Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

#406 Odd Reitan $4.72B

Random fact: Wrote a book arguing he should be Norway's unelected leader.


Reitan is chairman of Reitan Group, a supermarket, gas station and real estate group that had revenue of 89 billion Norwegian kroner ($11 billion) in 2016. The Trondheim, Norway-based company employs more than 38,000 people and owns Rema 1000, a grocery chain with more than 850 stores in Norway and Denmark.

As of April 21, 2018:
Last change -$3.86M (-0.1%)
YTD change -$107M (-2.2%)
Industry Food & Beverage
Biggest asset Rema 1000 Reitan Convenience
Citizenship Norway
Age 66
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Odd Reitan's net worth of $4.72B 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

Latest News

Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Reitan's fortune is derived from his control over Reitan Group. The billionaire and his two sons each own a third of the Trondheim, Norway-based investment company, according to its 2016 annual report. Reitan is credited with the entire asset because he founded the business and has voting control over the company. The group's operations are valued separately using the company's reported 2016 financial results. Reitan Group employs more than 38,000 people and Rema 1000 has more than 850 stores, according to its website.

The valuations of food retailers Rema 1000 and Reitan Convenience are based on their 2016 financial results and the average enterprise value-to-Ebitda and price-to-earnings multiples of four publicly traded peer companies: ICA, Dia, Ahold and Axfood. Axfood, a Scandinavian food retailer, was added to the peer group on Nov. 30, 2017 and this increased the valuation by about $500 million.

Reitan Group controls 95 percent of closely held gas-station operator Uno-X, according to its annual report. The business is valued using the average enterprise value-to-sales and enterprise value-to-Ebitda multiples of three publicly traded peers: Z Energy, Alimentation Couche-Tard and Sunoco.

The company's real estate business is valued using the market value of its property holdings less debt, based on data provided by Reitan Group spokesman Anders Benserud. A liability reflecting the cost of acquiring assets, less dividends received, is credited against the billionaire's fortune. Reitan Group also owns a 45 percent stake in retailer Spaceworld Soundgarden, which isn't valued as financials aren't disclosed and its value is negligible in relation to the total value of Reitangruppen.

Kristin Genton, Reitan Group's chief financial officer, said the billionaire declined to comment on his net worth calculation in November 2017.


Birthdate: 1951
Family: Married, 2 children

Odd Reitan was born in Trondheim, Norway, in 1951, the son of Norwegian shopkeeper Ole Reitan and Margit Aarhaug. In partnership with his father, he opened his first store, Shock Price, in his hometown in 1972, according to the company's website.

Reitan created the first Rema 1000 supermarket in 1979 after seeing the success of the Aldi discount chain during a visit to Germany. Its product range was initially limited to 1,000 items to keep operating costs to a minimum. The chain spread across Norway, and the billionaire licensed the concept to stores in Poland, Hungary, the Czech Republic and Slovakia during the 1990s, according to an interview he gave Ernst & Young's Exceptional magazine in January 2013. It became a publicly traded company when it merged with convenience store and newsagent owner Narvesen Group in 2000. Reitan bought back control of the group a year later after concluding it was undervalued.

The business diversified into gas stations when it bought Hydro Texaco in 2006. The business was renamed Uno-X three years later and has more than 600 stations. Much of Reitan's focus is now on the group's real estate arm, Reitan Eiendom, which is investing in the billionaire's hometown of Trondheim, according to the Exceptional article.

The billionaire stoked controversy with a 2012 book in which he said he should be made Norway's unelected leader. He has two sons, both of whom have worked at Reitan Group.

  • 1951 Odd Reitan is born in Trondheim.
  • 1972 Opens first Shock Price store.
  • 1979 First Rema 1000 store opens.
  • 2000 Merges with Narvesen Group to form publicly traded Reitan Narvesen.
  • 2002 Takes Reitan Narvesen private.
  • 2006 Acquires gas station operator Hydro Texaco.
  • 2008 Signs an agreement with Shell in Scandinavia for joint operations.
  • 2012 Purchases R-kioski, a leading kiosk player in Finland.