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Recession cuts ranks of German billionaires

AFP/The Local · 7 Oct 2009, 11:11

Published: 07 Oct 2009 11:11 GMT+02:00

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Europe's biggest economy now has 99 individuals or families with assets of at least a €1 billion ($1.47 billion), down from 122 a year ago, according to Manager-Magazin.

Germany's 300 richest individuals or families had assets worth €285.6 billion, down €39 billion or 12 percent from 2008.

The Porsche family was the worst hit, with the sports car maker's failed attempt to take over Volkswagen triggering a 71-percent or €11-billion drop in their assets, the magazine said.

Other major losers included Maria-Elisabeth Schaeffler, whose fortune slumped 92.4 percent in value after her firm's takeover of auto parts maker Continental. Madeleine Schickedanz, part-owner of the insolvent Arcandor retail group, fell out of the top 300.

Top of the list were the owners of the Aldi chains of discount supermarkets, Karl Albrecht and his brother Theodor Albrecht, who with their families sit on fortunes worth €17.35 billion and €16.75 billion respectively.

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Others in the top 10 include Dieter Schwarz, owner of the Lidl supermarket chain; the Otto mail order firm's family owners; the Riemann family, part owners of consumer goods multinational Reckitt Benckiser; and BMW heiress Susanne Klatten.

The export-heavy German economy has been among the worst hit by the global downturn, and is on course to slump between four and five percent this year, the government said Tuesday.

AFP/The Local (news@thelocal.de)

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Your comments about this article

05:32 August 16, 2012 by tumanskaya
Comment removed by The Local for breach of our terms.
15:57 December 15, 2012 by honeybeee
Here I want to clarify for one posted name in the original article , that's which called major loser's Maria Schaeffler in the above article , that's because nobody who can predict the major economical downturn .But seeing this old article from current view(actually it is now 3 years later toward this old article's positng time ), Schaeffler currently sold many Conti's shares due to conti's return to DAX index this year and have a good performance actually , so that's helpful toward Schaeffler actually and they are decreasing their bank loans now and going on investing new factories both in Hungary and India to expand their productions abroad in 2012 to look for their new increasing points soon .So Schaeffler is still a responsible great car- parts manufacturer and a great job creator contributor to this harshful economics downturn in this year.
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