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#452 Stein Erik Hagen $4.25B

Random fact: Funds prostate cancer research through charitable foundation.

Overview

Hagen is the chairman and largest shareholder of Oslo-based Orkla, a consumer goods company with revenue of about $4.4 billion in 2016. He also owns stakes in e-commerce, real estate and financial service businesses through closely held investment company Canica, and is the founder of discount supermarket chain Rimi.

As of July 21, 2017:
Last change +$6.92M (+0.2%)
YTD change +$322M (+8.2%)
Industry Consumer
Biggest asset ORK NO Equity
Citizenship Norway
Age 60
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Stein Erik Hagen's net worth of $4.25B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

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

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Hagen's fortune is derived from his 24 percent stake in publicly traded Orkla. He controls the investment through four Oslo-based holding companies: Canica, Tvist 5, Canica Investor and Stein Erik Hagen AS, according to the company's 2016 annual report. He also owns stakes in publicly traded companies including Arcus and Europris, according to their annual reports and corporate websites.

Hagen founded discount supermarket chain Rimi in 1976, merging it with the Swedish food retailer ICA in 1998. He collected more than $1.8 billion selling his stake between 2000 and 2004, and earned $1 billion on the sale of department store chain Steen & Stroem in 2008, according to data compiled by Bloomberg. The proceeds, minus the cost of acquiring these and other assets, are included as cash and other assets.

Through Canica, Hagen also owns closely held retail group Centurie and online retailer Komplett. The value of Hagen's cash investments includes these entities and is based on an analysis of dividends, market performance, insider transactions, taxes and charitable contributions.

Erik Hagen passed beneficial ownership to his daughter Caroline Hagen Kjos in 2015. He's still credited with the fortune because he retains voting control and the transfer to Switzerland-based Kjos was primarily for tax planning purposes, according to a September 2015 article in Norwegian business daily Dagens Naeringsliv.

Canica didn't respond to e-mail and telephone messages requesting comment.

Biography

Birthdate: 7/22/1956
Family: Separated, 4 children
Education: Master's Degree, Computer Science, Norwegian Institute of Technology MBA, INSEAD

Stein Erik Hagen was born on July 22, 1956 in Oslo, the son of a Norwegian grocer, Merchant Odd Hagen, who established his first grocery store in 1953. After leaving school, Erik Hagen spent a year at Norway's Retail Institute, a business school, before joining his father's company as a store manager in 1976.

He later imported the discount supermarket concept from West Germany, created the local brand Rimi, and expanded to 30 stores in the Oslo region. Hagen bought retail chain, Spar 800, in 1987, expanded the business across Norway, and sold 30 percent of the company to Swedish retailer ICA five years later. The two companies merged in 1998, with Hagen taking a 26.5 percent stake in the new entity. Dutch retailer Royal Ahold bought a 50 percent stake in 2000 and bought Hagen's stake for $1 billion four years later.

Through Oslo-based holding company Canica, he invested the proceeds into several Norwegian companies, including industrial and consumer products group Orkla, commercial real estate investor Norwegian Property, and elctronics maker Nordic Semiconductor. He bought department store chain Steen & Strom, for $2 billion in 2007, and sold it a year later for twice that amount.

Hagen married Mille-Marie Treschow in June 2004. The couple announced they'd separted in August 2012. He has four children from previous relationships. He said he was bisexual on Skavlan, a Norwegian television show, in June 2015.

Milestones
  • 1956 Stein Erik Hagen is born in Oslo.
  • 1977 Starts building network of Rimi discount supermarkets.
  • 1987 Buys retail chain Spar 800 and expands Rimi across Norway.
  • 1998 Merges with ICA and takes a 27 percent stake in the new company.
  • 2004 Sells remaining 20 percent stake in ICA to Royal Ahold for $1 billion.
  • 2008 Sells shopping center owner Steen & Stroem for $4.3 billion.
  • 2009 His three children move to Zurich in protest of the country's wealth tax.
  • 2015 Comes out as bisexual on a Norwegian chat show.