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#485 Agnete Thinggaard $4.29B

Random fact: Holds a degree in psychology from the University of Aarhus, Denmark.


Kristiansen controls 12 percent of Lego, Europe's largest toymaker. The Billund, Denmark-based company makes more than 60 billion toy pieces annually and had revenue of more than $5.6 billion in 2016. She holds the stake through family investment vehicle Kirkbi, which also owns 30 percent of Merlin Entertainments Group.

As of Jan. 21, 2018:
Last change +$4.37M (+0.1%)
YTD change +$73.5M (+1.7%)
Industry Consumer
Biggest asset Lego
Citizenship Denmark
Age 34
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Agnete Thinggaard's net worth of $4.29B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

of the GDP of the United States
of the total wealth of the 500 richest people in the world
of the top 100 U.S. college endowments
of the top 200 U.S. executives’ total awarded compensation
of U.S. existing home sales
times the median U.S. household income

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Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Thinggaard's fortune is derived from her 12 percent economic interest in Lego, Europe's largest toymaker. Her stake in the closely held company is controlled through a 16 percent stake in Kirkbi, a family holding entity that owns 75 percent of Lego's toy-making business and all of the brand's naming rights. Lego had revenue of 37.9 billion Danish krone ($5.6 billion) in 2016, according to its annual report. Its valuation is based on the average enterprise value-to-Ebitda multiple of two publicly traded peers: Hasbro and Mattel. A 10 percent discount is applied to account for Lego's less diversified product line, according to Gerrick Johnson, an analyst with BMO Capital Markets.

Kirkbi also owns 30 percent of Merlin Entertainments Group, according to the company's 2016 annual report. Billund, Denmark-based Kirkbi owns 14 percent of Matas A/S, the publicly listed Danish drugstore chain and 10 percent of ISS. Kirkbi also owns a 5 percent stake in NKT Holding and 10 percent of Nilfisk Holding, according to annual reports. Thinggaard is allocated a 16 percent share of these stakes to reflect her interest in Kirkbi.

Thinggaard receives licensing fees and dividends from Lego. The value of Kirkbi's cash holdings and closely held investments, including an offshore wind farm and real estate, are captured through an analysis of dividends, insider transactions, taxes and charitable contributions. Thinggaard's holdings also include her share of a 2007 payout of 660 million Swiss francs that was part of a split-up of family assets. An $117 million liability has been included in her valuation, based on her share of Kirkbi's debt to Lego, as detailed in the toymaker's 2016 annual report.

Roar Rude Trangbaek, a Lego spokesman, said Thinggaard declined to comment on her net worth.


Birthdate: 1983
Family: Married, 2 children
Education: Aarhus University, Bachelor's Degree, Psychology

Agnete Kirk Thingaard was born in 1983, the great-granddaughter of Ole Kirk Kristiansen, who founded toymaker Lego in 1932. The Billund, Denmark-based company is the world's most-valuable toy manufacturer, reporting revenue of $5.2 billion 2015, and produces more than 60 billion of its bricks annually. Father Kjeld ran the company for 25 years from 1979 and built it into a global brand, which involved an expansion into Legoland theme parks in the 1990s and adding operations in the U.K., Germany and the U.S.

In the early 2000s, disappointing sales and competition from Hasbro and Mega Bloks saw Lego post its third annual loss in five years. Kristiansen began to implement a turnaround plan, shedding 1,000 jobs and pruning product lines, before stepping aside in 2004.

The company sold its 70 percent economic interest in its theme park business to private equity firm Blackstone in 2005. Kirkbi took an intial 15 percent stake in the newly formed Merlin Entertainments Group, which was increased to 36 percent in 2010. The company listed on the London Stock Exchange in November 2013. Kirkbi retains a 30 percent stake.

Kjeld Kristiansen served as first deputy chairman of Lego until April 2016, when he said that his son Thomas, Sofie's brother, would succeed him in the role as the first step towards a "smooth generational handover." Thomas also assumed his father's position as chairman of The Lego Foundation, which owns 25 percent of the toymaker.

The billionaire lives in Denmark.

  • 1932 Great-grandfather Ole Kirk Kristiansen founds toymaker Lego.
  • 1947 Father, Kjeld Kirk Kristiansen is born in Billund, Denmark.
  • 1958 The Lego stud-and-tube building brick we know today is released.
  • 1998 Company posts its first loss, prompting a reorganization and job cuts.
  • 1999 Lego brick named "Toy of the Century" by Fortune magazine.
  • 2004 Kjeld Kristiansen steps aside as CEO on annual loss of $330 million.
  • 2004 Joergen Vig Knudstorp named CEO of Lego. First year of turnaround.
  • 2005 Private equity firm buys Lego's theme parks for $457 million.
  • 2013 Lego's strong annual results make it world's most-valuable toymaker.
  • 2013 Theme park operator Merlin lists on the London Stock Exchange.