#1058
Otto Happel
Germany 78 years old
Overview
- Source of Wealth
- Engineering
- Industry
- Construction & Engineering
- Residence
- Luzerne
- Marital Status
- Married
- Children
- 6
Biography
Otto Happel, who studied engineering, inherited his father's dust-removal business and turned it into thermal engineering firm GEA.
In 1999, he sold his 50.1% GEA stake to Germany's MG Technologies for around $775 million in cash and kept a 10% interest in the combined group.
In 2005, the company renamed itself GEA Group. Happel cashed out in 2006, selling his remaining stake to institutional investors for $700 million.
In 2015, he attended the World Economic Forum in his role as chairman of the Swiss private wealth management firm Luserve AG.
About
A foundation in his name supports projects in the developing world.
He has a super-yacht named Hetairos and lives in Switzerland with his wife and six children.