Richest Norwegian Starts Foundation With $1.3-Billion Gift

A Norwegian property magnate reckoned to be the country’s richest citizen has donated stock worth nearly $1.3-billion to his newly formed charitable foundation, Reuters reports.

Olav Thon, whose wealth is estimated at about $4.4-billion, turned over his 71.9 percent ownership stake in Olav Thon Eiendomsselskap ASA to his namesake philanthropy.

The 90-year-old magnate began amassing his real-estate empire in the early 1950s. His company has some 500 hotels, retail and office buildings, and other properties. He remains a highly public figure in Norway, taking an active role in politics and backing the country’s high taxes for the wealthy.