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Michael Otto Net Worth

Emmy Wallin

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Michael Otto Net Worth

What is Michael Otto’s net worth? 

Net Worth:$16 Billion
Age:78
Born:April 12, 1943
Country of Origin:Poland
Source of Wealth:Entrepreneur
Last Updated:2021

Introduction  

Michael Otto is a German businessman. Otto is the head of the world’s biggest mail-orders company, Otto Group.

He was born in Kulm, Germany. He is the son of Werner Otto, who started his business in 1949. Otto Group consists of 123 main companies and operates across 19 countries in America, Europe, and Asia.

Today, Otto Group does several things, from selling toys to building supplies.

As of 2021, Michael Otto’s net worth is estimated to be roughly $16 billion. 

 

Early Life 

Michael Otto was born on the 12th of April, 1943, in Chelmno, Poland.

Otto received the “Abitur” qualification from school and took training in a bank. Later he completed his degree in economics and Ph.D. in Political science. During his studies, he founded finance booking and real estate businesses.

Otto and his family own extensive real estate in Canada and in America. They also own shopping centers in Germany and part of home furnishings chain Crate & Barrel. 

 

Career 

Otto Group was founded by his father. They were the former owners of Spiegel, Inc., which filed for bankruptcy in 2003. 

Two years later, Spiegel, Inc. emerged from bankruptcy, was renamed Eddie Bauer Holdings, and is now owned primarily by Commerzbank. The Otto Group no longer has any stake in the company.

Otto and his family own extensive real estate in Canada and in the United States, shopping centers in Germany, and part of home-furnishings chain Crate & Barrel. Known as a committed environmentalist, his company has long touted environmentally safe products.

In 1993, Otto created the Michael Otto Foundation. This foundation played and is still playing an important role in furthering the multi-stakeholder dialogue on hot environmental issues.

Otto is also a member of the World Future Council.

Otto is president of Foundation 2. It promotes a transition towards a carbon-free economic system.

He once stated about this transition: “Understanding climate protection as a modernization project for the economy can now play an important role in overcoming the consequences of the Corona crisis. 

As of 2021, Michael Otto’s net worth is estimated to be roughly $16 billion. 

 

Highlights

Here are some of the best highlights of Michael Otto’s career:

  • Otto Group
  • Former Owner of Spiegel, Inc.
  • Otto is president of the Foundation 2°

 

3 Life Lessons from Michael Otto

Now that you know all about Michael Otto’s net worth and how he achieved success; let’s take a look at some of the lessons we can learn from him: 

 

1. Fears 

Too many of us are not living our dreams because we are living our fears.

 

2. Dreams 

Build your own dreams, or someone else will hire you to build theirs.

 

3. We Can Help Someone 

We can’t help everyone, but everyone can help someone. 

 

Summary 

Michael Otto is a German businessman.

Otto is best known for being the head of the German conglomerate, Otto Group, which is also the world’s largest mail-order company. Otto Group holds the second largest position for online retailers, behind conglomerate Amazon.com.

His company once owned Spiegel, Inc., which is a parent to Eddie Bauer. However, the company filed for bankruptcy in 200. 

As of 2021, Michael Otto’s net worth is estimated to be roughly $16 billion. 

What do you think about Michael Otto’s net worth? Leave a comment below. 

Emmy Wallin is a writer for Wealthy Gorilla. She is a young Swedish girl from Uppsala, who is currently traveling around the world. Emmy has a big passion for helping others and motivating people. Emmy has been studying celebrities careers, biographies, lifestyles, and net worths for over 3 years. She is the face behind the net worth profiles here on Wealthy Gorilla.

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