Michael Otto
Hamburg, Germany
Doctorate, University of Munich | Doctorate, University of Hamburg
Germany
retail, real estate
$6,800,000,000
215
#215 Billionaires 2019
Michael Otto shares in a 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 brother Alexander, stepmother Maren and her daughter 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.
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