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. 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.
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.
According to Forbes, Schaeffler has a net worth of US$20.1 billion. In May 2016, Schaeffler was ranked #39 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.