The Schmidt-Ruthenbeck brothers hailing from Germany have a combined net worth of $2.6 billion.
The media-shy siblings possess 16% of the global diversified retailer Metro AG, which is based in Düsseldorf, Germany.
The recently deceased billionaire, Otto Beisheim, founded the Metro group in 1964, which was once the third largest retailer globally. The company was subsequently merged with the Schmidt-Ruthenbeck family and the Haniel family.
According to reports, the Metro Group has stores in twenty-five European, five Asian, and one African territories.
The Schmidt-Ruthenbeck brothers are not involved in the group’s management and only as shareholders. As a result, they experienced a $100 million decline in their fortune from a year ago due to the decline in Metro shares due to Europe’s economic weakness.
Travel Charm, a chain of 11 luxury hotels and spas with operations in Germany, Austria, and Italy, is owned by the two brothers, who also have a share in the Metro group.
The Mercator Foundation, which focuses on projects related to climate change and arts education, receives funding from them, in addition to business.
Almost 600 projects have been financed by the foundation, which has a total endowment of $145 million and has received over $200 million in funding to date.