Bloomberg Billionaires Index

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#341 Axel Oberwelland $5.15B

Random fact: Inherited the business after his father died in 2005.

Overview

Oberwelland is the owner and general partner of August Storck, a German candy manufacturer. The Berlin-based confectioner has candy brands that include Werther's Original, Nimm2 and Toffifee. The closely held company operates in more than 20 countries and had revenue of about 2.1 billion euros ($2.3 billion) in 2015.

As of July 27, 2017:
Last change +$81.1M (+1.6%)
YTD change +$1.04B (+25.2%)
Industry Food & Beverage
Biggest asset August Storck
Citizenship Germany
Age 50
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Axel Oberwelland's net worth of $5.15B 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:

Oberwelland's fortune is derived from his control of closely held confectionery August Storck. The Berlin-based company had revenue of 2.1 billion euros ($2.3 billion) in 2015, according to German magazine CIO, and is valued on the average enterprise value-to-sales multiple of four publicly traded peer companies: Nestle, Barry Callebaut, Lindt and Spruengli, and Meiji Holdings.

Bernd Roessler, a spokesman for August Storck, declined to comment on the company's financials or the net worth calculation.

Biography

Birthdate: 8/1/1966
Family: Married, 4 children

Axel Oberwelland was born in Bielefeld, Germany, in 1966. Six decades earlier his great-grandfather founded a confectionery business, which would become the basis of the family fortune.

Oberwelland attended high school in Bielefeld and boarding school near St. Moritz, Switzerland, later studying business at the University of St. Gallen, Switzerland.

He began working in the advertising division of his family's candy business in Hamburg in 1995, before being promoted to marketing manager for August Storck in the U.S. He succeeded his father, Klaus Oberwelland, as general partner of the candy company in 2003, and inherited the business when his father died two years later.

The billionaire is married to Bergit Oberwelland. The couple lives in Berlin and has four children.

Milestones
  • 1903 Great-grandfather starts confectionery factory in Germany.
  • 1921 Second generation of Oberwellands takes control of the business.
  • 1954 Storck begins producing chocolates.
  • 1966 Born in Bielefeld, Germany. Father, Klaus Oberwelland, runs family company.
  • 1971 Third generation of Oberwellands takes control of the business.
  • 1995 Starts working in advertising division of family's candy business in Hamburg.
  • 1998 Management base is moved to Berlin
  • 2003 Succeeds father as general partner of August Storck.