Theodor Paul Albrecht was an Essen, Rhine Province-born German entrepreneur best known for being the owner and former CEO of the Aldi Nord discount supermarket chain. Born on 28th March 1922, Theo was also famous for being the 31st richest person in the world in 2010 as listed by Forbes magazine. One of the richest and highly regarded businessmen of all times, Theo died on 24 July 2010 at the age of 88 years.
One of the richest people on earth at the time of his death, one might ask what was Theo’s net worth at the time? Theo was counting his net worth at $16.7 billion in 2010 before his death. Needless to say, his lifetime long involvement in the retail industry in Germany and beyond was the major source of his income – being the owner of Aldi Nord discount supermarket chain added most significantly to Theo’s net worth over the years.
Theo Albrecht Net Worth $16.7 Billion
Raised in Essen with his brother, Theo was familiar with the grocery business skills as his mother operated a grocery store. After their mother, Theo and his brother Karl went on to develop the grocery store into a supermarket, and eventually the brothers expanded the supermarket into a chain under the name Albretch Diskont. The company name was later changed to Aldi and in 1960 it was divided between Karl and Theo. Eventually, Theo expanded the business in north Germany and the company was called Aldi Nord. As this company began to grow extensively yielding millions of dollars each year, this helped Theo to gradually become one of the richest people in the world, also assisted by his purchase of the American company Trader Joe’s, which with Aldi was producing revenue of over $40 billion a year by 2010.
Amidst all the good in his business, Theo was kidnapped in 1971 and was let go after a ransom price of $2 million was paid 17 days later – his kidnappers were later caught by the authorities and were recognized as a lawyer and an accomplice. This was one of the pivotal points in his life, as was the time he served in the army during World War II, during which he was captured by the Americans in Tunisia, and was held as the prisoner of war but was returned in 1946 as the war ended.
As for his personal life, Theo and family were renowned for leading very reclusive lifestyle. Theo lived such a secluded life that his photograph was very rare. There are very few photos of Theo and his family and even their vacations took place far from the public spotlight. Also, it was reported that Theo was a very devoted Roman Catholic.
Theo retired from the daily operations of his company in 1993 and then served only as the chairman on the board until he died on 24 July 2010. At the time of his death, he was 31st richest person in the world and also as of now, his net worth is counted at $16.7 billion. He was married to Caecilie and they had two sons who have inherited the Aldi business.
