The family behind the hugely successful Aldi chain of discount supermarkets is one of the richest in Germany. Brothers Karl and Theo Albrecht inherited their mother’s small corner store in Western Germany after the end of the second World War and eventually grew a retailing empire that is currently the eighth largest in the world.
Survivor of a kidnapping in 1971, which may have contributed to his reclusive nature, Theo Albrecht is largely credited with being the entrepreneur behind Aldi’s initial success. Known for their frugality, Karl and Theo Albrecht applied the same principle to their business model, offering cheaply priced goods to spur rapid growth of their supermarket chain, which totals more than 10,000 stores in 20 countries today.
A well-publicised feud caused the brothers to split their business in 1960, with Karl taking control of operations in southern Germany, America, Australia and Britain, while Theo maintained stores in Europe. As of his death in 2014 at age 94, Karl Albrecht was the richest person in Germany with an estimated value of $25 billion. His brother Theo died in 2010. Both men transferred their assets to a private family foundation in 1993 after stepping away from day-to-day business operations. The Siepmann Foundation owns Aldi Süd; the Markus Foundation own Aldi Nord.
