In this article, we will look at the 30 Wealthiest People in Germany.
Economic Outlook of Germany
Germany underwent a recession in 2023 and experienced a 0.2% decline in its GDP. However, it showed signs of a gradual recovery in the first quarter of 2024 with a 0.2% quarter-on-quarter growth amidst the economic headwinds. Germany is one of the richest countries in the world with a GDP of $5.69 trillion. The consumer front in Germany has also shown signs of recovery. The European Commission reported that purchasing power increased significantly in the country in 2023. This trend is anticipated to continue driven by eased inflation, leading to an increase in household income. Due to improved financing conditions, private consumption will also return to pre-pandemic levels in 2025. However, trade is projected to have a minor contribution toward economic growth in 2025.
The labor market reached a record high, defying the economic downturn in 2023. A staggering 83.6% of the population aged 20 to 64 contributed to Germany’s workforce in 2023. This resilience by the labor market is also translated into the low unemployment rate which is expected to remain stable around 3%.
Record-High Foreign Investments
Despite the economic headwinds, foreign investments reached a record high in Germany in 2023. On May 14, Reuters reported that foreign companies increased their investment in the country, recording a staggering 34.8 billion euros compared to Europe where foreign investment declined by 7.4%. A significant portion of the investment projects in Germany are targeted toward renewable energy and digitalization. The United States is the top investor in the country followed by Switzerland and China.
Wealth in Germany
Germany is one of the top 5 countries with the highest number of billionaires in 2024. There are 140 billionaires in Germany, as of 2024. It is one of the largest economies with a total wealth of $17.42 trillion, as of 2022. With a wealth per capita of $256,179, the country is also one of the richest countries in the world by per capita net worth. According to a survey by Deutsche Bundesbank, Germany has uneven wealth distribution according to European standards. However, the wealth inequality declined slightly between 2017 and 2021. Still, the wealthiest 10% in Germany possess around 56% of the total net wealth in the country.
Which Industry is Driving the German Economy?
The automotive industry in Germany is a key driver of its economy. The Germany Trade and Invest reports that the auto industry in Germany produced more than 15.6 million vehicles in 2021, with the highest R&D spending in its domestic industry. The country generated foreign market revenue of 274 billion euros in 2021, exemplifying the dominance of Germany in the global market. Bayerische Motoren Werke Aktiengesellschaft (OTC:BMWYY), or BMW AG, is one of the top leaders in the automotive industry globally and in Germany, employing nearly 155,000 employees as of December 2023. It is majority-owned by the richest woman in Germany, Susanne Klatten, and her brother, Stefan Quandt.
BMW AG (OTC:BMWYY) delivered over 2.5 million BMW, MINI, and Rolls-Royce vehicles to its customers in 2023, up 6.5% year over year. The group is focused on e-mobility and grew its EV deliveries by 74% in 2023, delivered 375,716 fully electric vehicles. For context, Mercedes Benz Group delivered 222,600 electric cars in 2023, up 73% year over year, and Audi delivered 178,429 electric vehicles in 2023, up 51% year over year. Electric vehicle sales accounted for 15% of BMW AG’s (OTC:BMWYY) total sales in 2023 and despite a highly competitive environment, the group logged 155.5 billion euros ($168 billion) in annual revenue in 2023, up 12% year over year.
The company is also off to a strong 2024 and is seeing robust demand for its electric vehicle line-up. In Q1 2024, BMW AG (OTC:BMWYY) delivered 83,000 fully electric vehicles (13.9% of total sales). The German automaker is focused on product innovation in 2024 and sees record high CapEx and R&D spending throughout the year. Its R&D was 1.97 billion euros ($2.1 billion) in Q1 2024, up 27% year over year from 1.55 billion euros ($1.67 billion). For the full-year, BMW AG (OTC:BMWYY) expects to generate 6 billion euros in free cash flow despite record CapEx and R&D spending.
BMW AG (OTC:BMWYY), like other automakers, has faced many challenges over the past few years including inflation, high interest rates, a semiconductor shortage, EV price wars, increased competition from new entrants, and many others. BMW AG (OTC:BMWYY) has been struggling with profitability and missed EPS expectations 5 times over the past 8 quarters. While management sees marginal growth in global deliveries this year and no change in its KPIs, it expects group pretax earnings to fall and EBIT margins to range between 8% and 10%.
BMW AG (OTC:BMWYY) operates in a cyclical sector, and within that, it operates in the luxury space. The stock has lost 17% over the past 12 months, and while there may be further near-term downside due to sector and macro headwinds, it may not be that bad of an idea to explore. BMW AG (OTC:BMWYY) has grown both its top and bottom line by a compound annual growth rate of 7% over the past 10 years. The stock is trading at 5 times its forward earnings, but that doesn’t mean it’s cheap because analysts expect its EPS to contract by 7% and its 5-year average multiple is also 5x. Automotive is not an area we are bullish on at the moment and we currently believe that AI stocks hold greater promise for delivering higher returns, that too within a shorter timeframe. If you are looking for an AI stock that is more promising than NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Let’s now have a look at the 30 Wealthiest People in Germany.
Copyright: serrnovik / 123RF Stock Photo
Methodology
To compile our list of the 30 wealthiest people in Germany, we utilized the real time billionaires data from Forbes and ranked the wealthiest people in Germany in ascending order of their net worths, as of June 7.
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30 Wealthiest People in Germany
30. Wolfgang Reimann
Net Worth as of June 7: $5.6 billion
Based in Passau Germany, Wolfgang Reimann along with his siblings, owns 95% shares of investment holding firm, JAB Holding Company. Wolfgang and other heirs of the company inherited an 11.1% share of JAB. However, 5 of the years divested their shares. Reimman’s Fortune comes from various brands including Pret A Manger, Krispy Kreme donuts, Peet’s Coffee, and Panera Bread. As of June 7, the billionaire has a net worth of $5.6 billion.
29. Renate Reimann-Haas
Net Worth as of June 7: $5.6 billion
Renate Reimann-Hass is one of the four shareholders in the JAB Holding Company. She is ranked 29th on our list of the wealthiest people in Germany.
28. Stefan Reimann-Andersen
Net Worth as of June 7: $5.6 billion
Stefan Reimann-Andersen is ranked 28th on our list. The billionaire has significantly raised his wealth, up over 43% from 2021. Currently, Stefan Reimann-Andersen has a net worth of $5.6 billion.
27. Matthias Reimann-Andersen
Net Worth as of June 7: $5.6 billion
Matthias Reimann-Andersen is one of the Reimann siblings, owning almost a quarter of the business. He is ranked 27th on our list of the wealthiest people in Germany.
26. Erich Wesjohann & family
Net Worth as of June 7: $5.7 billion
Erich Wesjohann is the chairman of one of the biggest poultry breeding and genetics companies, EW Group. The poultry breeder was founded in 1999 when Wesjohann and his brother split the family business. As of June 7, the family is worth $5.7 billion.
25. Theo Mueller
Net Worth as of June 7: $5.9 billion
Theo Mueller inherited its namesake food and dairy company. It was founded in 1896 in Bavaria by his grandfather. Theo Muller took over the company in 1971 from his father. The group is also involved in packing, logistics, vehicle maintenance, fruit processing, and convenience food. The company has 9 production units and employs nearly 32,000 people around the world. As of June 7, Mueller’s net worth is $5.9 billion.
24. Wolfgang Marguerre & family
Net Worth as of June 7: $6.4 billion
Wolfgang Marguerre is an 83 year old billionaire, based in Heidelberg, Germany. He founded Octapharma in 1983, which has become one of the leading blood plasma products manufacturing companies. The company employs 7,500 people and generates annual revenues of nearly $3 billion. As of June 7, the family is worth $6.4 billion.
23. Maximilian Viessmann
Net Worth as of June 7: $6.5 billion
Maximilian Viessmann is the chief executive officer of a German energy systems manufacturer, Viessmann Group. Viessmann has a postgraduate degree in Industrial Engineering and is worth $6.5 billion, as of June 7.
22. Nadia Thiele
Net Worth as of June 7: $7.4 billion
Nadia Thiele inherited the stakes of her late husband, Heinz Hermann Thiele. Her biggest fortune is Heinz Hermann’s stake in Knorr-Bremse AG which she inherited after his death. She is also a member of the company’s affiliated charity organization, Global Care’s executive board. Thiele is worth $7.4 billion, as of June 7.
21. Juergen Blickle
Net Worth as of June 7: $7.4 billion
Juergen Blickle is one of the wealthiest people in Germany. He and his brother control the leading automation and transmission company, SEW-Eurodrive. The company generates nearly $3.7 billion in annual revenue and has more than 19,000 employees. As of June 7, Blickle has a net worth of $7.4 billion.
20. Michael Otto
Net Worth as of June 7: $8.0 billion
Michael Otto inherited shares from his late father in the retail firm, Otto Group. Michael ran the company as a CEO till 2007 and now serves as the chairman of its supervisory board. As of June 7, Otto’s wealth is valued at $8 billion.
19. Wolfgang Herz
Net Worth as of June 7: $8.3 billion
Wolfgang Herz and his brother have raised their fortune from two German companies, Tchibo and Beiersdorf. The Herz family’s holding company, maxingvest ag operates 100% of Tchibo and approximately 47% of Beiersdorf. As of June 7, Herz has a net worth of $8.3 billion.
18. Michael Herz
Net Worth as of June 7: $8.3 billion
Michael Herz is the brother of Wolfgang Herz and a member of the management board of maxingvest ag. He is one of the richest billionaires in Germany, with a net worth of $8.3 billion.
17. Alexander Otto
Net Worth as of June 7: $9.1 billion
Alexander Otto is a majority shareholder and chief executive officer of a commercial real estate firm, ECE Group. He also has shares in his family business, Otto Group which was started by his father in 1949. As of June 7, his worth is $9.1 billion.
16. Francine von Finck & family
Net Worth as of June 7: $9.2 billion
Francine von Finck and her four children inherited stakes in the family business owned by Francine’s husband, August von Finck after he died in 2021. August’s Merck Finck & Co. served as a foundation for companies such as Loewenbraeu, Munich Re, and Allianz. Francine and her family are worth $9.2 billion, as of June 7.
15. Ludwig Merckle
Net Worth as of June 7: $9.6 billion
Ludwig Merckle owns 27% shares in HeidelbergCement. He also owns a drug wholesale company, Phoenix Pharma SE. Merckle turned around his family business after his father died in 2009. Currently, Merckle is worth $9.6 billion and is one of the wealthiest people in Germany.
14. Georg Schaeffler
Net Worth as of June 7: $9.9 billion
Georg Schaeffler along with his mother, Maria-Elisabeth own the leading ball bearings and machine components company, Schaeffler Group. Schaeffler joined the company in 2009 which his mother was running after his father’s death. George and his mother have a combined 46% stake in the auto parts giant, Continental AG which Schaeffler Group acquired for $15 billion in 2008.
13. Andreas Struengmann & family
Net Worth as of June 7: $10.3 billion
Andreas Struengmann along with his brother Thomas played a strong role in the healthcare sector by backing German firm BioNTech, which partnered with Pfizer to make a vaccine for COVID-19. Before that, the brothers also cofounded a leading generic drug manufacturing company, Hexal. They later sold the company to Novartis for nearly $7 billion in 2005. Moreover, they have an investment firm, Santo Holding in Zug, Switzerland. The brothers also established a research center dedicated to neuroscience in Frankfurt in 2008, called Ernst Struengmann Institute.
12. Thomas Struengmann & family
Net Worth as of June 7: $10.3 billion
Thomas Struengmann is the twin brother of Andreas Struengmann. He is one of the richest billionaires in Germany, with a net worth of $10.3 billion. He is ranked 12th on our list.
11. Friedhelm Loh
Net Worth as of June 7: $10.6 billion
Friedhelm Loh is the founder and chairman of a manufacturing holding company, Friedhelm Loh Group. The group provides software, products, and services to industries including switchgear manufacturing and utilities. Its biggest subsidiary, Rittal offers electrical enclosures, climate-control technology, power distribution gear, and IT infrastructure. The group employs over 12,000 people and has an annual revenue of $3 billion.
10. Hasso Plattner & family
Net Worth as of June 7: $12.0 billion
Hasso Plattner is one of the co-founders of the leading enterprise software company, SAP. Plattner served as the CEO of the company till 2003 and joined the supervisory board as a chairman. He also leads the Hasso Plattner Institute which focuses on research and teaching in IT systems engineering. As of June 7, Plattner has a net worth of $12 billion.
9. Theo Albrecht Jr & family
Net Worth as of June 7: $13.9 billion
Theo Albrecht Jr. inherited his father’s fortune which he started with his brother. Later, both brothers split the ownership of the business and his father got the stores in northern Germany and the rest of Europe. Theo Sr. bought the US grocery chain Trader Joe’s in 1971. Theo Albrecht Jr.’s inherited fortune is worth $13.9 billion.
8. Karl Albrecht Jr. & family
Net Worth as of June 7: $15.7 billion
Karl Albrecht Jr. is an heir to the leading retail company in Germany, Aldi, founded by his father who passed away in 2014. His father, Karl Albrecht Sr., and his brother took over their family’s grocery store in Essen and split the ownership in 1961. His father took over the stores in southern Germany and rights to Aldi brands in the US, UK, and Australia. Aldi has over 2,000 stores in the United States. Albrecht Jr. inherited his father’s business along with his sister who is also a billionaire.
7. Beate Heister
Net Worth as of June 7: $15.7 billion
Beate Heister is the sister of Karl Albrecht Jr. and an heir to the family fortune, Aldi. She serves on the advisory board of the company and has a net worth of $15.7 billion.
6. Andreas von Bechtolsheim & family
Net Worth as of June 7: $16.2 billion
Andreas von Bechtolsheim is the chief architect and co-founder of the leading network switching company, Arista Networks. Most of his fortune comes from his early investment of $100,000 in Google. He owns a 17% stake in Arista Networks. As of June 7, he is worth $16.2 billion.
5. Susanne Klatten
Net Worth as of June 7: $24.2 billion
Susanne Klatten owns a 19% stake in the leading automaker, BMW. Kaltten is the sole owner and deputy chair of her grandfather’s leading pharmaceutical company, Altana AG. She also holds stakes in Entrust, a company specializing in digital identity and data security. She is the richest woman in Germany, with a net worth of $24.2 billion.