Georg F. W. Schaeffler

Georg Friedrich Wilhelm Schaeffler (born 19 October 1964) is a German billionaire businessman, owner of 80% of the holding company INA Holding Schaeffler GmbH & Co. KG, which includes Schaeffler AG. His mother, Maria-Elisabeth Schaeffler, owns the other 20%.[1] Both inherited their fortune from Schaeffler's father, Georg Schaeffler, who died in 1996. Schaeffler is the head of the supervisory board of Schaeffler Group and a member of the supervisory board of Continental AG. As of March 2020, Schaeffler was ranked by 'Forbes' as the 96th richest person in the world, with a net worth of $11.2 billion.[1]

Georg F. W. Schaeffler
Born (1964-10-19) 19 October 1964
Erlangen, Germany
NationalityGerman
EducationUniversity of St. Gallen
Duke University
OccupationBusinessman
Net worthUS$11.2 billion (March 2020)[1]
TitleChairman, Schaeffler Group
Spouse(s)Divorced
Children4
Parent(s)Georg and Maria-Elisabeth Schaeffler

Early life

Schaeffler was born in Erlangen. From 1986 to 1990, Schaeffler studied business and economics at the University of St. Gallen, Switzerland, and worked within the Schaeffler Group from 1990 to 1996.[2] He later went on to receive a law degree and a masters from Duke University and practised international business law in Dallas. He served two years in the German armed forces, reaching the rank of lieutenant in the air force reserves.

Career

Schaeffler has expanded the company over the years. In 1999, he took over the German automotive manufacturer LuK GmbH, and in 2002, the German producer of ball bearings FAG Kugelfischer. After the expense of $15 billion, in 2008 Georg and the newly founded Schaeffler Group, acquired auto parts giant and one of the largest tire manufacturers in the world, Continental AG. The Schaeffler Group employs over 80,000 people in 170 locations in 49 different countries.[3]

According to ProPublica, the US Internal Revenue Service (IRS) "...embarked on a contentious audit of Schaeffler in 2012, eventually determining that he owed about $1.2 billion in unpaid taxes and penalties. But after seven years of grinding bureaucratic combat, the IRS abandoned its campaign", and accepted "tens of millions".[4]

Wealth

According to Forbes, Schaeffler has a net worth of US$20.1 billion.[5] In March 2020, Schaeffler was ranked #96 on Forbes' list of global billionaires and #4 for Germany. He and his mother’s (Maria-Elisabeth Schaeffler) combined wealth is estimated to be US$34 billion.[1][6]

Personal life

He is divorced with four children and lives in Herzogenaurach. He visits the United States several times a year. [1][7]

References
  1. "Forbes profile: Georg Schaeffler". Retrieved 4 March 2020.
  2. "Bürdenträger ohne Macht" (in German). handelsblatt.com. Retrieved 5 August 2013.
  3. "Georg Schaeffler makes Forbes billionaires list". bearingnet.net. Retrieved, 15 June 2015
  4. Jesse Eisinger, Paul Kiel (5 April 2019). "The Top 0.5% Underpay $50 Billion a Year In Taxes and Crushed the IRS Plan to Stop Them". ProPublica. Retrieved 8 April 2019.
  5. "Georg Schaeffler". Retrieved 17 January 2018.
  6. "#201 Maria-Elisabeth Schaeffler". forbes.com. Retrieved, 15 June 2015
  7. Unter uns - Deutschlands reichsten Mann, Süddeutsche Zeitung Online, 5 March 2015
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