Olav Thon, the Norwegian billionaire known for his distinctive red cap, has passed away at the age of 101, according to a statement from his company, Olav Thon Gruppen, on Saturday. While the cause of death has not been disclosed, his death marks the end of an era for one of Norway’s most successful entrepreneurs.
Born on June 29, 1923, in the village of Ål in Hallingdal Valley, north of Oslo, Thon initially aspired to study medicine. However, the outbreak of World War II dashed those plans, and instead, he turned to fur farming, breeding animals for their pelts.
Thon later transitioned into the real estate business, buying his first apartment building in 1950. Over time, he built one of the largest real estate empires in Norway, becoming a highly influential figure in the industry.
Olav Thon went on to develop a business empire that now employs thousands of people. His company owns more than 80 shopping centers across Norway and Sweden, along with around 90 hotels in those two countries, as well as in Belgium, Denmark, and the Netherlands, according to the company.
In 2013, Olav Thon transferred the majority of his company’s assets to the Olav Thon Foundation, which he had established.
Known for his love of the outdoors, Thon was a strong supporter of tourism and hiking in Norway. He was also active in philanthropy, particularly in funding medical research focused on musculoskeletal disorders.
After the death of his wife, Inge-Johanne Thon, in 2018, Thon remarried at the age of 95. In 2019, he wed Sissel Berdal Haga at Oslo’s Hotel Bristol, which had been his first hotel acquisition in 1974.