Georg Schaeffler
Overview
- Source of Wealth
- Auto parts
- Industry
- Automotive
- Residence
- Herzogenaurach
- Marital Status
- Divorced
- Children
- 4
Assets
- Continental AG73,602,000 shares @ --CON-DE
- Schaeffler AG568,000,000 shares @ --SHA0-DE
Biography
Georg Schaeffler and his billionaire mother, Maria-Elisabeth, own Schaeffler Group, one of the world's largest producers of ball bearings and machine components.
In 2009, he joined his mother. She'd been running Schaeffler after the death of her husband, Wilhelm, who founded the firm with his brother in 1946.
A year before, the company took over tire and auto parts giant Continental AG in a $15-billion, debt-financed deal.
In the wake of the financial crisis, it seemed the high-wire act might fail. But as the auto market rebounded, Continental's share price soared.
Georg and Maria-Elisabeth's combined 46% stake in Continental accounts for most of their wealth.
About
Georg used to practice business law in Dallas. Colleagues only learned of his wealthy background after he first appeared on the Forbes list in 2003.
Georg, who owns 80% of Schaeffler Group, leads a quiet life in the U.S., while Maria-Elisabeth, with 20%, lives in the tony Austrian ski resort town of Kitzbuehel.