Karl Albrecht Jr. & family

About Karl Albrecht Jr. & family

Heir to the Aldi retail fortune, Karl Albrecht Jr. is the son of Karl Albrecht Sr., who died in 2014 at age 94. His sister, Beate Heister, is also a billionaire.

After World War II, Karl Sr. and his brother, Theo Sr., who died in 2010 at age 88, took over their family's corner grocery store in Essen, Germany.

In 1961, the brothers split ownership: Karl Sr. took the stores in southern Germany (Aldi Sued), plus rights to the Aldi brand in the U.K., Australia and the U.S.

In the U.S., Aldi has more than 2,000 stores in 36 states, offering low prices and no-frills shopping.

Theo Sr. got the stores in northern Germany and the rest of Europe. In 1971, he bought U.S. grocery chain Trader Joe's.