GO
Loading...

Enter multiple symbols separated by commas

German supermarket tycoon Albrecht dead at 94

ALDI Einkauf GmbH & Co. oHG | Getty Images

Karl Albrecht, co-founder of the Aldi grocery store empire and one of the world's richest people, has died in the western German city of Essen. He was 94.

Essen's city hall told The Associated Press that Albrecht was buried Monday in a family plot in a small ceremony in the city's Bredeney district where he lived.

Aldi's press office says Albrecht died July 16, giving no further details.

Read MoreINSIGHT-In discounter war, will Aldi's Coke rush fall flat?

Albrecht and his brother Theo, who died in 2010, founded the Aldi supermarket chain in 1962 -- the name being short for "Albrecht Discount."

Today it has thousands of stores in 17 countries in Europe, North America and Australia.

Albrecht was ranked No. 24 on this year's Forbes list of the world's richest people with an estimated net worth of $25.9 billion.

Follow us on Twitter: @CNBCWorld

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Europe Video

  • The boom in online ads

    Eleni Marouli, senior analyst at IHS, explains what has driven the growth in online advertising and spending.

  • European shares close lower as Greek vote eyed

    European equities closed lower on Friday as investors looked ahead to Sunday, when a referendum that could affect Greece's future in the euro zone will take place.

  • Limited contagion risk from Greece?

    Stephen Macklow-Smith, European equities portfolio manager at J.P. Morgan Asset Management, discusses European stocks after the market's worst week this year.