Composed of the roots aud- (wealth) and -wakar (awake), it may be translated "warden of riches" or "watchman of property" and is a kenning for lord. The name is attested in many variations. The first root may appear as Aut-, Ad-, Ud-, Od-, Ot- or Oth- and is attested as a name on its own, Aud, in the 3rd century AD. The name Otto is a derivative.
The medieval German form was Ottokar, whence the Czech form Otakar. The Czech name Žiroslav (Polish Żyrosław) has the same meaning. The Greek name Plutarch also means "lord of wealth".
Boiché, Olga Khallieva (2018). "Old English ead in Anglo-Saxon Given Names: A Comparative Approach to Anglo-Saxon Anthroponomy". In Peter Petré; Hubert Cuyckens; Frauke D'hoedt (eds.). Sociocultural Dimensions of Lexis and Text in the History of English. John Benjamins. pp.15–40. doi:10.1075/cilt.343.01boi.