Austria's Richest Man Passed Away: What Happens to His Red Bull Imperium?

Lifestyle & TravelPersonal Real Estate ♦ Published: October 24, 2022; 08:53 ♦ (Vindobona)

Dietrich Mateschitz passed away last weekend at the age of 78. The richest Austrian leaves behind a corporate empire and was considered one of the richest people in the world with an estimated fortune of over 27 billion US dollars.

The Red Bull headquarters in Fuschl am See in Austria. / Picture: © Wikimedia Commons, Dein Freund der Baum, CC BY-SA 3.0

Austria's richest man, Dietrich Mateschitz, passed away this weekend. The native Styrian, who is best known as the co-founder of the globally successful beverage brand Red Bull, leaves behind a gigantic corporate empire.

In addition to Austria's richest woman, Heidi Horten (Vindobona reported), Austria's wealthiest man Dietrich Mateschitz has now also passed away. At the age of 78 and after a serious illness, the 51st richest man in the world according to the Forbes Rich List 2022 passed away.

He left behind a company empire that is unparalleled in Austria. Mateschitz was especially known for his numerous sponsoring activities in the sports sector, such as Formula 1 or football.

"In these moments, grief covers all other feelings. But soon the sadness will give way to gratitude for what he changed, moved, effected and made possible for so many people. We will remain respectfully and lovingly connected to him," the Styrian's family communicates on the company's website. They see it as their task and responsibility to continue his life's work in his spirit.

Immediately after his death, many Austrian politicians and celebrities mourned his passing. Among others, the recently re-elected Federal President Alexander Van der Bellen spoke out and expressed his condolences for his family and relatives. He also praised Mateschitz's professional career and called his life "simply impressive".

Federal Chancellor Karl Nehammer also regretted Mateschitz's passing: "With the death of Didi Mateschitz, Austria not only loses one of the most successful entrepreneurs and a great innovator, but also a person who was highly committed to social and societal causes throughout his life. He will forever be remembered as one of the most important and formative Austrian entrepreneurs. My thoughts in these difficult hours are with his family and friends. Rest in peace!"

Dietrich Mateschitz first came into contact with Red Bull in the course of a business trip, during which he came across the Thai energy drink "Krating Daeng", which translates as Red Bull.

He acquired the licensing rights and, together with the Thai Yoovidhya family of manufacturers, founded the company that later became so successful. In total, the Austrian held 49% of the company, while 51% remained in the hands of the Thais. In the years that followed, he was to play a major role in helping Red Bull grow into the world's third-largest beverage producer.

His fortune was estimated by Forbes at 27.4 billion US dollars, making him one of the richest people in the world. Despite his large stake in Red Bull, as things stand it is very unlikely that his son Mark Mateschitz will hold the position at the top of the company. Currently, an external CEO or a manager from the Thai founding family Yoovidhyas would be conceivable, Trend magazine reported.

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