, emphasizing his philanthropic spirit, particularly focused on supporting medical research and outdoor tourism initiatives.
Thon enjoyed life outside of business as well. He was known for his love of nature and outdoor activities, promoting hiking and tourism within Norway's vast landscapes. His contributions to enhancing the country's tourism sector were significant, considering Norway's natural beauty and outdoor recreational potential.
On the personal front, Thon's life witnessed substantial changes even at advanced age. After the passing of his wife, Ing-Johanne Thon, in 2018, he remarried the following year at the age of 95 to Sissel Berdal Haga. Their wedding held significant meaning, taking place at the Hotel Bristol, Oslo—his very first hotel acquisition back in 1974.
Tributes have been pouring in from various sectors, acknowledging not only his business acumen but also his contributions to philanthropy and community welfare. Kjetil Nilsen, the CEO of Olav Thon Gruppen, shared heartfelt condolences on the company's platform, recognizing Thon’s invaluable impact not just on Norway’s economy but on the lives of many.
Thon's legacy now leaves questions about the future of his vast empire. With numerous shopping centers and hotels under the Thon name, many are speculating about how these assets will be managed and developed moving forward without the visionary behind them.
His passing marks the end of an era. The imprint he left on Norway’s real estate market and the philanthropic contributions he made will continue to influence future generations.
