Thor Philip Axel Jensen

Last updated

A relief of Thor Jensen and Margret Thorbjorg Kristjansdottir by Sigurjon Olafsson from the memorial in Hallargardur, Reykjavik. Thor Jensen and Margret Thorbjorg Kristjansdottir.png
A relief of Thor Jensen and Margrét Þorbjörg Kristjánsdóttir by Sigurjón Ólafsson from the memorial in Hallargarður, Reykjavík.

Thor Philip Axel Jensen (3 December 1863 – 12 September 1947) was a Danish entrepreneur who moved to Iceland at an early age and became famous there for his business activities during the first half of the twentieth century: he all but introduced big business, and even modern capitalism, to the country. His company Kveldúlfur hf. was the biggest in Iceland during the inter-war years. His descendants include some of Iceland's most powerful and well known figures.

Danes are a North Germanic ethnic group native to Denmark and a modern nation identified with the country of Denmark. This connection may be ancestral, legal, historical, or cultural.

Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs.

Iceland Island republic in Northern Europe

Iceland is a Nordic island country in the North Atlantic, with a population of 360,390 and an area of 103,000 km2 (40,000 sq mi), making it the most sparsely populated country in Europe. The capital and largest city is Reykjavík, with Reykjavík and the surrounding areas in the southwest of the country being home to over two-thirds of the population. Iceland is volcanically and geologically active. The interior consists of a plateau characterised by sand and lava fields, mountains, and glaciers, and many glacial rivers flow to the sea through the lowlands. Iceland is warmed by the Gulf Stream and has a temperate climate, despite a high latitude almost entirely outside the Arctic Circle. Its high latitude and marine influence keep summers chilly, with most of the archipelago having a tundra climate.


Early life

Thor's father, Jens Chr. Jensen, was a master builder. Thor had eleven siblings and four half-sisters. Thor did well in his studies but lost his father at the age of eight. Two years later, he was sent to a free boarding school for orphans in Copenhagen. In 1878, at the end of his studies and after reaching confirmation age, Thor was sent to Borðeyri, a small trading settlement in the north-west of Iceland, because his headmaster knew an Icelandic merchant there.

Copenhagen Capital of Denmark

Copenhagen is the capital and most populous city of Denmark. As of July 2018, the city has a population of 777,218. It forms the core of the wider urban area of Copenhagen and the Copenhagen metropolitan area. Copenhagen is situated on the eastern coast of the island of Zealand; another small portion of the city is located on Amager, and it is separated from Malmö, Sweden, by the strait of Øresund. The Øresund Bridge connects the two cities by rail and road.

Borðeyri Village in Northwest Constituency, Iceland

Borðeyri is a small hamlet in north-west Iceland.

Thor adapted quickly to Iceland, learning Icelandic and reading medieval Icelandic sagas. A certain widow moved to Borðeyri with two children in tow—a boy and a girl. The girl was called Margrét Þorbjörg Kristjánsdóttir; she and Thor fell in love, and remained together for over sixty years, having twelve children.

Icelandic language North Germanic language mainly spoken in Iceland

Icelandic is a North Germanic language spoken in Iceland. Along with Faroese, Norn, and Western Norwegian it formerly constituted West Nordic; while Danish, Eastern Norwegian and Swedish constituted East Nordic. Modern Norwegian Bokmål is influenced by both groups, leading the Nordic languages to be divided into mainland Scandinavian languages and Insular Nordic.

Sagas of Icelanders group of narratives

The Sagas of Icelanders, also known as family sagas, are prose narratives mostly based on historical events that mostly took place in Iceland in the 9th, 10th, and early 11th centuries, during the so-called Saga Age. They are the best-known specimens of Icelandic literature.


The house originally built in 1908 by Thor Philip Axel Jensen, Frikirkjuvegur 11, Reykjavik, Iceland. Frikirkjuvegur 11.png
The house originally built in 1908 by Thor Philip Axel Jensen, Fríkirkjuvegur 11, Reykjavík, Iceland.

Thor and Margrét moved to Akranes where Thor started a shop. Business went well at first, but around 1900 Thor was bankrupted when a ship carrying his goods was lost. Thor moved with his family to Hafnarfjörður where they lived until Thor got back on his feet and established a new shop in Reykjavík. Fishing at this time in Iceland was in transition from being 'a secondary occupation for farmers' to being 'an industry in its own right'. [1] Thor was known for his energy and 'two of the most powerful fishing businessmen in Seltjarnarnes, Guðmundur Einarsson í Nesi and Þórður Jónasson í Ráðagerði, said that they would buy fishing equipment from him if he offered it at a competitive price'. [2] Guðmundur gave Thor the use of his premises on the corner of Austurstræti and Veltusund in Reykjavík, and both he and Þórður invested 500 krónur to start the company. Thor called the company Godthaab-verzlunin after the street Godthaabsvej in Frederiksberg in Copenhagen. The company did well and Thor was soon the richest person in Iceland. In 1908 he built himself a splendid house at Fríkirkjuvegur 11, by Tjörnin, now in the Hallargarður sculpture park.

Akranes municipality in Iceland

Akranes is a port town and municipality on the west coast of Iceland, around 20 km (12 mi) north of the capital Reykjavík.

Hafnarfjörður town in Iceland

Hafnarfjörður is a port town and municipality located on the southwest coast of Iceland, about 10 km (6 mi) south of Reykjavík.

Reykjavík Capital and largest city in Iceland

Reykjavík is the capital and largest city of Iceland. It is located in southwestern Iceland, on the southern shore of Faxaflói bay. Its latitude is 64°08' N, making it the world's northernmost capital of a sovereign state. With a population of around 128,793, it is the center of Iceland's cultural, economic and governmental activity, and is a popular tourist destination.

With Pétur J. Thorsteinsson, Thor was a founder member of the fishing and fish-processing company PJ Thorsteinsson & Co, otherwise known as the Milljónarfélagið, in 1907. The company's name came about because it aimed to achieve a share capital of ISK1m, which would have equalled Iceland's state budget---though that goal was never quite achieved. Through it, Thor took a role in the design of the Jóni forseti, Iceland's first trawler; established a harbour at Viðey; and built Iceland's only railway line. Pétur and Thor got on badly; Pétur left, and four years later, the company was bankrupt; both partners lost money, but Pétur the more. 'At the time, there was an investigation into the affair, where Jensen famously couldn’t remember a thing about the whole debacle.' Later, in his autobiography, Jensen argued, implausibly, that the bankruptcy was in no way his fault. [3] He was also a founder member of Eimskip but was not elected to the board on account of his origins, and took no further role in the company.


Milljónarfélagið was a fishing company, technically called P.J. Thorsteinsson & Co., which was based on the island of Viðey and ran from 1907 to 1914. Viðey was chosen as the main centre for the company because the nearby Reykjavík at the time lacked a harbour, water supply, and electricity.

Viðey geographical object

Viðey is the largest island of the Kollafjörður Bay in Iceland, near the capital of Reykjavík.

Eimskipafélag Íslands hf. was founded on January 17, 1914, making it the oldest shipping company in Iceland. Eimskip has offices in 19 countries worldwide as well as agents in other locations.

In later years Thor focused on making Korpúlfsstaður the largest dairy in Iceland. He put considerable resources behind this and achieved his goal. Thor died one night after a stroke. Out of respect, his numerous businesses closed the day of his funeral, which took place on 18 September 1947. [4]

Land purchases

Thor became noted for buying up large tracts of land. [5] According to his autobiography, he aspired to own all the lands supposedly claimed on Snæfellsnes by the ninth-century settler Bjǫrn the Easterner, so as to follow in the footsteps of the landnámsmenn . Thus in 1914, he bought Bjarnarhöfn, along with various uninhabited plots and islands: Guðnýjarstaðir, Efrakot, Neðrakot, Hrútey, Hafnareyjar, and the inhabited Ármýrar, for 18,000 krónur. In the following years, he bought the neighbouring Fjarðarhorn, Árnabotn, Hraunsfjörð, Selvelli, Seljahraun and Kothraun. He used these lands for sheep farming. Thor also bought lands at Borgarnes. [6]

From 1909, Thor began buying up land and fishing rights along the Haffjarðará, one of Iceland's most famed salmon rivers, until he owned all the fishing on the river. The river became the focus of his family's summer holidays, and for line-fishing by paying visitors. [7]


Thor and Margrét had twelve children, and together the parents and children are known in Icelandic as the Thorsararnir; they and their descendants include some of Iceland's most prominent figures, chronicled by Guðmundur Magnússon. [8] The children were: Camilla Therese (20 April 1887 – 1968), Richard (29 April 1888 – 1970), Kjartan (26 April 1890 – 1971), Ólafur (Tryggvason) (19 January 1892 – 1964), Haukur (21 March 1896 – 1970), Kristín (16 February 1899 – 1972), Kristjana (23 July 1900 – 1989), Margrét Þorbjörg (22 April 1902 – 1996), Thor (Harald) (26 November 1903 – 1965), Lorentz (4 July 1904 – 1970), Louise Andrea (24 August 1906 – 1907), and (Louis) Hilmar (7 July 1908 – 1939). [9]

Thor's son Ólafur Thors was Iceland's prime minister five times; Ólafur's daughter Margrét Þorbjörg Thors was married to the pilot Tony Jonsson; another son, Thor Thors, was Iceland's first Permanent Representative to the United Nations. His grandchildren include Elina Hallgrímsson, Margrét Þóra Hallgrímsson, wife of Björgólfur Guðmundsson and mother of Björgólfur Thor Björgólfsson; and the author Thor Vilhjálmsson, whose son Guðmundur Andri Thorsson is also a noted author.

For the most part, the period of the greatest power, wealth, and influence of the Thorsararnir had run its course by the 1970s, though the descendants of Thor and Margrét now number several hundred. [10]

Thor Jensen and his great-grandson Björgólfur Thor Björgólfsson are the subject of the 2011 documentary film Thor's Saga by Ulla Boje Rasmussen. [11]

Related Research Articles

Ólafur Thors Icelandic politician

Ólafur Tryggvason Thors, the son of Margrét Þorbjörg Kristjánsdóttir and Thor Philip Axel Jensen, was an Icelandic politician of the Independence Party, who served five times as Prime Minister of Iceland.

Björgólfur Thor Björgólfsson Icelandic businessman

Björgólfur Thor Björgólfsson, known internationally as Thor Bjorgolfsson, and colloquially in Iceland as Bjöggi, is an Icelandic businessman and entrepreneur, and former chairman of the financial firm Straumur-Burðarás and chairman of investment firm Novator Partners. As of June 2019, he is the richest person in Iceland and 1,115th richest person in the world according to Forbes. His most valuable holding today through Novator Partners is a share in Polish telecom outfit Play and he has also invested in smaller startups such as the Zwift online platform for indoor cycling as well as the Icelandic MMOG company CCP Games.

The Ásatrúarfélagið is an Icelandic religious organisation of heathenry. It was founded on the First Day of Summer 1972, and granted recognition as a registered religious organization in 1973, allowing it to conduct legally binding ceremonies and collect a share of the church tax. The Allsherjargoði is the chief religious official.

The Sturlungs were a powerful family clan in medieval mid-13th century Iceland, in the time of the Icelandic Commonwealth. Their story is partly told in Sturlunga saga, and members of the clan were significant participants in the civil war of the Age of the Sturlungs.

Kolbeinn Tumason (1173–1208) was a member of the Ásbirningar family clan, and was one of the most powerful chieftains in Iceland around the turn of the 13th century. His power was probably at its height around 1200 AD. Kolbeinn used his influence to ensure that men in his favour received positions of power within the clergy, amongst them bishop Guðmundur Arason. Guðmundur, unbeknownst to Kolbeinn, proved to be an advocate of clerical independence and resented interference from the secular chieftains. The two were soon at odds. In 1208, Kolbeinn and his followers attacked Guðmundur and his supporters in Hjaltadalur by Víðines. The ensuing battle is known as the Battle of Víðines. Kolbeinn died in the conflict, his head bashed in with a rock.

Einar Már Guðmundsson Icelandic author

Einar Már Guðmundsson is an Icelandic author of novels, short stories, and poetry. His books have been translated into several languages.

Björgólfur Guðmundsson was the chairman and former owner of West Ham United. Björgólfur was Iceland's second businessman worth more than a billion dollars — his son, Björgólfur Thor Björgólfsson being the first. He was at one time the majority owner and chairman of the now nationalised Icelandic bank Landsbanki, the second largest company in Iceland. He was ranked by Forbes magazine in March 2008 as the 1014th-richest person in the world, with a net worth of $1.1 billion. In December of the same year Forbes revalued his net worth to $0, and on 31 July 2009 he was declared bankrupt by the Icelandic courts with debts of almost £500 million.

Þorsteinn Elton Jónsson, DFM was an Icelandic fighter pilot and flying ace of the Second World War. He was the only pilot from Iceland to serve with Royal Air Force in the Second World War, and went on to a significant career in civil aviation.

Margrét Þóra (Thora) Hallgrímsson is the wife of the businessman Björgólfur Guðmundsson and like him was a prominent figure in the cultural and business life of Iceland from around 2002–2008. She is also the former wife of American Nazi Party founder George Lincoln Rockwell.

Lögberg-Heimskringla is a community newspaper serving the Icelandic community in North America. A former weekly, it is currently published twice per month in Winnipeg, Canada. The newspaper was created in 1959 by the amalgamation of two newspapers, the Heimskringla and the Lögberg, which had been in publication in North America since the 1880s.

Kjartan Jóhannsson Icelandic politician

Kjartan Jóhannsson an Icelandic diplomat, politician, former cabinet minister, and professor.

Guðrún Kristín Magnúsdóttir is an Icelandic author and artist. Guðrún has received many awards as an artist and author of more than 130 books including children's books, books on nature, drama, and the Óðsmál series. The Icelandic Ministry of Education, Science, and Culture, and Hagthenkir, The Association of Non-fiction and Educational Writers in Iceland, funded the Óðsmál series.

Margrét Þorbjörg Thors Hallgrímsson was a matriarch of one of the most powerful families in Iceland in the twentieth century. She was the eighth child of Margrét Þorbjörg Kristjánsdóttir and Thor Philip Axel Jensen, one of Iceland's most powerful businessmen, and the last of them to die. On November 17, 1928, Margrét Þorbjörg married the businessman Hallgrímur Fr. Hallgrímsson (1905-1989), with whom she had Margrét Þóra Hallgrímsson and Elína Benta.

Hallgrímur Fr. Hallgrímsson was one of Iceland's leading businessmen and political figures in the mid-twentieth century.

Kveldúlfur was an Icelandic trawler company that was established in 1912 by Thor Jensen. Kveldúlfur was one of the largest fishing companies in Iceland until the Second World War, running 7 boats at peak. It made Jensen one of the wealthiest men in Iceland. The company operated from Reykjavík. In 1929 it caught 23,791,000 kilos of fish. After the war the company declined and eventually operated with just one trawler until closure in 1977.

The 7th Edda Awards were held on 13 November 2005 at Nordica Hótel in Reykjavík. The Awards were hosted by actor Þorsteinn Guðmundsson and was broadcast live on RÚV.

2016 Icelandic presidential election

Presidential elections took place in Iceland on 25 June 2016. President Ólafur Ragnar Grímsson, elected in 1996, stepped down after serving five consecutive terms. Historian and lecturer Guðni Th. Jóhannesson was elected after receiving a plurality with 39.1% of the vote. He took office on 1 August, as the first new president of the Nordic country in twenty years.

Gísli Magnússon Icelandic pianist

Gísli Magnússon was an Icelandic pianist whose career spanned more than half a century.


  1. Valdimar Tr. Hafstein, 'The Elves' Point of View: Cultural Identity in Contemporary Icelandic Elf-Tradition', Fabula: Zeitschrift für Erzählsforschung/Journal of Folklore Studies/Revue d'Etudes sur le Conte Populaire, 41 (2000), 87-104, p. 95.
  2. '[t]veir af öflugustu útvegsbændum á Seltjarnarnesi, Guðmundur Einarsson í Nesi og Þórður Jónasson í Ráðagerði sögðust skildu kaupa af honum útgerðarvörur ef hann byði þær á samkeppnishæfu verði', Guðmundur Magnússon. Thorsararnir, p. 37.
  4. 'Fjöldi tilkynninga frá fyrirtækjum', Morgunblaðið, 18 September 1947.
  5. Roger Boyes, Meltdown Iceland: Lessons on the World Financial Crisis from a Small Bankrupt Island (New York: Bloomsbury, 2009), p. 63.
  6. Guðmundur Magnússon, Thorsararnir: auður – völd – örlög (Reykjavík: Almenna bókafélagið, 2005), p. 146.
  7. Guðmundur Magnússon, Thorsararnir: auður – völd – örlög (Reykjavík: Almenna bókafélagið, 2005), p. 146.
  8. Thorsararnir: auður – völd – örlög (Reykjavík: Almenna bókafélagið, 2005).
  9.; 'Margrét Þorbjörg Thors', Morgunblaðið, 10 September 1996,
  10. Guðmundur Magnússon, Thorsararnir: auður – völd – örlög (Reykjavík: Almenna bókafélagið, 2005), p. 353.