What is Michael Klein's Net Worth?
Michael Klein is a Brazilian entrepreneur who has a net worth of $2 billion. Newcomer among the world's richest people, Michael Klein made his way to wealth as a chairman of Via Varejo. The company was created through a 2010 merger of retail giants Casas Bahia and Ponto Frio, the first being his father's creation, while the second was owned by Companhia Brasileira de Distribuicao. Born in Nazi Germany, Michael was a toddler when his family moved to Brazil where he would be raised and his father would start a family business. It was in 1969 that he joined Casas Bahia as a financial manager.
Some four decades later, he succeeded his father as the company's CEO. In a late 2013 public offering, Via Varejo raised $1.2 billion. Actually, it was named the second-largest IPO in Brazil last year as the company was valued at $12.9 billion and offered the Klein family a way to cash out amidst a dispute with their partners. Thus, Michael became the biggest sole shareholder with a 10% stake. Married with four children, Klein's older daughter, Natalie Klein, serves as the owner of NK Store, one of the most exclusive department stores in Brazil.
