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SAN ANTONIO -- Charles Butt, the chairman and c.e.o. of H.E. Butt Grocery Co. here, is the world's 350th wealthiest billionaire, according to Forbes magazine's 2006 list of the world's richest people. Butt, who inherited much of his wealth, according to the magazine, is estimated to have a net worth of $2.2 billion.
Butt's family founded the regional grocery chain in 1905. He started bagging for the business at age 8 and later took over its management in 1971. Today HEB brings in more than $10 billion in sales annually and operates 320 stores, including 19 Mexico locations.
Butt, 67, is single and has no children, thus the family legacy ends with him, the Forbes report said.
Other retail-related names in Forbes' list include the children of legendary Wal-Mart founder Sam Walton. The Walton family dropped in this year's ranking, as stock in Wal-Mart dropped more than 10 percent in the past year. S. Robson Walton, who last year ranked 10th, fell to 19th with $15.8 billion. Christy Walton and Jim Walton tied for 17th with $15.9 billion each, while Alice Walton followed Rob Walton at $15.7 billion. Helen Walton, mother of the Walton children, placed at No. 21 with $15.6 billion.
Karl Albrecht, who with his younger brother, Theo, developed their mother's corner grocery store into German discount supermarket giant Aldi, came in at No. 13. Karl is estimated to be worth $17 billion. Now retired, Karl used to manage the more profitable southern half of Aldi's business in Germany.