Norway's richest man 'gives away' fortune
Norway's richest man 'gives away' fortune
Published: 11 Dec 2013 09:16 GMT+01:00
Updated: 11 Dec 2013 09:16 GMT+01:00
Norway's richest man has given his 26 billion kroner ($4.3bn) fortune to a new foundation, which will oversee his businesses and distribute part of the profits to charitable causes.
Olav Thon, a real estate magnate who Forbes Magazine ranks as Norway's richest man, said he expected the foundation to give some 50m kroner a year to research in maths, science and medicine.
"I think it's wise for me to give this now, while I am still allowed to participate in management," Thon, who is already 90 years only, said on Tuesday. "I reckon that even if I were to live to 100 years old, there's only nine to ten years left. And I won't take anything with me."
The foundation will have two purposes, to own and run the Olav Thon Group, and to distribute part of the profits to charity. It will be controlled by a board of directors, with Thon himself acting as its first chairman.
Olav Thon Group's investments include a 72 percent stake in Olav Thon Eiendomsselskap, Norway's largest listed real estate company, and Thon Hotels, one of Norway's largest hotel chains.
Taking 50m kroner for charity from a legacy worth 26 billion is equivalent to an annual dividend of 0.2 percent, less than a tenth of what would be a reasonable return. It remains unclear whether the rest of the return would be retained within the foundation, or disbursed for other uses.
In 2008, Thon told Aftenposten that he wanted to donate his fortune to research.
"Scientific research in mathematics, physics and science have often been given the cold shoulder. I'm also thinking of medical research. If you want the world to move forward, it does not help if you give a meal to the poor: it only lasts a few hours or a day. One must be able to find solutions for the benefit of society."
Thon is a high-profile supporter of Norway's Progress Party, which campaigns to reduce both taxes and immigration.
Comment
"Destroying the New World Order"
THANK YOU FOR SUPPORTING THE SITE!
Latest Activity
- Top News
- Everything
"Goes to show what ruthless bastards we have in the federal government!"
Memorial Day Special: The Battle of the Coral Sea and its Incredible Impact
When we re-examine major events in history sometimes truly significant occurrences can be…See More
Trump Just Wrecked South Africa...
President Trump just met the president of South Africa, and the discussion quickly turned to the refugee crisis taking place in that country, and what the So...
What's in Macron's hand? Cocaine bag?
"I think folks need to watch the vid and make up their own minds about the question. It's not…"
The Vampires of Washington DC
There are many forms of vampire from the supposedly mythical humanoid form to the actual bat that…See More
How to make a modern heating stove that millions of people do not know
How to make a modern heating stove that millions of people do not know
PFIZER-GATE verdict - A resounding Slap in the Face for Ursula von der Leyen
🇨🇦🇺🇸🇬🇧🇦🇺 | ++ PFIZER-GATE verdict - A resounding slap in the face for EU corruption-president Ursula von der Leyen ++💉💰 1.8 billion doses of corona...
Strange Horror Story (Told in First Person)
It was 3 AM and I was just getting off work. Owning a small service business, I worked commercial…See More
"Most likely one of their many butt buddies! "
James Comey appears to call for the assassination of President Trump
I'm sure these are the kind of shells Comey is implying here. …See More
"The “white dude in the center” is Bill Gates. People been planning shit for generations."
© 2025 Created by truth.
Powered by
You need to be a member of 12160 Social Network to add comments!
Join 12160 Social Network