Bloomberg Billionaires Index

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# 350 Odd Reitan $5.51B

Random fact: Rema 1000 slogan: "Simple is often the best."

Overview

Reitan is chairman of Reitan Group, a supermarket, gas station and real estate group that had revenue of 95 billion Norwegian kroner ($111.7 billion) in 2018. The Trondheim, Norway-based group operates the Rema 1000 and Reitan Convenience chains and has more than 3,800 stores in Scandinavia and the Baltic states.

As of :
Last change +$45.6M ( +0.8%)
YTD change +$1.16B ( +26.6%)
Industry Food & Beverage
Biggest asset Rema 1000 and Reitan Convenience
Citizenship Norway
Age 68
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Odd Reitan's net worth of $5.51B can buy ...

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troy ounces of gold
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barrels of crude oil

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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 Reitan's fortune is derived from his control over Reitan Group. The Reitan family own the Trondheim, Norway-based investment company and Odd Reitan runs it with his two sons, according to the company's website. Reitan, the chairman and chief executive, is credited with the entire fortune because he founded the business and has voting control.

The valuations of food retailers Rema 1000 and Reitan Convenience are based on their 2018 financial results and the average enterprise value-to-sales, average enterprise value-to-Ebitda and price-to-earnings multiples of four publicly traded peer companies: ICA, Dia, Ahold and Axfood. The Reitan group has more than 3,800 stores, according to its website.

Reitan Group controls 95% of closely held gas-station operator Uno-X, according to its 2018 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.

Reitan Eiendom is valued using the market value of its property holdings less debt, based on data provided by Reitan Group spokesman Anders Benserud. The Reitan Group owns 63% of the real estate business, according to its 2018 annual report.

Biography

Birthdate: 1/1/1951
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.

Milestones
  • 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.