#112

Torstein Hagen

Norway 83 years old Self-Made

Overview

Torstein Hagen started Viking Cruises in 1997, at age 54, with four riverboats in Russia.

He had previously served as CEO of upmarket cruise line Royal Viking. He was forced to step down in 1984 after a failed bid to buy the company.

Viking caters to wealthy, American retirees and has over 70 river cruise ships, which primarily traverse Europe's major waterways.

Hagen began to offer ocean cruises in 2015 and now has six 930-passenger ships.

Since 2016, Hagen has sold 23% of Viking Cruises to TPG Capital and the Canada Pension Plan Investment Board, for a total of $672 million.

In May 2024, Viking went public on the New York Stock Exchange, raising more than $1.5 billion.

Hagen helped Holland America stave off bankruptcy in the 1970s and served on its board for three decades.

Hagen spent several years investing in shipping companies and once had to sell the art off his walls to settle a margin call.