Members of his family were visiting Sri Lanka over the Easter holiday.
A spokesperson for the billionaire confirmed that three of his four children were among those killed in the attacks on Sunday, which targeted churches and luxury hotels.
Shareholder in ASOS
Mr Povlsen, 46, is a businessman who has shares in a number of fashion companies. He owns 221,000 acres of Scotland.
He made his fortune after inheriting clothing company Bestseller, which owns brands including Vero Moda and Jack and Jones.
More recently, he has been a major shareholder in ASOS, with a 27 per cent stake in the online retail giant.
He owns 11 estates in the highlands and was announced as the country’s largest landowner last year when his portfolio outstripped that of the Duke of Buccleuch, who owns 217,000 acres.
£70m on land in Scotland
The Dane spend more than £70 million in land in Scotland in just over a decade. He purchased estates including Eriboll in Sutherland and Tulloch near Fort William.
Mr Polvsen is a passionate environmentalist, and purchased his land with plans to restore the ecology. His ‘wild land’ approach is geared towards encouraging the natural flora, fauna and woodlands to thrive.
It contrasts with the traditional Scottish sporting estate where hunting and fishing are popular.
Forbes magazine has estimated Mr Povlsen to be worth around £5.8 billion.