German businessman Michael Otto has an estimated net worth of $6.6 billion as of June 2016, according to Bloomberg. He currently serves as the head of Otto Group, a German auto group which is considered as the largest mail order company in the world.

Michael Otto was born on April 12, 1943 in Chełmno (Kulm), Poland. He was one of the previous owners of Spiegel, Inc which filed for bankruptcy in March 2003. Two years later, the company emerged from bankruptcy and was renamed Eddie Bauer Holdings. The company is now owned by Commerzbank.

In addition to being a part of Crate & Barrel furnishing chain, Michael Otto obtained his net worth from extensive real estate which his family owns in United States and Canada. They also own several shopping centers in Germany.

Michael Otto is currently married with two children. He is an alumnus of the University of Hamburg and the University of Munich where he obtained his doctorate degrees.