Torstein Hagen is a Norwegian businessman who has a net worth of $25 billion. That makes him the richest person in Norway. Torstein Hagen earned his fortune as the founder of Viking, the river, ocean, and expedition cruise company he launched in 1997 at the age of 54. Remarkably, Hagen started Viking after several major career and financial setbacks, using what remained of his fortune, along with money from two friends, to acquire four river ships in Russia.

Viking eventually transformed river cruising for affluent American travelers before expanding into ocean voyages in 2015 and expedition cruises several years later. The company operates more than 100 vessels and offers trips on rivers and oceans around the world. Viking went public on the New York Stock Exchange in May 2024, turning Hagen's previously difficult-to-value private-company stake into one of the largest publicly visible fortunes in the travel industry.

Hagen served as Viking's CEO from its founding until 2026, when he handed the position to longtime executive Leah Talactac and became Executive Chairman.

Torstein Hagen was born in 1943 and grew up in Nittedal, outside Oslo, Norway. His father was an accountant, and Hagen began working at a woodworking factory at the age of 14.

He studied physics at the Norwegian Institute of Technology and later received a Fulbright scholarship to study in the United States. Hagen earned an MBA from Harvard Business School in 1968.

After Harvard, Hagen joined McKinsey & Company, eventually becoming a partner. One of his assignments involved advising Holland America Line during a difficult financial period. The experience introduced him to the economics of the cruise business and helped shape the rest of his career.

At age 33, Hagen left consulting to become CEO of Bergen Line, a struggling Norwegian shipping company. He cut costs, sold ships, and returned the business to profitability.

In the early 1980s, he became CEO of Royal Viking Line. Hagen expanded the company's ships by physically adding new midsections, increasing passenger capacity and dramatically lowering the occupancy rate required for the vessels to break even.

Hagen attempted to lead a management buyout of Royal Viking in 1984, but the deal collapsed when another buyer acquired the company. He spent much of the following decade trying unsuccessfully to regain control of the business.

Meanwhile, Hagen made an aggressive investment in Dutch shipping company Royal Nedlloyd. He and several partners spent $157 million accumulating a 27% stake, much of it financed with borrowed money. A prolonged battle over the company ended badly, and a margin call nearly wiped Hagen out financially.

Around the same period, Hagen was diagnosed with prostate cancer.

By 1997, Hagen had rebuilt what remained of his finances to roughly $5.5 million. Two friends contributed another $2.5 million.

At 54 years old, Hagen used the money to buy four river ships from Russian owners and founded Viking. It was a much smaller enterprise than the ocean cruise company he had once hoped to control, but it provided him with something he had long wanted: ownership.

Viking initially concentrated on Russian and European river cruising. Hagen saw an opportunity to market river voyages to older, affluent Americans who wanted to experience European destinations without constantly changing hotels.

His strategy emphasized culture and destinations rather than the onboard attractions common on mass-market cruise ships. Viking became known for lectures, historical programming, local excursions, and an absence of casinos, children, waterslides, and many of the other features associated with large cruise ships.

The company also invested heavily in direct marketing to American households, helping turn river cruising from a niche product into a much larger travel category.

Viking survived several major threats along the way. Travel demand collapsed after the September 11 attacks, and the 2008 financial crisis pushed the company close to a sale. Hagen ultimately backed away from selling after bookings recovered and later bought out minority investors.

After dominating the river-cruise market, Hagen returned to the business he had originally wanted to pursue: ocean cruising.

Viking launched its first ocean ship in 2015. Rather than compete with enormous floating resorts operated by companies such as Carnival and Royal Caribbean, Hagen pursued relatively small ships carrying around 930 passengers.

The strategy worked. Viking expanded rapidly into ocean voyages and later expedition cruises, eventually growing to more than 100 ships traveling across all seven continents.

The company specifically caters to older, affluent travelers and has generally prohibited passengers under 18. Hagen has joked that he can conduct market research simply by looking in the mirror.

Viking went public on the New York Stock Exchange in May 2024 under the ticker symbol "VIK." The IPO initially valued the company at roughly $10 billion. Hagen did not sell any of his shares in the offering and retained overwhelming voting control.

Viking's share price subsequently surged as cruise demand remained strong. Hagen's holdings, which are largely controlled through a family trust and Viking Capital, increased in value by well over $10 billion in the first two years following the IPO.

By 2026, Viking was generating more than $6 billion in annual revenue, and Hagen had become Norway's richest person by several international wealth rankings.

In May 2026, after nearly three decades running Viking, Hagen stepped down as CEO. Longtime Viking executive Leah Talactac succeeded him.

Hagen did not retire. He became Executive Chairman and remains involved in Viking's long-term strategy while continuing to chair the company's board.

Hagen has two daughters. His daughter Karine Hagen has held senior executive roles at Viking and has been closely involved with the company's branding, product development, and cultural programming.

Hagen was previously married to Ellen-Karine Hagen. The couple later divorced.

His career is notable not only for the scale of Viking but for how late his defining business success arrived. Hagen was 54, had survived cancer, had lost control of a previous cruise company, and had nearly been wiped out by a leveraged shipping investment before buying the four Russian riverboats that eventually made him one of the richest people in Europe.