The World's Third-Youngest Billionaire Is Rich Thanks To Fish Farming

By on June 30, 2016 in ArticlesBillionaire News

Gustav Magnar Witzoe is a handsome, blonde, Norwegian 22-year-old, who also happens to be worth $1.7 billion. This makes Witzoe the third-youngest billionaire in the world.

If you came across his Instagram account, his exceptional wealth might not be immediately apparent. After all, his pictures are filled with exactly what you would expect from a young twenty-something. There are filtered snaps a-plenty of Witzoe with his friends, drinking, going to concerts, and having a good time.

But there are also photos that suggest there is something a little unusual about Witzoe's life. After all, most 22-year-olds don't have Omega watches, board meetings, or get around in a Porsche and/or a private plane.

So how exactly did Witzoe become a billionaire?

Instagram

Instagram

His father, Gustav Witzoe Sr. founded a fishing company called SalMar in 1991. Although that might not sound like the most glamorous company to create, SalMar has changed the face of Norway's fishing industry, making it more lucrative than ever before.

It should also be noted that Gustav Witzoe Sr. didn't simply hand his son the two billion dollars. Instead, In 2013, in order to avoid a massive inheritance tax, Witzoe gave his son an incredible 47% of SalMar's ASA equity. Witzoe was just one year out of high school when the transfer happened – solidifying his personal billionaire status.

The father still runs and manages the company that he helped create, while the younger Witzoe has no say in the company's future. However, despite the fact that the younger Witzoe has no control over SalMar, the equity he possesses has given him an amazing jumping off point for his own personal ventures.

Witzoe's interest include investing some of his massive wealth into tech start-ups and real estate. He has also briefly worked for an MGM property division.

Being a billionaire because of your dad's Norwegian fishing business may seem unfair. However, Witzoe, and other young billionaires may argue that it's not how you obtained your money, its how you use it.

Articles Written by Mia Bencivenga
Mia Bencivenga is a writer, editor, project-manager, and overall word enthusiast. Prior to her adventures in the literary world, she received her bachelor's degree in Linguistics and a certificate in the Arabic Language and Linguistics from the University of Pittsburgh. On most days you can find her dutifully writing and sipping in a number of Pittsburgh's tea houses. Follow her on Twitter @MiasMiniRants
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