Karl Albrecht dead: Aldi founder and one of world’s richest men passes away aged 94

As a result of his commercial success, Albrecht enjoyed an net worth of $25.9billion

Professor Karl Albrecht, one of the world’s richest people, has died.

The co-founder of the Aldi store empire passed away in Essen, West Germany on 16 July. He was 94.

Albrecht was buried today (21 July) at a small, private ceremony in the Bredeney district where he lived, Essen’s city hall confirmed to the AP.

The news was later confirmed by Aldi’s press office.

Together with his brother Theo, who passed away in 2010, Albrecht founded Aldi – short for “Albrecht Discount” – in 1962.

Aldi now boasts thousands of stores in 17 countries across Europe, Australia and North America.

As a result of his commercial success, Albrecht enjoyed an net worth of $25.9billion.

He was ranked at No.24 in Forbes' list of the world’s richest people this year.