Rank #580
Michael Otto
Net worth $6.8B
Retail, real estate · Germany
- Born
- Apr 12, 1943
- Age
- 83
- Source
- Retail, real estate
- Residence
- Hamburg
- Citizenship
- Germany
- Marital status
- Married
- Children
- 2
- Education
- Doctorate, University of Hamburg; Doctorate, University of Munich
Net worth over time
Biography
- Michael Otto inherited shares in the retail empire his late father, Werner Otto, founded as a mail-order business in Hamburg in 1949.
- As chief executive, he ran his family's Otto Group for 26 years until 2007. He is now chairman of its supervisory board.
- With revenues exceeding $15 billion, Otto Group has more than 40 companies in retail (including Crate and Barrel), real estate and financial services.
- Michael's stepmother Maren and her children Alexander and Katharina -- all billionaires -- also own stakes in Otto Group.
- Separate from Michael, they own ECE Group, a real estate company focused on shopping centers, and a stake in office property firm Paramount Group.
- Michael's son, Benjamin, announced he wouldn't be following his dad's footsteps and become chief executive. He is managing partner instead.
- Michael's half-sister, Katharina Otto-Bernstein, writes and produces art movies in the U.S.