Michael Otto & family No: 23 billionaire-2009

Net Worth:$13.2 bil
Fortune:inherited and growing
Source:retail
Age:65
Country Of Citizenship:Germany
Residence:Hamburg
Industry:Retail
Education:Bachelor of Arts / Science, Doctorate
Marital Status:married, 2 children



Otto family's shopping center outfit ECE Group is taking advantage of weak markets to make a big move in America; recently agreed to buy stake in struggling U.S. mall giant Developers Diversified Realty. Family's Paramount Group bought Deutsche Bank's Wall Street headquarters in 2007; reportedly paid a record price per square foot for lower Manhattan. Michael retired that same year after 26 years as chief executive; still heads supervisory board of $14.8 billion (sales) Otto Group. Father Werner Otto started out making a 14-page shoe catalog in 1949; it later sold everything from toys to building supplies. Michael joined in 1971 and expanded operations overseas and moved company into Internet sales; now world's second biggest internet retailer after Amazon. Owns 96% stake in home furnishings retailer Crate & Barrel. Environmentalist supports foundation that funds preservation of Germany's Elbe river. Reportedly practices tai chi. Modern art lover.