Denmark: The Man Who Bought a Country

The richest man in Denmark—and reputedly one of the richest in the world—is shy, strapping A. P. (for Arnold Peter) Mø11er, who, at 85, still likes to sail himself to work in his sloop Karama III. In his storybook rise from merchant's apprentice, Mø11er (pronounced roughly Mew-lehr) has always believed in one precept besides making money: do something for Denmark. Mostly, what he has done for Denmark is to invest in it. With the profits earned abroad by his 85-ship Maersk Line and his 25,000-acre Tanganyika sugar plantation, he has built his country's biggest industrial empire, which ranges from shipyards to petrochemical plants and employs 9,000 Danes.

Last week Mø11er was once again doing something for Denmark. Concerned lest the nation's natural resources fall into foreign hands, Mø11er has persuaded the Danish government to give him the oil and natural gas rights for the entire country, except Greenland and the Faroe Islands. In return, Mø11er will set up a $6,000,000 exploration company, and has promised the government royalties ranging up to 12% of the value of any oil he finds.

The deal must be approved by Parliament before it becomes final, but no snags are expected, for in Denmark Mø11er is a national hero. Besides, although Gulf Oil has spent $15 million looking, no trace of oil has ever been found in Denmark.