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Home Lifestyle Billionaires Turning Fish Farming to Billions: How Young Gustav Magnar Witzoe Made His $4.5B Fortune
Billionaires - Uncategorized - December 2, 2022

Turning Fish Farming to Billions: How Young Gustav Magnar Witzoe Made His $4.5B Fortune

Gustav Magnar Witzoe, is one of the world’s youngest billionaires and the heir to the Norwegian salmon empire. He received a sizable stake in SalMar ASA, a salmon fishery, from his father when he was 18 in order to avoid paying inheritance taxes. When he was 19 years old, Witze spent two weeks in jail after being caught driving 180 km/h in a 60 km/h zone. 

Witze worked as a milker at SalMar’s fish farms in Frya and is engaged in the family business. His net worth stood at $4.3 billion as of 2021. He also invests in real estate and tech startup. He has financial stakes in both Gopi and Keybutler and was once employed by MGM Property.

The 29-year-old model, investor, and heir aren’t afraid to talk about his modest upbringing or flaunt his current success on social media.

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Early life 

On February 8, 1993, Gustav Magnar Witze was born to Oddny and Gustav Witze on the small island of Frya in the Norwegian region of Trndelag. According to reports, both his mother and father were employed as caregivers. 

In 1991, Gustav Senior started SalMar, which has since developed into one of the major producers of farmed salmon worldwide, with operations in Asia, the United States, Canada, the Russian Federation, and Norway. 

Despite the success of the business, it appears that the Witzes did not completely spoil their one and only child. During an interview, Gustav admitted that he had forwent attending college in favour of working on salmon farms for two years to gain experience in the field.

Source: Money

He said, “Maybe it would have been different if I’d grown up with money, but since we didn’t when I was a kid, I’m very happy about that. It was just a normal, down-to-earth family, and I think those are values I’ll take with me.”

Receiving a major stake from his father

Source: NZ Herald

It’s fascinating how quickly things can alter. According to Forbes, Gustav received a 47% interest in SalMar ASA as a gift from his father in 2013. The model was only 19 years old at the time. The action was intended to avoid paying a large inheritance tax. 

Despite owning one of the largest fishing corporations in the world, Gustav doesn’t seem to feel entitled to the family’s money and still views the business as being his dad’s to this point. 

He explained to the Norwegian daily Dagbladet: “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.”

Coming from humble beginnings vs Instagram

The billionaire claims to lead a simple life, but his Instagram feed suggests otherwise. 

The fitness fanatic, who said he works out nine times per week, doesn’t mind flaunting his model figure on Instagram, though he appears to have removed some of his earlier photos. 

Images of him show him travelling the world in style, landing in places like Dubai and Italy. Gustav Magnar Witzoe has also shown off glimpses of his opulent vehicles, which include a Porsche and an Aston Martin.  

Investments and philanthropic activities According to its website, the Norwegian investor’s business, Wiski Capital, sponsors start-ups by aiming to work with the country’s most undeveloped technological talent. 

The investor also contributes to the greater good by leading the W Initiative, a nonprofit organisation that supports children’s health and education. 

More than 4,000 children in Uganda are to receive access to sanitary facilities and clean water as a result of the organisation. 

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