In this article, we will look at the 9 Wealthiest People in Austria.
Austria’s Economic Outlook and Its Strong Transnational Ties
Austria is home to a well-developed economy, welcoming foreign direct investments significantly in technology and R&D. The country offers a high living standard and benefits from a skilled labor force, placing its capital Vienna among the best cities to live in the world. It derives 50% of its GDP from exports. As of 2024, the country has a GDP of $540.89 billion. After COVID, the Austrian economy rebounded with a 4.6% GDP growth in 2021 and 2022. In 2023, high inflation caused a muted growth of the economy, with GDP declining by 0.8%. The situation is anticipated to persist until mid-2024 and a recovery is hoped after that. A weaker economic growth of 0.3% is expected in 2024 owing to the cautious start of the year.
Austria’s economy is closely tied to EU nations especially Germany, which is its largest trading partner. Many German companies are operating in Austria. Tourism is one of the biggest contributors to Austria’s economy. Among Germans, Austria is a quite popular tourist destination, making up nearly 60% of the total foreign visitors. The country’s location among the highly industrialized nations of Western Europe and the higher growth markets of the rest of Europe have fostered a high social and economic integration of Austria with other nations in Europe. The United States is also one of the top trading partners of Austria. Some 300 subsidiaries of US companies operate in the country, with a focus on the Austrian market. In 2021, US FDI in Austria reached $13.6 billion, supporting more than 17,000 jobs.
Austria’s Commitment to Carbon Neutrality
Austria is one of the top EU countries showing a strong commitment to carbon neutrality. The country aims to reach 100% climate neutrality by 2040. It already shines bright in its commitment to renewable energy, as renewables represent nearly 80% of its total electricity generation. Hydropower is the major source of electricity generation, contributing 56.7% to the total electricity generation of the country followed by fossil fuels and wind power, as of 2022.
However, the country requires investments to make its infrastructure and networks more resilient and reliable to optimize demand management and update the legal framework. This is supported by the EU’s plan to reduce Europe’s dependence on fossil fuels with REPowerEU. The European Investment Bank will provide €45 billion over the next five years to support the goals of the plan.
On May 30, Reuters reported that Austria, Germany, and Italy have joined forces to develop a hydrogen transport network, SoutH2. This will help the countries reach their carbon neutrality goals, supporting the EU’s plan to transition to clean energy sources by 2030. The pipeline will transport renewable hydrogen from North Africa, through Italy to meet the demands of major hubs in the partner countries. The pipeline will be operational by the early 2030s with a total cost of over €4 billion. This project is a potential step in tapping the emerging market of green hydrogen in Europe.
The Clean Energy Leader in Austria
Verbund AG (OTC:OEZVY) has emerged as a leader in the renewable energy transition in Austria. The Austrian electricity utility leader is the biggest public company in the country, with a market cap of $27.9 billion. The company has taken considerable steps to phase out fossil fuels in its electricity generation. Verbund ceased the use of ignite in 2006, followed by the elimination of oil and hard coal in 2015 and 2020, respectively. This strategic shift made Verbund one of the early trailblazers in European utilities, decreasing its emissions by a staggering 92% between 2005 and 2023.
Verbund AG (OTC:OEZVY) generates 98% of its electricity from renewable sources, particularly hydropower and wind power. The company boasts a combined hydropower capacity of 8,200 megawatts in Austria and Bavaria. Verbund is also big on wind power, as it has six wind farms in lower Austria with a combined capacity of 106 megawatts. Moreover, the company is present in 20 countries and boasts renewable assets there as well. In Romania, Verbund has a giant 226 MW farm. The company also acquired five wind farms in Germany back in 2012, adding another 86 MW to its wind portfolio. The company is actively looking for opportunities in the offshore wind market, with plans for participation in the upcoming license rounds. It plans to invest €1.8 billion in growth CapEx for renewals between 2024 and 2026 for projects in Spain, Italy, and Germany. In 2023, it also acquired a renewable energy portfolio of 4.6 GW in Spain.
Verbund is also establishing its position in the solar market, marked by the development of its new photovoltaic system in the municipality of Güssing in southern Burgenland. The photovoltaic system consists of 5,100 PV modules, generating 3GWh of clean electricity with the capacity to supply nearly 25% of the population in Güssing annually. This is a significant effort by Verbund AG (OTC:OEZVY) to expand its renewable energy portfolio in its home market.
Now, let’s look at the 9 wealthiest people in Austria.
Pixabay/Public Domain
Methodology
To compile our list of the 9 wealthiest people in Austria, we consulted the real time billionaires data from Forbes and ranked the wealthiest people in Austria in ascending order of their net worths, as of June 28.
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9 Wealthiest People in Austria
9. Michael Tojner
Net Worth as of June 28: $1.3 billion
Michael Tojner is ranked among the wealthiest people in Austria, The billionaire bought Varta, the German micro battery manufacturer in 2007 for $40 million and listed the business on the Frankfurt Stock Exchange in 2017. Tojner owns a 50% stake in Varta, which is reported to manufacture batteries for Apple Airpod Pros. As of June 28, he has a net worth of $1.3 billion.
8. Ulrich Mommert & family
Net Worth as of June 28: $1.3 billion
Ulrich Mommert took control of ZKW Group, which was near bankruptcy in 1982. He turned the company around with a focus on lighting technology for automobiles such as BMW, Mercedes, Porsche, and Audi. The company was acquired by LG in 2018 for $1.2 billion. Momert is the owner of a horse racing team and a trotting track in Berlin-Mariendorf. Mommert and his family have a net worth of $1.3 billion, as of June 28.
7. Toto Wolff
Net Worth as of June 28: $1.6 billion
Toto Wolff is the CEO and team principal of the Mercedes-AMG Petronas Formula 1 Team. He owns a 33% share in the team. Mercedes claimed consecutive Formula 1 Constructor’s Championships from 2014 to 2021 and consecutive Drivers’ Championships, under his leadership. He is one of the wealthiest people in Austria with a net worth of $1.6 billion.
6. Wolfgang Leitner
Net Worth as of June 28: $2.6 billion
Wolfgang Leitner leads Andritz, an Austrian plant and equipment manufacturer. His initial wealth comes from the sale of his pharmaceutical company, Pharmavit. He is one of the richest billionaires in Austria and is worth $2.6 billion.
5. Reinold Geiger
Net Worth as of June 28: $3.4 billion
Reinold Geiger is an Austrian billionaire and the former chief executive officer of cosmetics retail company L’Occitane. The company has more than 3,400 outlets across 90 countries. Geiger stepped down as the CEO of the company in 2021 after heading it for over 25 years. He is ranked 5th on our list.
4. Johann Graf
Net Worth as of June 28: $7.0 billion
Johann Graf is the owner of a casino operator, Novomatic Group. The company also sells slot machines, poker games, and electronic table games. Instead of taking over his family’s butcher ship, Graf started importing American pinball machines to Austria via Belgium. He later became an agent for a British slot machine company. As of June 28, his net worth is $7 billion.