German Billionaire Businessman Georg F. W. Schaeffler Story
Georg Friedrich Wilhelm Schaeffler, widely known as George F.W. Schaeffler, is a billionaire businessman of Germany with a net worth of US$20.1 billion, as of 2016. He owns the holding company named INA Holding Schaeffler GmbH & Co. KG, with his mother Maria-Elisabeth Schaeffler. He leads the supervisory board of Schaeffler Group and is a member of the Continental AG’s supervisory board.
Georg F. W. Schaeffler was born on 19 October, 1964 in Erlangen, Germany. He studied business and economics at the University Of St. Gallen Switzerland and graduated in 1990. Between the span of 1990 and 1996, he worked with the Schaeffler Group. Following this, he went on to study at Duke University, where he received a law degree and masters. He spent the next few years practicing international business law in Dallas. He is also reputed to have served a period of two years in the German Armed Forces, where he reached the position of a lieutenant in the air force reserves.
Career in the Armed Forces
He served a period of two years in German Armed Forces and reached the rank of a lieutenant in the air force reserves, through sheer determination and hard work.
Career in Law
After studying business law at his alma mater Duke University, he went on to practice internationalized business law for a few years in Dallas.
Career in Business
Soon after he graduated from University Of St. Gallen, Switzerland in 1990, he started his career in business while working with the Schaeffler Group. After completing his further studies and a reign of memorable two years in the Armed Forces, he returned to expand the business of the company, on a global and international scale. In the year 1999, he acquired control of German Automotive Manufacturer LuK GmbH which was followed by acquisition of FAG Kugelfischer, the famed German producer of ball bearings, in the year 2002. In 2008, he along with his novel Schaeffler Group took over Continental AG, a remarkably well-known manufacturer of tires and auto parts across the world. The Schaeffler Group is spread across 49 countries in the world, providing livelihood to more than 80,000 people, globally. The company made remarkable leads from 2009 and grew as one of the world’s largest ball bearing companies and manufacturers of auto parts. He is a worldwide business giant and one of the top billionaires.
He earned the position of a lieutenant in German Armed Forces. Besides, in the Forbes list published in 2016, he is the fourth richest billionaire in Germany. He is at number 39 in the top list of billionaires and was in 21 in the year 2015. His biggest asset is CON GY Equity. In 2008, he orchestrated the rather hostile acquisition of Continental. Georg F.W Schaeffler is in the second position of the World’s Richest Auto Magnets, in 2012 declared by the Forbes list. A Christian Catholic, his wealth is mostly self-made and inherited. He is also the INA Supervisory Board’s head in charge.
It might be interesting to note that during one of his birthdays, he had asked for the German constitution in his teen years. He is a lawyer by profession but he serves as the Chairman of the newly made Schaeffler Group and owns his family business. He was married to Bernadette Muehlen in the 1990’s and divorced later. He has four children with her who reside with him in Herzogenaurach and little is known about them. He is believed to visit the United States of America throughout the year. His wealth combined with his mother Maria-Elisabeth Schaeffler stands at US$34 billion, as of 2017.