Karl Albrecht, the German entrepreneur who co-founded Aldi in the 1960s alongside his brother Theo, died last Wednesday at the age of 94.

The reclusive Albrecht died in Essen, Germany, on July 16 and was buried in a private ceremony today, according to reports.

Karl and Theo took over their mother’s cornershop in Essen after the Second World War and towards the end of the 1940s began to open more shops around the city. By 1960, the brothers were running more than 300 stores across West Germany.

Karl Albrecht was one of the richest people in the world, with an estimated fortune of more than $20bn (£11.7bn).

He resigned from the operational business in 1994 and stepped down from Aldi’s advisory board in 2002, said The Guardian.

Theo died in 2010 at the age of 88.