Rank #708
Michael Herz
Net worth $5.9B
Coffee · Germany
- Born
- Sep 28, 1943
- Age
- 82
- Source
- Coffee
- Residence
- Hamburg
- Citizenship
- Germany
- Marital status
- Married
- Children
- 0
- Education
Net worth over time
Biography
- Michael Herz derives his fortune from two of Germany's most recognized companies: Tchibo and Beiersdorf, which he shares with his brother Wolfgang.
- Their father, Max, along with Carl Tchiling-Hiryan, founded Tchibo, which imports and sells coffee, in 1949. Max passed away in 1965.
- Tchibo expanded into retailing a range of other consumer goods and services including clothing and electronics.
- Family holding company maxingvest ag controls 100% of Tchibo and around 47% of the voting shares of Beiersdorf, whose brands include Nivea and Eucerin.
- Older brother Guenter and sister Daniela Herz-Schnoeckel were bought out in 2003.
- Max Herz came up the idea of opening stores where coffee could be both sipped and sold over the counter -- a forerunner to Starbucks.
- A fourth brother, Joachim, died in a motorboat accident in 2008.
Financial assets
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