Erich von Baumbach

Erich von Baumbach derives his wealth from Germany's Boehringer Ingelheim, the world's largest privately-owned pharmaceutical company.

An heir to the fortune, he traces his lineage to the company's founder Albert Boehringer, who founded the company in 1885.

After purchasing a tartar factory, Boehringer employed 28 people, who produced ingredients for pharmacies, textile merchants and the food industry.

In 1917 the company opened a research department with chemist Heinrich Wieland, Boehringer's cousin, who would go on to win the Nobel Prize in Chemistry.

Today some of Boehringer Ingelheim's most well-known drugs treat COPD, anti-coagulation and type 2 diabetes.

Erich along with 14 members of the family own equal parts of the company.