Karl Albrecht is a 90-year old German businessman who established the discount supermarket empire Albrecht Discount, or Aldi. Albrecht is one of the richest men in the world. He is currently ranked as the sixth richest man by Forbes Magazine with a net worth of over $23.5 billion in 2010.
Born on February 20, 1920 in Essen, Germany, Karl Albrecht’s humble beginnings as a son of a former miner turned baker’s assistant and a mother who owned a small grocery store in Schonnebeck, Germany, instilled in him a sense of industriousness that equipped him with almost everything he needed for his entrepreneurial career. His younger brother, Theo Albrecht, shared the same business vigor. The brothers had their own modest careers in their youth, with Theo working as an apprentice in their mother’s shop and Karl working in a delicatessen store. Eventually, their mother’s store was passed on to Karl and Theo at the end of World War II.
In 1961, the brothers opened their first Aldi store. The Albrechts eventually grew their business into a supermarket giant all across Europe. Later on, they divided the company into two distinct organizations, Aldi Sud (South) and Aldi Nord (North). Karl took over Aldi Sud while his brother controlled Aldi Nord.
By the year 1997, Aldi expanded to over 3,000 stores in Germany alone. By 2009, Aldi penetrated other countries such as the United States, United Kingdom, Ireland, Greece, Hungary, Slovenia, Switzerland, Australia and Austria, with 8,500 stores across the world. Despite Karl Albrecht’s retirement from the daily operations of Aldi Sud in 1994, the company continued to achieve success as he led Aldi as its chairman. He eventually stepped down from his post in 2002.
With Aldi’s immense success, Karl and Theo Albrecht became self-made billionaires. The brothers are now the richest individuals in Germany.
Karl Albrecht is known for his very private lifestyle. Aside from his business success, the public knows little about him other than his family and hobbies. He is married with two children, neither of whom are working for Aldi. He is a golf fan, an orchid enthusiast and an antique collector.
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