Theo Albrecht Net Worth: $16.7 Billion
Theodor Paul “Theo” Albrecht, the German entrepreneur who was the CEO of Aldi Nord Supermarket, had a net worth of $16.7 billion. Aside from Aldi Nord, he also owned the American grocery chain Trader Joe’s. He was born on March 28, 1922 in the Rhine Province of Germany and died at the age of 88 on July 24, 2010 in Germany. At the beginning, the supermarket Aldi Sud, owned by his brother Karl and him, was one family enterprise until the assets were divided in 1960. In 1971, Theo was kidnapped for 17 days then released after paying a ransom of roughly $2 Million.
How did Theo Albrecht make his money?
Theo Albrecht and his brother Karl built their supermarket chain as an extension of their mother’s grocery store which was opened in 1913 in Essen. Theo gained his experience in the grocery business from his mother because he didn’t want to end up working in the mines like his father. He and Karl opened Albrecht Diskont, one of the largest supermarket chains in Europe. Their slogan ‘best quality at lowest price’ has made them a famous household name. In 1960, the brothers legally split the company into two different units: Aldi Nord run by Theodor operating in North Germany and Aldi Sud run by Karl in the south of Germany. Their low-cost business prototype has transformed the German grocery market. Theo Albrecht’s business strategies and intelligent wit have garnered him the rank of being the 31st richest person in the world by Forbes.