August Oetker was born on January 06, 1862 in Bielefeld, Germany, Germany. The Oetker fortune -- of which August Oetker is one of eight billionaire beneficiaries -- was built on baking and pudding powder. Now broadly diversified, Dr August Oetker KG -- a holding company whose subsidiaries employ some 26,000 people and generate around $15 billion in annual revenue -- traces its roots to 1891, when August Oetker, a pharmacist, started selling non-perishable baking powder. After World War II, his grandson Rudolf August Oetker, a former Nazi SS officer, quickly rose to prominence as the driving force behind one of Germany's most recognizable brands. In 1950, according to the family history "Die Oetkers," Oetker produced more than 750 million packages of baking and pudding powder. Personifying Germany's Wirtschaftswunder, or economic miracle, he developed additional food products and expanded into beverages, container shipping, financial services and luxury hotels. He died in 2007, at age 90, leaving eight children from three marriages. The heirs, who along with their families each own 12.5% percent of the conglomerate, have disagreed over the management and future direction of Oetker, however. Split into two camps, the rivalry is between the children from Rudolf August's first two marriages -- August, Christian and Richard Oetker, plus Rosely Schweizer and Bergit Graefin Douglas -- and the siblings from the third marriage: Alfred, Carl Ferdinand and Julia Oetker. From 1981 to 2009, August served as a general partner of Dr. August Oetker KG and chairman of the executive board of the conglomerate's food division, Dr. Oetker GmbH. His younger half-brother Alfred was expected to take over as general partner in 2010, but he was blocked by the older siblings, who instead crowned Richard Oetker. In January 2015, with a proxy fight pending before an arbitration tribunal, the groups agreed to recruit an outside CEO when Richard retires in 2017. August and Alfred will be represented on the advisory board. August studied economics and worked for the Lehmann Brothers in the 1970s, then returned to Germany to work at the family company. In 2010 at age 69, he became the advisory board chairman. He likes classic cars -- "Oldtimers," as they're known in Germany -- ships and classical music.
August Oetker is a member of Fashion & Retail
(Updated at 22 June 2018)
August Oetker Net worth: $2.2 Billion
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August Oetker was born on January 6, 1862 in Obernkirchen, Germany.
In 1891, he bought the Aschoffsche pharmacy in Bielefeld and developed a baking agent, which was designed to ensure the success of the baking process. Prior to Oetker, Justus von Liebig and his American student, Eben Horsford, had already discovered baking powder. However, Oetker targeted mainly private households with his products whereas Horsford targeted bakeries.
Due to successful marketing, his products sold quite well and soon the old pharmacy had turned into a successful company. In 1900, he built his first Manufacturing plant and by 1906 had sold 50 million packages of Backin.
From 1893, he distributed his invention under the brand name Backin, thus laying the basis for the family-owned company, called Oetker-Gruppe. This company still uses the very same recipe to produce baking powder. On September 21, 1903, Oetker filed a patent for his Procedure for making long-lasting baking powder or ready-to-bake flour.
He died on January 10, 1918 in Bielefeld, Germany. Later, Oetker's grandson Rudolf August Oetker took over the company.