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Germany home to growing 'super rich' class

The Local · 1 Jun 2011, 17:08

Published: 01 Jun 2011 17:08 GMT+02:00

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The Boston Consulting Group’s eleventh annual Global Wealth report found that there are 839 ultra wealth families in Germany, beating evening oil-rich Saudi Arabia with only 826.

But the study confirmed America remains the land of the loaded and home of the bling, with 2,692 household classified as being super rich.

The findings might come as somewhat of a surprise, considering Germans do not dominate lists such as Forbes magazine's annual ranking of the world's most wealthy people. However, the BCG study showed Germany's riches are simply spread across more extremely wealthy households rather than concentrated in the hands of a few billionaires.

Co-founder of discount supermarket chain Aldi, Karl Albrecht, remains Germany's richest person (and twelfth worldwide) with a fortune equivalent to $25.5 billion. The next German name to make Forbes' list was only number 38, mail-order king Michael Otto with $16.6 billion in the bank.

BCG calculated the assets of German private investors to be €5.2 trillion, noting that the wealthy in Germany tended to favour less risky investments than their foreign counterparts.

Whereas Germany's private wealth is likely to see annual growth of 3.8 percent until 2015, the rich in China and India are set to see their fortunes grow 14 and 18 percent growth respectively during the same period.

Story continues below…

China currently has only 393 super rich households, but the rising Asian powerhouse easy beats Germany for "average" dollar millionaires. Though Germany has 400,000 millionaires overall, China has 1.1 million.

The Local/rm

The Local (news@thelocal.de)

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Your comments about this article

20:57 June 1, 2011 by Staticjumper
Interesting stats, but how does Germany measure up to the US in per capita super rich? The US has 311,000,000 people versus Germany's 81,000,000. Ergo approximately .000865% of Americans are in super-rich families as compared to .00103% of Germans. Doesn't that make it slightly more likely that a German will be from a super-rich family? And how much of this is due to the drastic drop German birth rates. A few years ago an artcle was published explaining that with Germans frequently having only one child, that those only children stand to inherit all the wealth from both parents leading to more concentration of wealth. And then there is the racial component. Germany doesn't have large African or Hispanic populations and the accompanying high birth rates and poverty.
21:24 June 1, 2011 by Omicron
#1 Staticjumper,

Are you telling us that immigrants are responsible for comparatively lower wealth of US as compared to Germany? Can you also quote your source about this ethnic component you have mentioned? The truth is African immigrants in US are highly educated than ANY other group. More than 40% of African immigrants have a college degree and there are hundreds of thousands of PhD holders. Unlike some EU countries where race and colour plays a major role in employment, US has relatively a open-minded society that does not care much about this issue. Thus, education of Africans translates into wealth and African immigrants are thus wealthier than many recent immigrants to US.
21:59 June 1, 2011 by Staticjumper

Actually, no, I'm not saying that immigrants are responsible for lower wealth, in fact, I would agree with you that legal immigrants are a huge plus for the US because it is so selective. While immigration via marriage doesn't have any education requirements, the so-called "Green-Card Lottery" (technically called the Diversity Visa program) requires at least a high-school diploma and work skills to even apply. And I strongly suspect that many of those educated Africans that you speak of, like the educated Chinese, Indians, Italian, Russians, etc were either educated right here in the US on student visas or came here on an H1B skilled worker visa that they then used as a pathway to immigration. I welcome them! I want to see more of them here!! I was lamenting the huge racial divide in the US between native born Americans. The US census bureau has a mountain of statistics on it, starting with: www.census.gov/compendia/statab/2011/tables/11s0710.pdf
22:27 June 1, 2011 by Eric D
the more the better, it's all bout money in this land of milk and Honey
00:05 June 2, 2011 by HANNIBAL-BARCA
In commencing the author of this article or the local editor, should have done a standard proof read and no I won't point out the obivous error.

Further numbers and statistics can always been toyed with to obscure what is essentially important. Really there is plenty of wealth to go around. Moscow has the greatest number of billionares on the planet with N.Y. in second.

As far as the eugenicist comments posted by @staticjumper... your opinion and that of others with like conceptions are not based on any objective science. Yes I know about your "mountain of statistics",however, they are all based on a false premise and in conclusion of no value.
11:29 June 2, 2011 by ND1000
When did America go up to 311 million? Recently (last year or so) we went over 300 million.
11:57 June 2, 2011 by XFYRCHIEF
@Omicron - can you cite the reference for your statistic about college educated African Americans?
13:14 June 2, 2011 by a s 5
You have to differentiate between African Americans (i.e. "regular" black Americans) and recent immigrants of African descent, who do tend to be very educated.

In fact, Nigerian immigrants to the US are among the most educated people in the country: http://www.chron.com/disp/story.mpl/special/immigration/5791096.html
13:21 June 2, 2011 by DoubleDTown
Home of the "bing" ?
13:27 June 2, 2011 by LarsBar
Comment removed by The Local for breach of our terms.
16:09 June 2, 2011 by Omicron

I have not mentioned African Americans, rather African born immigrants or children of recent African immigrants.
16:58 June 2, 2011 by mike_1983
they didnt say what defines an "ultra wealth family". how much does a family need to qualify for that? 20 million or 100 million?
20:36 June 2, 2011 by a s 5
Yes they did. Right at the beginning of the article, in fact:

"Germany is now second only to the United States when it comes to "super rich" households worth more than $100 million[...]"
22:02 June 2, 2011 by XFYRCHIEF
@Omicron - thanks for clearing that up - the latest statistics show that for black, non-Hispanic only 9.8% of the total population has a bachelor's v. 71.8% for white, non-Hispanic. Certainly much different from the number you cited.
11:15 June 3, 2011 by ErickDDiaz
One Less with M.Jackson gone..
07:11 June 4, 2011 by Englishted
With the rise of the super-rich ,things for "normal" Germans are not better.

When the gap between rich and poor gets larger year on year the social cohesion of a country tend to break down as children see that to think only of oneself is o.k. and don't have a problem with greed.

Sorry but I find it sad when we follow the U.S. down that path.
00:09 June 5, 2011 by genseric
They are very fortunate to have a cohesive nation. That is the great benefit of having a nation primarily of 1 race of people. Those nations will survive, the polyglot nations will eventually fall. Luckily for the USA, we have over 53 million Americans of German descent and that is what has kept us at #1 for so long. As the percentage changes, the US will continue to decline in direct proportion to the swing in european-americans vs 3rd worlders. We need to get a Republican in the White House fast, change the immigration laws to favor europeans and finish the fence along the southern border to save our country.
06:41 June 5, 2011 by HollyMacarony
@ genseric

I didn't report your comment cause i want everyone to see how a typical conservative/Republican thinks.

If US ever goes down it will be because of racist scumbags like you.
20:19 June 5, 2011 by genseric
@ holly. Just stating the obvious. I need not have bothered. Have a good day.
21:07 June 5, 2011 by SockRayBlue
It makes no difference (to me) which country has the most moneyed people. I'd rather be the head coach of the Swedish Bikini Team.
12:48 June 7, 2011 by Omicron

So what is your final solution? Would it be "ethnic cleansing" to increase the proportion of the "master race" of US?
16:14 June 9, 2011 by HistoryProffessor
the girl in the white Bikini is kinda cute
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