What is Theo Albrecht's Net Worth?
Theo Albrecht was a German entrepreneur who had a net worth of $20 billion at the time of his death. Theo Albrecht co-founded the discount supermarket chain Aldi with his brother Karl Albrecht. The chain boasts over 12,500 locations across Europe, the United States, China, and Australia. A notable event in his life was his kidnapping and subsequent reclusive lifestyle. Theo and Karl were among the richest people in Germany during their lifetimes.
Early Life
Theo Albrecht was born on March 28, 1922, in Essen, Rhine Province in Germany. His father, Karl Sr., was a miner, while his mother, Anna, ran a grocery store. Seeking to avoid the mines, Theo learned the grocery business from his mother. At 18, he joined the German Army and was captured by Americans in Tunisia during World War II.
(Photo by Roland Scheidemann/picture alliance via Getty Images)
Aldi
In 1945, Theo and Karl Albrecht took over their mother's grocery business. By 1950, they owned 13 stores in the Ruhr, emphasizing cost-cutting strategies. By 1960, they operated around 300 stores in Germany. The business split into two groups in 1960, and in 1962, they introduced the name Aldi, short for Albrecht Diskont. Aldi expanded internationally, entering the U.S. in the 1970s and acquiring Trader Joe's. The brothers retired in 1993.
Kidnapping
In 1971, Albrecht was kidnapped by Heinz-Joachim Ollenburg and Paul Kron. A ransom of seven million German marks was paid by Bishop of Essen Franz Hengsbach. The kidnappers were caught, but only half of the ransom was recovered. Albrecht later attempted unsuccessfully to claim the ransom as a tax-deductible expense.
Personal Life and Death
The Albrecht family was notably private, especially following Theo's kidnapping. He used an armored car and varied his daily route to work. He rarely appeared in public or in photographs. Reportedly frugal, he collected pencil stubs and wore inexpensive suits. Theo was married to Cäcilie, and they had two sons, Theo Jr. and Berthold.
Theo Albrecht passed away on July 24, 2010, in Essen at the age of 88.
