SHARE
COPY LINK

ECONOMY

Aldi dynasty continue to lead German rich list

The best business to get into in Germany seems to be discount supermarkets - the owners of Aldi, Lidl and Kaufland again top the list of the country’s richest people.

Aldi dynasty continue to lead German rich list
Photo:DPA

A survey published in this week’s manager magazin put owner of Aldi Süd, Karl Albrecht at the top of the list with his fortune of €17.2 billion.

Right behind him are the owners of Aldi Nord, Berthold and Theo Albrecht junior who are worth €16 billion. Dieter Schwarz, owner of Lidl and Kaufland came in third, with a fortune of €11.5 billion.

The recent Euro-crisis seems to have hit many of Germany’s mega-rich, with insurance and banking moguls, as well as those in the transport and construction industry, having experienced financial setbacks over the past months.

Among of the more unfortunate on the rich list this year is the Wacker family, whose fortune of €450 billion dropped to a mere €3.6 billion in the past 12 months, after stocks in their chemical company fell. High street drugstore founders, the Schlecker family also saw losses, as their €350 billion dropped to €1.95 billion.

BMW heiress Susanne Klatten boasts the biggest increase in wealth this year, as her previous €1.05 billion euro rose to €8.9 billion, putting her up in the top five with the supermarket moguls.

Even with the turbulence on the stock market, the total wealth of Germany’s 100 richest has increased by 6.5 percent to more than €307 billion over the past 12 months – although it is still significantly lower than 2008’s record total of €324.6 billion.

The number of families or individuals in Germany with a billion euros or more has also risen over the past 12 months from 91 to 108.

The manager magazin top ten richest Germans are –

1. Karl Albrecht and family (Aldi Süd) €17.20 billion

2. Berthold and Theo Albrecht junior and family (Aldi Nord) €16 billion

3. Dieter Schwarz (Lidl, Kaufland) €11.50 billion

4. Otto family (Otto mail order) €9.00 billion

5. Susanne Klatten (BMW, Altana) €8.90 billion

6. Reimann family (Reckitt Benckiser, Coty) €8 billion

7. Reinhold family Würth (Würth) €7.20 billion

8. Günter and Daniela Herz (Germanischer Lloyd) €7 billion

8. Oetker family (Oetker) €7 billion

10. Rethmann family (Remondis) €6 billion

The Local/jcw

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.

ECONOMY

German consumer prices set to rise steeply amid war in Ukraine

Russia's war in Ukraine is slowing down the economy and accelerating inflation in Germany, the Ifo Institute has claimed.

German consumer prices set to rise steeply amid war in Ukraine

According to the Munich-based economics institute, inflation is expected to rise from 5.1 to 6.1 percent in March. This would be the steepest rise in consumer prices since 1982.

Over the past few months, consumers in Germany have already had to battle with huge hikes in energy costs, fuel prices and increases in the price of other everyday commodities.

READ ALSO:

With Russia and Ukraine representing major suppliers of wheat and grain, further price rises in the food market are also expected, putting an additional strain on tight incomes. 

At the same time, the ongoing conflict is set to put a dampener on the country’s annual growth forecasts. 

“We only expect growth of between 2.2 and 3.1 percent this year,” Ifo’s head of economic research Timo Wollmershäuser said on Wednesday. 

Due to the increase in the cost of living, consumers in Germany could lose around €6 billion in purchasing power by the end of March alone.

With public life in Germany returning to normal and manufacturers’ order books filling up, a significant rebound in the economy was expected this year. 

But the war “is dampening the economy through significantly higher commodity prices, sanctions, increasing supply bottlenecks for raw materials and intermediate products as well as increased economic uncertainty”, Wollmershäuser said.

Because of the current uncertainly, the Ifo Institute calculated two separate forecasts for the upcoming year.

In the optimistic scenario, the price of oil falls gradually from the current €101 per barrel to €82 by the end of the year, and the price of natural gas falls in parallel.

In the pessimistic scenario, the oil price rises to €140 per barrel by May and only then falls to €122 by the end of the year.

Energy costs have a particularly strong impact on private consumer spending.

They could rise between 3.7 and 5 percent, depending on the developments in Ukraine, sanctions on Russia and the German government’s ability to source its energy. 

On Wednesday, German media reported that the government was in the process of thrashing out an additional set of measures designed to support consumers with their rising energy costs.

The hotly debated measures are expected to be finalised on Wednesday evening and could include increased subsidies, a mobility allowance, a fuel rebate and a child bonus for families. 

READ ALSO: KEY POINTS: Germany’s proposals for future energy price relief

In one piece of positive news, the number of unemployed people in Germany should fall to below 2.3 million, according to the Ifo Institute.

However, short-time work, known as Kurzarbeit in German, is likely to increase significantly in the pessimistic scenario.

SHOW COMMENTS