Reclusive German billionaire behind Aldi supermarkets dies, aged 94

Karl Albrecht, the reclusive German businessman who became one the world’s wealthiest people after co-founding the Aldi discount supermarket chain in the 1960s, has died. He was 94.

He died in Essen, Germany, on July 16 and was buried in a private ceremony. Albrecht was the second-richest person in Germany and the 35th-wealthiest in the world, with an estimated fortune of $20.9bn. With his brother, Theo, he built a business that ranked as the world’s 11th-biggest retailer in 2013, according to London-based research company, Planet Retail.

The Albrecht brothers split the Essen-based chain into separate companies — Aldi Sued and Aldi Nord — in 1962, following a feud over whether to sell cigarettes in the stores.