Name
Michael Schmidt-Ruthenbeck
Primary Residence
Duisburg, Germany
Citizenship
Germany
Source Of Wealth
retail
Net Worth
$2,100,000,000
Forbes 2019 Billionaires List Rank:
1116
Forbes List Rank One: Title
#1116 Billionaires 2019
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Summary
Secretive brothers Michael Schmidt-Ruthenbeck and Reiner Schmidt are heirs to a piece of the Metro retail fortune.Their grandfather Karl Schmidt expanded into the wholesale trade in the 1920s.Karl Schmidt's sons Ernst and Wilhelm (father of Michael and Reiner) opened the first Metro hypermarket in Essen in 1963.The following year, they formed a partnership with the Haniel family and the late billionaire Otto Beisheim to propagate Metro Cash & Carry.Metro AG went public in 1996. In 2017, Metro AG split into Metro and Ceconomy (former consumer electronics business of Metro).
Did you know?
Germany's Mercator foundation is attributed to Michael. It has spent over $650 million on projects including climate change mitigation and cultural education. Two Swiss foundations, Mercator Schweiz and the Karl Schmidt Family Foundation, are also funded by the family.
Age
76
Categories
Brothers
Michael Schmidt-Ruthenbeck
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