Herz is the son of Max and Ingeburg Herz. His Father co-founded Tchibo in 1949 with Carl Tchilinghiryan.
In 2003, along with his mother and brother, he bought out his other brother, Günter Herz, and sister, Daniela Herz-Schnoekel.
According to Forbes, Herz has a net worth of $4.1 billion, as of January 2015. Herz lives in Hamburg.