Michael & Rainer Schmidt-Ruthenbeck Net Worth Wiki, Height, Biography, Wife, Children And Early Life
Michael & Rainer Schmidt-Ruthenbeck Net Worth
Michael & Rainer Schmidt-Ruthenbeck Net Worth: Michael & Rainer Schmidt-Ruthenbeck are German brothers and businessmen with a net worth of $2.6 billion. The media-shy siblings own a 16 percent stake in Metro AG, a global diversified retailer based in Düsseldorf, Germany. Once the world’s third-largest retailer, Metro Group was founded in 1964 by the recently deceased billionaire Otto Besheim, who forged partnerships with the Schmidt-Russenbeck and Hanil families.
Today, Metro Group is said to have stores in 25 European countries, 5 Asian countries and 1 African country. However, none of the Schmidt-Russenbeck brothers participated in the management of the group, they only acted as shareholders. As a result, Metro shares have fallen over the past 12 months due to a weak European economy, and their wealth is $100 million less than it was a year ago. In addition to their stake in Metro Group, the brothers own a chain of 11 luxury hotels and spas called Travel Charm, with operations in Germany, Austria and Italy. In addition to business, they also fund the Mercator Foundation, which supports climate change and arts education programs. The foundation currently has an endowment of $145 million and has provided more than $200 million to nearly 600 projects to date.
