Georg Schaeffler, a German billionaire businessman who was born on October 19, 1964, is the owner of 80% of INA Holding Schaeffler GmbH & Co. KG, the holding company that incorporates Schaeffler AG.
The remaining 20% is owned by Maria-Elisabeth Schaeffler, his mother. Both received substantial inheritances from Georg Schaeffler, Schaeffler’s father, who passed away in 1996. Schaeffler is the chairman of the Schaeffler Group’s supervisory board and a director of Continental AG. According to Forbes, Schaeffler was the 96th richest person in the world as of March 2020.
Georg Schaeffler Bio/Wiki
After earning his degree in business and economics from the University of St. Gallen in Switzerland in 1990, Georg Schaeffler worked at the Schaeffler Group from 1990 until 1996. He also served in the German military for two years, rising to the rank of lieutenant in the Luftwaffe Reserve.
Georg continued his education at Duke University in North Carolina, the United States, and earned a Juris Doctor (cum laude) and Master of Law in international and comparative law in 1999. Then, in Dallas, he practised international business law, ostensibly in search of some anonymity and independence from the family firm.
Erlangen is where Schaeffler was born. From 1990 to 1996, he worked at the Schaeffler Group. After two years of service, he was promoted to lieutenant in the air force reserves.
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Georg Schaeffler Education
Schaeffler attended the University of St. Gallen in St. Gallen, Switzerland, from 1986 to 1990 to study business and economics. He attended Duke University to earn both a law degree and a master’s, after which he worked as an international corporate lawyer in Dallas, Texas.
German businessman and billionaire Georg Schaeffler, also known as Georg Friedrich Wilhelm Schaeffler, is well-known throughout the country. Of the corporation INA Holding Schaeffler GmbH & Co. KG, he owns 80% of the shares.
A member of this group of businesses is Schaeffler AG. His mother is the owner of the remaining 20% of the company’s stock. He is the chairman of the Continental AG supervisory board in addition to the supervisory board of the Schaeffler group. Georg, a graduate in business and economics, is renowned for having successfully expanded his firm throughout the years.
Over time, Schaeffler has grown the business. He acquired the German ball bearing company FAG Kugelfischer in 2002 and the German automaker LuK GmbH in 1999. In 2008 Georg and the newly established Schaeffler Group acquired Continental AG, one of the biggest tyre producers in the world, for a price of $15 billion. Over 80,000 people are employed by The Schaeffler Group across 170 facilities in 49 different nations.
The US Internal Revenue Service (IRS), claims ProPublica “…started a contentious audit of Schaeffler in 2012 and ultimately came to the conclusion that he owed nearly $1.2 billion in back taxes and penalties. But after seven years of arduous administrative battle, the IRS gave up and took “tens of millions of dollars”.
The business that became known as INA was established in Herzogenaurach, Germany, in 1946 by Wilhelm and Georg Schaeffler, who are the father of Georg and Maria-Elisabeth. Georg Schaeffler’s creation of the needle roller and cage assembly in 1949 gave the business a major industrial breakthrough.
The VW Beetle’s transmission’s prior plain bearings were changed in 1952 by an INA needle roller bearing. Today, INA engines and transmissions are found in practically all new passenger cars. The company is now known as the Schaeffler Group, which consists of the three major brands INA, LuK, and FAG.
Maria-Elisabeth, Georg’s mother, assumed control of the business in 1996 after her husband’s passing (Wilhelm Schaeffler died in 1981). Georg joined his mother in 2009, although their CEO is in charge of day-to-day operations.
Georg, nevertheless, is the owner of the Schaeffler Group and the Chairman of the Supervisory Board of Schaeffler AG. Georg Schaeffler holds various positions within the Schaeffler Group in addition to serving on the Executive Committee and Supervisory Board of Continental AG.
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Georg Schaeffler Family
Georg F.W. Schaeffler was born on October 19, 1964, in Erlangen, Germany, to Georg Schaeffler and Maria Elisabeth Schaeffler. The Schaeffler group is co-owned by his mother Maria Schaeffler. She also participated as a CSU delegate in the 2004 Federal Convention for the election of the German President.
She is a woman of distinction and has received numerous prestigious accolades over the years. She was one of the 15 German business executives present at the 2016 Hannover Messe, which was hosted by US President Barack Obama. The father of Georg F.W. Schaeffler, Georg Schaeffler, is not well known.
Bernadette Muehlen was wed to Georg Schaeffler. There are four kids for the couple. They are now divorced, though.
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- “Everyone wants to find their way first. That’s a natural response, in my opinion. We don’t only want to be the heir apparent and the older son. The other reason is that you will be treated differently if everyone knows who you are. They view you from a different perspective. G. Schaeffler
- “They didn’t even consider it a question. However, if you have to make a choice, emotions may not always be the best guide. G. Schaeffler
- “My mother is a beautiful, graceful woman. She works really hard and is heart and soul committed to the company, which may not fit into this picture. G. Schaeffler
- It isn’t always wrong for the government to support businesses and ensure jobs. It’s critical to tell the difference between aid going to a fundamentally sound business and one that was already in trouble before the crisis. G. Schaeffler
- “It is always 20/20 in hindsight. The spring and summer of 2008 saw a drastically different situation. Peer Steinbrück, the finance minister, forecast GDP growth of more than 1% for 2009 at the time, as did many other economic organisations. The automakers supported their encouraging statistics. G. Schaeffler
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Georg Schaeffler Net Worth
According to Forbes, Schaeffler has a net worth of US$20.1 billion. In March 2020, Schaeffler was ranked #96 on Forbes’ list of global billionaires and #4 for Germany. He and his wife’s (Maria-Elisabeth Schaeffler) combined wealth is estimated to be US$34 billion.
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How much is the net worth of Georg Schaeffler?
His current net worth (as of 2022) is $20.1 Billion.
Who is Georg Schaeffler wife?
He is married to Maria-Elisabeth Schaeffler.
What is Georg Schaeffler age?
He is 58 years old as of 2022.
What is the name of the Georg Schaeffler firm?
He is the founder of INA Holding Schaeffler GmbH & Co. KG.