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February 4, 2012
Super-rich families lose billions in crisis
Published: 4 Jan 09 09:27 CET
Online: http://www.thelocal.de/money/20090104-16517.html
Germany's 20 wealthiest families have lost about €40 billion in the economic crisis in share values alone, the financial magazine WirtschaftsWoche reported in its latest edition.
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"Fortunes which have grown over the generations are as threatened as much as they were in the hyperinflation of the 1920s or during the depression."
The value of the shares held by the Quandt industrial dynasty, which owns half the capital of carmaker BMW, has halved in a year, according to WirtschaftsWoche. The magazine Manager-Magazin claimed in October that 122 German individuals or families were worth at least a €1 billion.
Norbert Clément, manager of a billionaire family office in Hofheim, told WirtschaftsWoche, "This year, and probably next year, many wealthy family firms will not make any dividends."
According to Clément, this is expected to cause real distress to individual members of the families.
AFP/The Local (news@thelocal.de)
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