Maria-Elisabeth & Georg Schaeffler Net Worth: $34 billion
Maria-Elisabeth & Georg Schaeffler’s business in rolling bearings has earned them a net worth of $34 billion, making them 1st in Germany and 21st on the global list of billionaires. Marie-Elisabeth Schaeffler was born on August 17, 1941 in Czechoslovakia but she grew up in Vienna, Austria. She married Georg Schaeffler and on October 19, 1964, they bore a son, Georg F. W. Schaeffler. Her son studied business and economics at the University of St. Gallen in Switzerland and practiced international business law after graduating from Duke University with degrees in law and masters. However, he joined his mother in the Schaeffler Group after his father passed away. Interestingly, he also served in the German Armed Forces for two years. He has four children but is divorced twice.
How did Maria-Elisabeth & Georg Schaeffler make their money?
This mother-and-son team is famous for roller bearing production. When Maria’s husband died, she made it her goal to keep on the family legacy. She worked hard in leading the company through extensive and quality-based production. She strategized by acquiring the rolling bearing companies FAG, LUK, and INA. This made the company the second biggest and the most trusted makers of rolling bearings globally. The Schaeffler Group had an impressive increase in company earnings that also led to an increase in employment, which tripled to over 80,000 in 2009. On the same year, her son Georg joined the group. Now, he owns 80% of the company while his mother owns 20%. The company operates in 49 countries and continues to be dynamic and aggressive in the industrial, aerospace, and automotive sectors.