Businesspersons
Michael Otto Net Worth
Michael Otto's Net Worth as of 2024
$19.3 Billion
Michael Otto was born on 12 April 1943, in Chelmno (Kulm) Poland (then German occupied) to parents Werner and Eva Otto, and is known for being the head of the German Otto Group, the world’s largest mail order company. Forbes magazine ranks Michael as the 50th richest person in the world, and probably the third richest German in 2015.
So just how rich is Michael Otto? Forbes estimates that Otto’s net worth has reached over $18 billion, most of his wealth having been accumulated through the success of Otto Group and real estate investments.
Michael Otto Net Worth $18 Billion
After finishing school and earning his university entrance certificate, Michael Otto trained in banking, and then studied economics, eventually taking a doctorate in the subject at the University of Munich. While still at university, he independently set up on his own real estate and financial brokerage business, which was a significant start to his rise in net worth.
The Otto Group was founded in 1949 in Hamburg, as a mail-order business. In 1971, (Dr.) Michael Otto joined the Otto Group, and became a Member of the Executive Board Merchandise (Textile), quickly restructuring the division. Then between 1981 and 2007, he served as Chairman and CEO of the Otto Group. His expert leadership saw the Group become the largest mail order company in the world, in fact the only global player in this market. Naturally, Michael Otto’s net worth has risen commensurately with the success of the Otto Group.
Today the Otto Group consists of more than 120 major companies in more than 20 countries in Europe, America and Asia, with over 50,000 employees. In e-commerce the Otto Group is the world’s No. 1 fashion and lifestyle company in B2C. Otto also maintains its position as the web’s second-biggest retailer, behind Amazon.com, as a consequence of a continuing increase in internet sales. Needless to say, Michael’s net worth has continued to rise.
The Otto Group isn’t currently run by a family member, though Michael’s son Benjmain has emerged as a potential successor to the current CEO, Hans-Otto Schrader. Otto Group is currently trying to build its e-retail business even further, as it still ranks behind Amazon.com in terms of size, if not spread.
Michael Otto and his family own extensive real estate in Canada and in the United States, including over 50% of Crate and Barrel, and shopping centers in Germany. Known as a committed environmentalist, his company has long promoted environmentally safe products.
In 1993, he created the Michael Otto Foundation (German: Michael Otto Stiftung), with the object of playing a leading role in furthering multi-stakeholder dialogue on hot environmental issues, which it continues to do to this day. Michael is also noted for promoting US-German relations on a broad scale.
(Dr.) Michael Otto is also noted for delegating responsibility to every staff member, including an expectation that they take on additional tasks in society, particularly in sustaining a clean environment. This attitude is reflected in the many honorary posts that Michael Otto holds, for example Chairman of the Board of Trustees of the Society for Politics and Industry (Rissen House), Hamburg; Chairman of the Council of the Environmental Foundation WWF Deutschland, and Chairman of the Board of Trustees of the Werner Otto Foundation for Medical Research, as well as the aforementioned Michael Otto Foundation. For these works, he has been honoured with too many awards to mention.
In his personal life, Michael Otto is married with two children. He is an alumnus of the University of Hamburg and the University of Munich where he obtained his doctorate degrees.
Businesspersons
Charles Saatchi Net Worth
Charles Saatchi is one of the richest and best known businessmen in the world and one of many millionaires. Saatchi’s overall net worth has been stated to be $100 million for 2014. Charles Saatchi was born in Baghdad, Iraq, but later had to move together with his family to London, UK to avoid the persecution of Jews in his home country. He was the second son in the family of four kids. As a teenager Charles was really interested in American pop culture and studied at the London College of Communication. After graduation he began his professional career as a copywriter working for “Benton & Bowles” and later started to work in tandem with an art director, Ross Cramer, and together they formed their own company called “CramerSaatchi”.
Charles Saatchi Net Worth $100 Million
They were successful and took-on employees John Hegarty and Heremy Sinclair, but true success came to Charles later. In 1970 Charles Saatchi started his business together with brother Maurice: they established “Saatchi & Saatchi” agency which had become the largest advertising agency in the world by the mid-80’s with just a huge number of high-profile clients like UK Prime Minister Margaret Thatcher and British Airways. However, Charles and Maurice left the agency and together founded another one called “M&C Saatchi”. They took many of their important clients with them, and one of these was British Airways. Nowadays, thanks to his prosperous business, Charles Saatchi has a net worth of $100 million dollars.
To the rest of the world Saatchi is also known as one of the most famous modern art collectors. He purchased his first art work in 1969 – by Sol LeWitt, a minimalist from New York. His passion for paintings only grew, and in 2009 he even published the book “My Name Is Charles Saatchi And I Am An Artoholic” wherein the author answered many questions and even gave some advice about collectibles. But the book didn’t become as popular as Saatchi expected, so the author asked his personal assistant to buy a huge number of books to help his work hit some positions in bestseller charts. Later in 2009 Saatchi appeared on the BBC program “School of Saatchi” and gave many young artists a perfect opportunity to show their talent and showcase artworks: some artists even painted portraits of Saatchi himself. In July 2010 Charles Saatchi donated his Saatchi Gallery to the British public together with 200 works of art.
Saatchi’s personal life has never been very public, but he married his first wife in 1973. He had met Doris Lockhart Dibley in 1965 while working for “Benton & Bowes”. The couple lived together for the six years before marrying, but divorced in 1990. Saatchi’s second wife was Kay Hartenstein to whom he was married from 1990-2001, and they even had a daughter together. Then Saatchi married for the third time in 2003, to English journalist, food writer, gourmet and television personality Nigella Lawson, but after public disagreements, were divorced 2013.
Businesspersons
Mikey Teutul Net Worth
Michael Joseph was born 26 November 1978, in Montgomery, New York State USA, and widely known as Mikey Teutul, is a reality television personality, the youngest son of Orange County Choppers founder Paul Teutul, Sr. Mikey began his working life at 14, in the family business.
So just how rich is Mikey Teutul, as of late 2017? Authoritative sources estimate that Mikey has a net worth of over $3 million dollars, largely earned by working at his father’s and older brother Paul Jr,’s company Orange County Choppers (OCC), and Orange County Iron Works, and through his TV appearances.
Mikey Teutul Net Worth $3 Million
Little is known of Mikey’s early life or education – it seems to have always revolved around the family business. Helping out his family in his teens, theoretically he worked as Assistant General Manager. but his main duties were to answer ‘phones, and clear-up and take out the trash. He was on rare occasions given the chance to build bikes, until he was competent to build his own. He also attended events for promoting OCC.
In 2002, the family was invited to take part in a reality show, Discovery Channel’s “American Chopper”, and subsequently “American Chopper: Senior vs. Junior”, in the course of which the youngest son was thrown out of the business – the middle son is Daniel, and younger sister Cristin. The reason for Mikey’s exclusion was that Mikey tried to be a mediator between his father and his brother, but his father seemed to be offended that his younger son did not take his side, and so threw him out of the business. During the filming of the show, Mikey was somethoing of a comedy relief to his father’s workers, and that comedy streak helped gain him popularity in TV shows. Mikey then joined his brother’s post-OCC venture, -Paul Jr Designs – along with most of their father’s employees; obviously the work atmosphere with Paul Teutul, Sr. was not a particularly happy one. Mikey’s eldest brother Paul Jr. was the former chief fabricator of OCC.
So actually the main source of Mikey Teutul’s wealth is not his father’s business, but the shows he eventually took part in. These have included ‘The Late Show with David Letterman”, “Late Night with Conan O’Brien”, and also “The Tonight Show” with Jay Leno. The shows became very popular and Mikey’s appearances earned him a significant amount of money. To say the least, the family drama did not go without consequences – according to rumours, Mikey Teutul was suffering from an addiction problem, and consequently admitted himself to rehab, and managed to overcome the bad habits which were apparently hindering his progress in life, obviously including business.
In his life away from the businesses already referred to and the limelight of TV, Michael loves to paint, and is apparently respected for his productions, as he opened “The Wolfgang Gallery” gallery in Montgomery, New York, where he has sold or auctioned his paintings, adding somewhat to is net worth, although rumours suggest that the gallery may now be closed. Most recently, Mikey is now trying to enter the market under the moniker LLC FarQueue Products with his line of gourmet pasta sauces. Good luck, Mikey!
In his less-than-private personal life, Mikey is apparently still single – there aren’t even any rumours of romantic liaisons.
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