Anne-Elisabeth Falkevik Hagen, 68, married to a real estate and energy magnate, disappeared on October 31, police said. Police urged the family not to pay any ransom.
"There's no doubt that for the family, Anne-Elisabeth's kidnapping is a disgusting and inhumane act", he said, expressing hopes that news of her disappearance would lead to some kind of sign that she is alive.
Police were informed about Falkevik Hagen's disappearance on October 31, but did not publicly speak about the incident until Wednesday.
The home (in center) of Norwegian billionaire Tom Hagen and his wife Anne-Elisabeth Falkevik Hagen in Fjellhamar.
The wife of one of Norway's richest men has been missing for months and her kidnappers have demanded a ransom, police have revealed.
Police said the case was given a "low profile" because of the threats but went public in an effort to garner information on her whereabouts, BBC News reported.
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Family lawyer, Svein Holden, told reporters: 'The family sees this as a cruel and inhumane act.
Tom Hagen's net worth was estimated at around $200 million by Norway's financial magazine Kapital, which ranked him the 172nd wealthiest person in the country.
The Norwegian police have reportedly been forced to use civilian cars with fake license numbers when moving in the area around the couple's residence outside of Oslo, in order not to arouse suspicion in case the suspected kidnappers might have been watching.
Norwegian police investigating the believed abduction of millionaire Tom Hagen's wife released Thursday two surveillance videos taken outside the businessman's office on the day she disappeared.
The NRK broadcaster reported that the couple are known for a "secluded lifestyle" centered on their countryside home.
"As in all serious criminal cases, time is an important factor, and we rely on tips.to help us find the missing woman".
The police statement said the main hypothesis "has always been that the woman was abducted against her will" and that "extensive" forensic work has been carried out at the home.