Poland-born German businessman Michael Otto has an estimated net worth of $17 billion as of 2015, according to Forbes. He is head of Otto group, one of the biggest e-commerce companies in the world.
Michael Otto was born on 12 April 1943 in Chelmno (Kulm) in Poland which was occupied by the Nazi. He has two doctorates, one from the University of Munich and another from the University of Hamburg.
Currently Michael Otto heads Otto GmbH, which started as a mail-order business in Hamburg in 1949. Today it is the largest mail-order company and one of the biggest ecommerce companies in the world. It ranks only behind Amazon.com in terms of size. Currently the group is not run by a family member.
Michael Otto’s family owns extensive real estate in North America, shopping centers in Germany and part of Crate & Barrel, a 170+ store American chain of retail stores based in Northbrook, Illinois.
Otto is a committed environmentalist. His organization has long touted environmentally safe products. He created the Michael Otto Foundation in 1993. This foundation plays an important role in furthering multi-stakeholder dialogue on hot environmental issues.
Otto is married and has two children. His son Benjamin has emerged as a potential successor to Hans-Otto Schrader, the current CEO of Otto GmbH. Currently Michael Otto resides in Hamburg, Germany.