Karl Albrecht, a German billionaire who owned popular discount chain Aldi, has died at the age of 94.

Albrecht's death on July 16 was announced by the company on Tuesday.

Albrecht, who was described by Forbes as "more reclusive than the Yeti," built the discount chain empire with his brother, Theo, from their mother's small store.

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There are a few publications about the brothers, but the one that stood out was a public credo for Aldi that Karl wrote, "Our advertisement is the cheap price."

Aldi was derived from the combination of "Albrecht" and "discount." Aldi has over 9,000 stores that offer limited items that are stacked on wire shelves. In the United States, the company was able to establish 1,300 outlets. However, Aldi is still more popular in Germany.

Der Spiegel, a German news magazine, said that Aldi is the representation of Germany.

"Aldi is Germany and Germany is Aldi. This sense of order, this devotion to efficiency, the sparse logic of logistics, and, above all, determined thrift," Der Spiegel said in an article.

Karl Albrecht ranked 23rd in the Forbes' updated billionaires list. His value was estimated at $25.9 billion.

The brothers are said to live by their words. Even though Karl is a golf enthusiast, they were not big spenders. In fact, the brothers "have turned obscurity and ordinariness into an art form," according to Times of London.

Born on Feb. 20, 1920, Karl was the son of revolutionary parents. His father was a miner who eventually became disabled and her mother was a pioneer who created her own retail store before the First World War.

Karl was known to be a timid man. He did not attend public gatherings and had avoided politics in his lifetime. The brothers became even more reclusive after Theo was abducted for 17 days in 1971. The kidnappers had a successful negotiation with Karl but they were eventually caught.

Earlier this year, Karl talked to a German newspaper Frankfurter Allgemeine, which marked the first time he tried to explain his business to the public.

When asked how he turned out to be a success, he modestly responded, "I've been lucky, very lucky."

Karl is survived by a son and a daughter. His wife, Maria Albrecht, died in 2013.

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