At the age of 101, one of Norway's richest people has died. Olav Thon is best known for his chain of hotels, but his business interests and philanthropy touched so much of Norway, and beyond.
Businessman, property developer, and investor Olav Thon has passed away at the age of 101. The company ‘Olav Thon Gruppen' announced his death in a press release, stating that he passed away early on Saturday afternoon.
Olav Thon was a prominent figure in various industries and was one of Norway’s richest people for many years. If you've ever stayed in a Thon Hotel or shopped in an AMFI shopping centre, you'll have done business, indirectly, with Thon.
“It is with great sadness that we today received the news of Olav Thon’s passing. He was 101 years old,” stated the press release.
Sissel Berdal Haga Thon, his wife since 2019, shared Thon's last moments with Dagens Næringsliv: “We held hands, as we always did. Olav listened to some beautiful music, and then he was suddenly gone. It was so peaceful.”
“An Extraordinary Businessman”
Known in his later years for his red knitted cap, which he wore because he felt cold on his head, Thon had business interests in tourism, retail, and property development.
Through Olav Thon Gruppen, he made significant investments, consolidating everything into the Olav Thon Foundation in 2013. The foundation serves as the parent company of Olav Thon Gruppen.
“A chapter in Norwegian business history has now ended with the passing of Olav Thon,” Norway's prime minister Jonas Gahr Støre told NRK.
“Thon was an extraordinary businessman who created jobs and opportunities both in Norway and abroad. However, he never forgot his roots in Hallingdal and Norwegian local communities. Today, my thoughts are with his loved ones,” he added.
Tributes Pour In
It wasn't just the prime minister that paid tribute to Thon. Finance minister Trygve Slagsvold Vedum said Thon was “both original and inspiring to many. Thon created immense value and leaves behind an impressive legacy.”
Hotel magnate Petter Stordalen described Thon as a pioneer. “He was a visionary and a legend in Norwegian business. He built an empire and gave back to society with as much dedication as he created value.”
Thon's long-time friend, lawyer John Christian Elden, described him “as a great man,” adding that “his legacy will live on.”
From Humble Beginnings to Hotels
Born on June 29, 1923, in Ål, Hallingdal, on the family farm Søndre Thon, Olav Thon initially aspired to study medicine, but World War II disrupted his plans.
Instead, he turned to fur farming and pelt trading in Hallingdal, later moving to Oslo, where he opened a fur store at just 18.
Thon made his first property investment in Oslo in 1950, beginning a successful career in real estate. In 1974, he ventured into hospitality by purchasing Hotel Bristol in Oslo.
This led to the creation of Rainbow Hotels in 1989, offering affordable accommodations in central locations. The chain, rebranded as Thon Hotels in 2005, expanded across Norway and Europe, owning over 70 hotels by 2020.
Passion for Nature
A lifelong nature enthusiast, Olav Thon founded a foundation in 1990 to support the Norwegian Trekking Association (DNT) and promote mountain hiking.
The foundation funds the construction and maintenance of cabins, as well as the marking and upkeep of hiking trails in Norway.
In 2013, Thon transferred much of his wealth to the Olav Thon Foundation, which donates millions annually to research, charities, and community-oriented causes. It also serves as the parent company for the businesses he built, ensuring his legacy endures.
A Contrast to Today's Wealthy
In an opinion piece published by NRK, economic columnist Cecilie Langum Becker reflected on Olav Thon as a symbol of the Norwegian ideal of wealth built through hard work and frugality, contrasting him sharply with today’s wealthy elite.
Thon is described as embodying “the rich, Norwegian frugality ideal,” someone who “was just as likely to be seen with a packed lunch and brown cheese in his backpack as with a portfolio of properties and investments.”
The columnist highlighted the stark difference between Thon and today's rich, many of whom are anonymous, focused on luxury, and disconnected from traditional values.
“We hardly know who the wealthiest are anymore,” she wrote, pointing out how many modern elites flaunt their lives on social media, creating a sense of alienation rather than admiration.
“Thon showed that one could achieve great success without losing connection to one’s origins,” she concluded.
