Georg Schaeffler
$14.8B
Born
Oct 19, 1964
Age
61
Source of Wealth
Auto parts
Residence
Herzogenaurach,
Citizenship
Germany
Marital Status
Divorced
Children
4
Education
- 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.
- 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.
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