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What is Georg Schaeffler’s Net Worth?
Georg Schaeffler, a prominent German billionaire, has an estimated net worth of $10.2 billion. This wealth is primarily derived from his 80% ownership stake in INA Holding Schaeffler GmbH & Co. KG, which encompasses Schaeffler AG, a leading producer of ball bearings and machine components.
In early 2018, he and his mother, Maria-Elisabeth Schaeffler-Thumann, held a combined fortune of approximately $35 billion. However, the COVID-19 pandemic and the shift towards electric vehicles significantly impacted the auto industry, causing a sharp decline in their wealth. By mid-2020, their combined net worth had dropped to around $8.5 billion. Despite these setbacks, Schaeffler’s fortune has shown resilience, rebounding in subsequent years.
The Schaeffler Group’s strategic acquisitions have played a crucial role in expanding its global footprint and enhancing its market position. Notable acquisitions include LuK GmbH in 1999, FAG Kugelfischer in 2002, and the $15 billion acquisition of Continental AG in 2008.
These moves have solidified the Schaeffler Group’s status as a major player in the automotive and industrial sectors, employing over 80,000 people across 170 locations in 49 countries.
Here’s the breakdown of Georg Schaeffler’s net worth:
Name: | Georg Schaeffler |
Net Worth: | $10.2 Billion |
Date of Birth: | October 19, 1964 |
Profession: | Businessperson |
If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.
Early Life
Georg Friedrich Wilhelm Schaeffler was born on October 19, 1964, in Erlangen, Germany. He grew up in a family with a strong entrepreneurial background, as his father Georg Schaeffler and uncle Wilhelm Schaeffler had founded the company that would become the Schaeffler Group.
From 1986 to 1990, Georg studied business and economics at the University of St. Gallen in Switzerland. After his studies, he served two years in the German armed forces, reaching the rank of lieutenant in the air force reserves.
Career
Georg Schaeffler’s career has been closely tied to the family business. He worked within the Schaeffler Group from 1990 to 1996. After this period, he pursued further education, obtaining a law degree and a master’s from Duke University. He then practiced international business law in Dallas, Texas, for some time.
Schaeffler played a crucial role in expanding the company through strategic acquisitions. In 1999, the group acquired LuK GmbH, followed by FAG Kugelfischer in 2002. A significant milestone was reached in 2008 when the Schaeffler Group acquired Continental AG for $15 billion.
Today, Georg Schaeffler owns 80% of the holding company INA Holding Schaeffler GmbH & Co. KG, which includes Schaeffler AG. Under his leadership, the Schaeffler Group has grown to employ over 80,000 people across 170 locations in 49 different countries.
Personal Life
Georg Schaeffler is divorced and has four children. He resides in Herzogenaurach, Germany, the same town where the Schaeffler Group is headquartered.
Despite his significant wealth and business responsibilities, Schaeffler maintains connections with the United States, visiting several times a year.
Ashley Roberts is the founder of Real-Time Billionaires List. She founded this platform because she likes to know how much celebrities are actually making. She is always curious why these people can make much more money than the ordinary person.
With a Bachelor’s degree in finance, she is skilled at financial analysis and understands numbers related to wealth. Most of the articles on this site are edited by herself before publishing.
