German Aldi supermarket tycoon Albrecht, 1 of world's richest people, dead at 94

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Karl Albrecht, co-founder of the Aldi grocery store empire and one of the world's richest people, has died in the western German city of Essen. He was 94.

Essen's city hall told The Associated Press that Albrecht was buried Monday in a family plot in a small ceremony in the city's Bredeney district where he lived.

Aldi's press office says Albrecht died July 16, giving no further details.

Albrecht and his brother Theo, who died in 2010, founded the Aldi supermarket chain in 1962 — the name being short for "Albrecht Discount."

Today it has thousands of stores in 17 countries in Europe, North America and Australia.

Albrecht was ranked No. 24 on this year's Forbes list of the world's richest people with an estimated net worth of $25.9 billion.