Summary
Highlights
Succession is crucial for Germany's wealthy. Michael Otto's children chose not to directly take over, emphasizing the importance of not pressuring heirs. Dirk Rossmann successfully convinced his son, Raoul, to join the business by highlighting the company's social responsibility beyond just making money, despite Raoul's initial dream of becoming a film director.
Germany has more billionaires than any other European country, yet income inequality is on the rise. Despite frequent reports on this disparity, little is known about the super-rich, who prefer to remain discrete. They are often portrayed negatively, like 'Scrooge McDuck,' but they believe they contribute significantly to the country.
An exclusive annual 'Hall of Fame' event for business owners and heirs highlights the concentration of wealth. Manager Magazine, a publication that closely tracks the ultra-rich, reveals that the top 150 spots on their list are consistently held by company owners and heirs, rather than managers or celebrities.
Creating a list of Germany's wealthiest is difficult because they prefer to remain anonymous, fearing envy, kidnapping, or negative public perception. Many prefer to live normal lives away from the spotlight, and some families even have historical ties to controversial periods.
Michael Otto, one of Germany's 10 richest individuals, discusses the German aversion to displaying wealth, contrasting it with the US. Dirk Rossmann, founder of the drugstore chain, explains his early willingness for publicity to promote his company, which he later recognized was also driven by a desire for recognition.
Germany's ultra-rich predominantly consist of 'old money' and established companies, unlike the US with its new tech billionaires. German wealth is also characterized by extreme discretion; showing off wealth is rare, with many opting for understated lifestyles despite immense fortunes, which are often underestimated due to rising asset values.
The super-rich acknowledge the increasing wealth disparity. Dirk Rossmann claims that millions of Germans are getting richer, not just the super-rich. Michael Otto emphasizes his understanding of poverty due to his upbringing as a refugee, arguing that millionaires who build businesses create jobs and economic growth.
Christian von Bechtolsheim's multi-family office, 4K Invest, manages and grows the fortunes of ultra-wealthy families, typically those with over 30 million Euros. He discusses the challenge of maintaining family wealth across generations due to inheritances, disputes, and external factors like wars or 'stupidity.'
Rainer Schaller, founder of Europe's largest fitness studio chain, McFit, started from humble beginnings and built his 250 million Euro fortune. He shares his aggressive marketing tactics and philosophy that 'being number one is much easier than staying number one,' highlighting the alpha-animal mindset needed for continued success.
The super-rich maintain extensive networks through common hobbies like horse racing, hockey, and especially football. These social events serve as 'marketplaces' for mingling and making connections. While they don't directly call ministers, their influence comes from the large number of employees in their companies, allowing them to advocate for policies by warning of job losses.
The wealthy generally view rankings like those in Manager Magazine as entertainment, not reliable indicators of true wealth. Dirk Rossmann feels proud to be at the top, while Michael Otto finds them misleading, reinforcing the 'Scrooge McDuck' image. The film also touches on the potential burden of large fortunes, with some even relocating to avoid taxes.
The German constitution mandates that property entails obligations to the public good. Michael Otto, a major philanthropist, believes in giving back to society through donations, preferring to allocate funds himself rather than through the state. Christian von Bechtolsheim argues against a 'rich tax,' seeing it as stigmatizing and dangerous for the German economy, which relies on medium-sized business owners.