Theo Albrecht

DEFINITION of 'Theo Albrecht '

Theo Albrecht (Theodor Paul Albrecht), born in 1922, is a German billionaire who found his fortune in groceries. He is the owner of the Aldi supermarket chain, as well as Trader Joe's. He was ranked #31 by the 2010 Forbes "The World's Billionaires" with a net worth of $16.7 billion.

BREAKING DOWN 'Theo Albrecht '

Theo Albrecht's discount supermarket chain "Aldi", short for Albrecht Discount" has over 1,000 stores in the United States. Albrecht purchased the Trader Joe's supermarket chain in 1979. It is headquartered in California and has more than 340 stores as of April 2010.