Michael Otto net worth
Michael Otto Net Worth: Michael Otto is a German businessman who has a net worth of $16 billion. Michael Otto is best known as the head of the German conglomerate Otto Group, which is also the world’s largest mail order company. The company also has the second-largest position as an online retailer, behind conglomerate Amazon.com.
His company used to own Spiegel, Inc., the parent company of Eddie Bauer. However, the company filed for bankruptcy in 2000. Then in 2005, Spiegel, Inc. was born out of Eddie Bauder Holdings, which is now largely owned by Commerzbank. Otto’s family also owns a large amount of real estate, spread across the United States and Canada. They also own the mall chain Crate & Barrel. Otto is known for his interest in environmentally friendly businesses and has worked to create many of the “green” products introduced by his company. In 1993, he founded the Michael Otto Foundation, dedicated to helping multi-million dollar companies continue to invest in environmental issues. He received two doctorates, one from the University of Hamburg and the other from the University of Munich. Otto is married and the father of two children.
