Georg Schaeffler

About Georg Schaeffler

Birth Day: October 19, 1964
Birth Place: Herzogenaurach, Germany, Germany
Birth Sign: Scorpio
Residence: Herzogenaurach, Germany
Alma mater: University of St. Gallen Duke University
Occupation: Chairman, Schaeffler Group
Parent(s): Georg and Maria-Elisabeth Schaeffler

Georg Schaeffler Net Worth

Georg Schaeffler was bornon October 19, 1964 in Herzogenaurach, Germany, Germany. Georg Schaeffler and his mother, Maria-Elisabeth Schaeffler-Thumann, are the proprietors of Schaeffler Group, one of the world's largest producers of ball bearings and machine components. In 1946, Wilhelm Schaeffler and his brother Georg (Maria-Elisabeth's husband) founded the manufacturer that became known as INA, which initially only produced wooden buttons and belt buckles. The ball bearing assembly known as the needle cage, which became the foundation for the company's success, was developed by Georg in 1949. Maria-Elisabeth took over in 1996, following the death of Georg (Wilhelm Schaeffler died in 1981). Her son (also named Georg), who served two years in the German armed forces, worked for Schaeffler Group from 1990 to 1996. Following his father's death, Georg studied law in the U.S. and wound up practicing international business law in Dallas. (His younger brother Christian died from an electric shock in 1975, after a hair dryer fell into the bathtub.) In 2008, Schaeffler Group announced a $15-billion, debt-financed takeover of publicly traded tire and auto parts giant Continental AG. Georg joined his mother in running Schaeffler in 2009. For a while, in the wake of the worldwide financial crisis, it looked as if the high-wire act might all come crashing down. But as the auto market rebounded, Continental's share price soared and the Schaefflers continued to pay down debt via Continental share sales and excess cash flow. Through Schaeffler Group and its parent, Schaeffler Verwaltungs GmbH, Maria-Elisabeth and Georg now own 46% of Continental. In 2015, they took Schaeffler public and within half a year sold all preferred non-voting shares of the company. Georg is the head of the supervisory board of Schaeffler Group and a member of the supervisory board of Continental. He rarely appears at public events or gives interviews, and leads a secluded life in the U.S.
Georg Schaeffler is a member of Automotive

💰 Net worth: $22.5 Billion (Updated at 22 June 2018)

2009 $3.5 Billion
2011 $9.8 Billion
2012 $2 Billion
2013 $2.2 Billion
2014 $14.3 Billion
2015 $26.9 Billion
2016 $18.1 Billion
2017 $20.7 Billion
2018 $25.3 Billion

Some Georg Schaeffler images

Biography/Timeline

1986

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.

1999

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.

2016

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.