Jonas Gahr Støre Reinvests in Funds After Prior Divestment
Norwegian Prime Minister Jonas Gahr Støre has reinvested NOK 50 million (approximately $4.6 million USD) in funds, reversing a 2020 decision to divest from such investments to avoid potential conflicts of interest. The move, revealed in recent filings from his company Femstø AS, comes after a period where Støre held the funds in a bank account.
Background: Previous Divestment
In July 2020, Støre announced his intention to place his wealth in the bank to address concerns about potential conflicts of interest. This decision followed scrutiny regarding investments that were perceived to detract from political focus during the 2017 and 2019 election campaigns. Specifically, investments in Irish firm Egerton Capital and a private healthcare company drew criticism. At that time, Støre stated he wanted to avoid any perception of impropriety.
Current Investments
As of the latest accounts, approximately NOK 10 million remains in bank deposits, and cash. Støre also reported taking out NOK 10 million in dividends last year, a decrease from NOK 12 million the previous year. His overall equity holdings decreased from NOK 67 million to NOK 59 million.
Source of Wealth
Støre’s wealth primarily originates from an inheritance from his grandfather, who owned the oven manufacturer Jøtul. He also inherited a significant sum from his mother in 2021, as reported by Kapital.
Political Context
Jonas Gahr Støre has been the Prime Minister of Norway since October 14, 2021, and leader of the Labour Party (Arbeiderpartiet) since 2014. He previously served as Norway’s Foreign Minister from 2005 to 2012 and as Minister of Health and Care Services from 2012 to 2013. He is a Member of Parliament representing Oslo since 2009. More information about his career can be found on Wikipedia.
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