Son of Jørgen and Massi Richter, Ole was born and grew up on the farm Rostad in Inderøya, Nord-Trøndelag.

He married a Norwegian farmer daughter and the family was subsequently involved in farming as well as other businesses.

Jørgen Richter ran Rostad farm, had a small brickyard, and did some fishing and boatbuilding.

Feeling that the lower degree would not provide him with adequate career opportunities, he chose the same year to accept an offer by an uncle in Denmark to come and live in order to study to an ordinary examen artium.

[7] Richter was elected to the Storting for the Liberal Party where he became the first Prime Minister in Stockholm after parliamentarianism was introduced, as part of Cabinet Sverdrup in 1884.