Norway’s richest man gives away the entire fortune of 26 billion NOK ($4.39 billion)

Olav Thon establishes a foundation with a value that auditors estimate to 26 billion, confirming the 90-year-old told TV 2

The Foundation shall have a Board of Directors consisting of seven members and have two purposes. The first is to own Olav Thon Group and its subordinate agencies. The second is to distribute funds for charitable purposes.

- We expect both of us to be able to distribute a minimum of 50 million per year. Of this amount, I expect that about half will go to research, particularly in math and science disciplines, including medical sciences, says Olav Thon to TV 2

- You provide the words from you 26 billion. Why?

- Because I reckon that even if I were to be 100 years, so it's only nine to ten years left. And I will not take anything with me, laughing Thon.

- So I think it is wise to give me this now, while I still be allowed to participate in management.

Money for Science and Medicine
According to the articles of association may be awarded funds to promote outstanding entrepreneurship and charitable causes in communities where Olav Thon Group operates.

Support may also be granted for investment in real property for use in charitable causes.

But it is especially the fields of science and medicine favored by Olav Thon Foundation. The statutes set up several awards to be handed out:

• Up to ten awards, each of 500,000 crowns, can be assigned to Norwegian and foreign academic researchers who provide outstanding teaching of students in the mathematical and scientific and medical field at Norwegian institutions. Grants may also be awarded for research projects, under the assumption that the transmission of the acquired knowledge by Norwegian institutions.
• An international price of NOK 5,000,000 may be awarded for outstanding research in the mathematical and scientific and medical field.

Property King
Olav Thon has for years figured on the list of the richest people in Norway. Last year he had a fortune of 9.9 billion. He paid 125 million in taxes, more than any other Norwegians and three times more than he earned.

90-year-old from Hallingdal owner Olav Thon Group, mainly engaged in hotels and shopping centers. Thom Hotels comprises 60 hotels in Norway and six abroad. The group has direct ownership interests in 22 shopping centers, and Olav Thon Eiendomsselskap ASA owns the Amphitheatre Property AS with 72 shopping centers.

Thon has distinguished himself as a colorful man with convictions. Before this fall's elections, he expressed support for Progress and riled the political left.

When he recently received an honorary doctorate at Karlstad University, he experienced being boycotted by Swedish academics.

- Why do we run this man who supports a policy where you must keep it clean and Norwegian culture where you will shield the country for certain groups, said political economist Stephen S. Widqvist.

Bought neighboring village
When Thon would invest in hjembyga Al, he felt it was difficult to get the necessary permits from the municipality. So he went to the neighboring village Fla, where he invested in shopping malls, hotels, bear park and apartment complex.

- It just shows that there are opportunities, even in small places. If only allowed to evolve, Thon said to TV 2 two years ago.

- Is there anything you do not own here?

- I have neither the municipal building or sheriff's office. So there is no one left, he says, chuckling.

Went 300 mil with new hip
Thon has no direct heirs. Now he establishes the foundation, particularly researchers and entrepreneurs will enjoy. He will also support social functions that may not favored over municipal budgets.

- We have so many sort of clever people in this country that we should be on top. Instead we are barely enough on average, says Thon about mathematics.

- What effect hope you money to have?

- Well, if it can get a better living, so it's well good. If people who have ailments of all kinds can get less of the symptoms and a better and longer life. My money might be a tiny little help for it. It's a tremendous need, so there is not anything I can do. But that's the background.

Thon says he is impressed by medical research. Disorders that were previously disabling is currently a trifle. Thon said that he had changed hip and walked 3,000 kilometers on skis for the winter.

- I've never had any trouble with it. So I'm impressed with medical research.

He hopes some of the money the foundation will give away, could lead to advances in research on dementia.

Find the most joy in work
90-year-old does not give away everything he owns. He retains enough to live normally and comfortable and does not intend to stop working.

Thon mean that one can not be happy to inherit large amounts. Although he has been through 90 years found the most joy in working.

- If I look at my own life, so I have no doubt other than the joy of striving, it has been far greater than the joy of possibly being able to enjoy.