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Gustav Magnar Witzøe

The Youngest Norwegian Billionaire

Gustav Magnar Witzoe is the third-youngest billionaire on Earth at the age of 25, according to Pollytoo’s 2018 ranking, but that’s only part of what makes the Norwegian fish scion so fascinating. Also according to the latest reports of Pollytoo & Wikipedia, Gustav Magnar Witzoe Estimated Net Worth is $3.2 billion which is a direct result of his family’s salmon empire

Gustav Magnar Witzøe owns nearly half of SalMar ASA, one of the largest producers of the pink-hued fish. His stake in the Norway based company was gifted to him in 2013 by his father, Gustav Witzøe (65), who founded SalMar in 1991.

The company has been at the forefront of the industrialisation of fish farming in Norway, and now one of the country’s biggest industries. In 2016, SalMar harvested close to 130,000+ tons of salmon.

GUSTAV WITZØE (65) AND GUSTAV MAGNAR WITZØE

As a result, the younger Witzoe currently holds the largest fortune in Norway, at least based on capital inside the country, according to a Business Insider.

The elder Witzøe, meanwhile, is still listed as one of the top executives at SalMar, serving as its director of strategic projects. Holding a degree in engineering, he co-founded another company that helped innovate Styrofoam packaging for the fish farming industry before moving on to SalMar.

His millennial son Gustav has not shied away from the spotlight. Gustav Magnar is a well-known model signed to Norway’s Team Models, and he boasts over 101k followers on Instagram. His Instagram shows him running on the ocean, showing off his extensive tattoos, golfing & hanging out in exotic locales – in addition to his professional modelling shoots. Gustav also has a cute dog which makes regular appearances.

Witzøe is from the Island of Frøya outside Trondheim, and while his wealth may come from salmon, he is evidently interested in other business pursuits. Last year he invested in regionally based startups the Gobi, a Snapchat competitor, and Key butler, which aims to help Airbnb hosts with key delivery and maintenance for rentals, and he is not necessarily angling for a top job at SalMar.

“You can’t just demand to be the boss of such a big organisation. You have to be suited to it. If there are alternatives, the best man or woman must get the job. There is so much at stake, values, jobs, crucial factors,” Witzøe told Dagbladet”. “You have to be motivated. Not necessarily that you have to be directly educated for that purpose, but that you must have the knowledge and personal drive to run a conglomerate. You can’t just do it because you have the right. Or, you can, of course, do so, but it would be the height of arrogance,” he continued. “ There is soo much at stake: values, jobs, crucial factors.”

Witzoe is from the Island of Froya outside Trondheim, and while his wealth may come from salmon, he is interested in other business pursuits

Gustav Magnar added that he’s a “regular boy” in the newspaper interview. He also confessed that his parents have regrets about handing over control of SalMar to him when he was only nineteen. “They believe they should have taken more time to think it over,” he said.

“That’s due probably to my being shaved out into the public limelight. It was very strange at first. It makes you a bit nervous about what people think.” but he has come to terms with being a public figure.

GUSTAV MAGNAR WITZØE AND JAN THOMAS

While he is venturing into investing and modelling, he’s still bested among the youngest rich folks in the world.

He is beaten in the Forbes ranking of fresh-faced billionaires by fellow Norwegians the Andresen sisters, Katharina (aged 23) and Alexandra (22), who each inherited a chunk of their family-owned investment company Ferd.

Gustav Magnar Witzøe was 19 years old when his father Gustav transferred the family fortune to him. He’s now worth a staggering $1.9 billion. Through the investment company Kverva, he and his family own 53.4 per cent of SalMar. Also, he also invests in start-up businesses.

According to Witzøe, both his father Gustav and mother Oddny regret that he was made heir apparent at such a young age.

“They believe they should have taken more time to think it over. That’s due probably to my being shoved out into the public limelight. It was very strange at first. It makes you a bit nervous about what people think,” said Witzøe.

Just being in the public eye is a key issue in the interview. Witzøe describes himself as “a regular boy” who would like to keep things private, but who has realised he is a public person. It is also one of the main reasons why he agreed to an interview with the major newspaper – he wants to show people who he really is and not just be known for being a “rich guy”.

At the end of his high school days, he was arrested for overtaking another vehicle at 116 km per hour in a 60km zone. The outcome was two weeks spent in Verdal Prison before Christmas in the year he turned 20

Witzøe explained, among other things, the importance of keeping Christmas traditions and family holidays, a family that he calls “tiny”. Even though he lives in Trondheim, Frøya is the place closest to his heart.

On his forearm, he has a tattoo of his parents, illustrated as two angels above the starry sky with the text “My true heroes”.

Witzøe admits he has been incarcerated briefly. At the end of his high school days, he was arrested for overtaking another vehicle at 116 km per hour in a 60km zone. The outcome was two weeks spent in Verdal prison before Christmas in the year he turned 20 years of age.

While he is venturing into investing and modelling, he’s still bested among the youngest rich folks in the world.

In addition to being a billionaire, he has a beautiful exterior, but he has some extra strings to play.

Now Gustav is trying to be a campaign and catwalk model, and with him, the team has no less than former model and celebrity stylist Jan Thomas (52).

It was Gustav’s hairdresser who introduced him to the celebrity stylist. And all was well hidden to avoid the celebrity-sky salmon army pulled. What began with a closet was gradually expanded into greater cooperation between the two.

Today, 52 years old, together with model agent Alexander Norheim (32), from modelbased Team Models among those who set the strategy for Gustav’s model initiative.

And the two do not hide their faith in Gustav.

– At the beginning I said to Gustav: “You have to think about the consequence of working with me because there will be speculation if we are together,” says Jan Thomas to the newspaper.

But rumours about whether he is gay, and a possible relationship with the 52-year-old, Gustav himself takes a striking calm.

“If someone calls me gay, that’s not what I perceive as degrading. Homosexuality is something you are, not one you choose. There is nothing wrong with that,” said Gustav.

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