Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

# 310 Alexander Otto $5.94B

Random fact: Half-sister, Ingvild Goetz, owns private collection of modern art.

Overview

Otto is the chief executive officer of ECE, a closely held manager of almost 200 shopping centers. He owns the Hamburg-based business, and two North American property management companies, with his mother and sister. ECE operates across Europe and its shopping centers house about 19,500 shops.

As of :
Last change +$42.1M ( +0.7%)
YTD change +$1.28B ( +27.4%)
Industry Real Estate
Biggest asset ECE Projektmanagement
Citizenship Germany
Age 52
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Alexander Otto's net worth of $5.94B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Otto's biggest asset is ECE Projektmanagement, a Hamburg-based real estate company. He controls this and Toronto-based Park Property Management through his 60% stake in Hamburg-based holding company Kommanditgesellschaft Cura Vermoegensverwaltung. ECE operates manages almost 200 shopping centers with about 19,500 shops, according to the company's website.

ECE is valued using an analysis of the historic price-to-assets under management multiple of peer company Patrizia. ECE has 33 billion euros ($37.5 billion) in assets under management, according to its website in June 2019.

The value of Park Property is calculated based on average occupancy rates, revenue, and cap rates according to research service Colliers and the Canada Mortgage and Housing Corporation.

The billionaire also owns 20.9 percent of closely held retail, financial services and logistics conglomerate Otto Group. It had revenue of 12.5 billion euros in the year ended Feb. 28, 2018, according to its annual report.

The value of his cash investments reflect the equity once held in properties the Ottos sold to Paramount, as well as the family's holdings, which were provided by the person familiar with their fortune. The billionaire's share of these holdings is calculated using his stake in the family holding company.

Other holdings include a 6% stake in U.S. real estate company Paramount Group, according to its 2019 proxy statement, and a 19 percent stake of Deutsche EuroShop, according to its 2018 annual report.

Christian Stamerjohanns, a spokesman for ECE, said the billionaire declined to comment on Bloomberg's net worth calculation.

Biography

Birthdate: 7/7/1967
Family: Unknown, No children
Education: President & Fellows of Harvard College, Harvard Business School

Alexander Otto was born in Hamburg to Maren and Werner Otto, the founder of the Otto Group, one of the world's largest mail-order companies. After finishing high school in Oxford, he received a bachelor's degree from Harvard University and an MBA from Harvard Business School.

Otto started working at the family's closely held real estate business, ECE Projektmanagement in 1994, which today operates in 12 countries and attracts 4.3 million customers to its 199 shopping centers every day, according to its website. He was appointed the company's CEO in 2000, and also serves on the board of the Otto Group.

Milestones
  • 1949 Father opens namesake retail business in a Hamburg factory.
  • 1967 Born in Hamburg to Maren and Werner Otto, the founder of the Otto Group.
  • 1981 Half-brother, Michael, takes control of Otto Group as chairman and CEO.
  • 1994 Starts working at closely held real estate business ECE Projektmanagement.
  • 1994 Receives MBA from Harvard University.
  • 2000 Appointed ECE's CEO; oversees almost 65 million square feet of shopping malls.
  • 2011 Father dies in Berlin at age 102.
  • 2015 Backs Hamburg's unsuccessful bid for the 2024 Olympics.