Chillin' with Millions: How Ex-Lawyer and New Chancellor Friedrich Merz Racked Up the Dough
Chancellor Friedrich Merz's Path to Amassing Millions Revealed
By Six Feet Under
Friedrich Merz has clinched the coveted seat: After a tumultuous first round, he emerged victorious, becoming the tenth Chancellor of the Federal Republic of Germany. At 64, he's the oldest Chancellor since Konrad Adenauer—and one of the wealthiest.
"I'm more of a middle-class Joe in Germany," he declared casually back in 2018, during a Q&A with a tabloid. Fast forward to today, and the newly appointed Chancellor's wealth has sparked plenty of buzz. Critics contend that he's more a wealthy gent than a middle-class Joe.
"Class is not just about money," Merz had reiterated in 2018. He cites hard work, dedication, and diligence as his ticket to success, distinguishing himself from the upper class that he perceives as consisting of those born with silver spoons.
Getting down and dirty with Justice, Legalese, and BoardroomsAfter graduating from law school, Merz flexed his legal muscles in various roles. He served as a judge at the Regional Court of Saarbrücken from 1985 to 1986, following in his father's footsteps who had been a judge at the Regional Court of Arnsberg. By 1986, Merz had switched gears, becoming a lawyer until 1989 within an industrial association. From 2005 to 2021, he worked for the international law firm Mayer Brown LLP, before taking on his most polarizing role: chairman of the supervisory board of the world's largest asset manager BlackRock in Germany.
Exact figures regarding his income at any point during his career remain underwraps, but in 2018, he admitted to earning seven figures annually. "It's not as steep as you might think." He vaguely mentioned signing confidentiality agreements.
The Controversial Elephant in the BoardroomScrutiny has long been leveled at Merz's tenure as chairman of BlackRock Germany's supervisory board. Many question the extent of his earnings, given his influential position within the global asset management giant.
According to business reports[2], individuals in supervisory roles at BlackRock can earn between €125,000 to €200,000 yearly. If Merz followed this trend, he could well have banked a sizeable sum during his tenure, which concluded in 2020.
In addition to his run with BlackRock, Merz has graced the halls of big-name corporations such as Commerzbank, Deutsche Börse, BASF chemical company, Axa insurance company, and Borussia Dortmund football club.
Money, Money, Money: Is Merz a Millionaire?His stints in the corporate world have translated into tangible wealth: precisely how much Merz has stocked away remains under the radar, but in the 2018 Q&A, he confessed to comfortable circumstances that grant him financial and political independence. "I'm not exactly poverty-stricken."
Rumors swirl that Merz boasts a net worth of approximately €12 million[3]. Whether these rumors hold water remains speculative. A portion of Merz's wealth originates from shares in the Swiss train manufacturer Stadler Rail. Should he still be its rightful owner, these shares might amount to around €5.5 million from the company's 2019 initial public offering.
Real estate also plays a role in Merz's wealth portfolio. His primary residence—a single-family abode—is nestled in Niedereimer, a tiny village in the Sauerland region. He also owns an inherited villa in Bavaria's Gmund community, adjacently Lake Tegernsee, which is modest in size, featuring a small kitchen, living room, and bedrooms.
Flying HighOne unique aspect of Merz's wealth is a private plane: he holds a pilot's license and pilots his own Austrian-manufactured Diamond DA62 propeller plane, which retails for approximately €1 million. Using flight data obtained by taz, Merz has taken to the skies at least 160 times since 2022, averaging a flight every few days. His most frequented route is between his home airport in Arnsberg-Menden and Schönhagen near Berlin.
While Merz's earnings as Chancellor are limited compared to CEOs of major corporations, his salary slightly exceeds that of many federal employees. However, earning millions in his previous roles has undeniably set him up for a comfortable stint in politics.
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[1] See Source[2] See Source[3] See Source
- Despite Friedrich Merz's claims of being a middle-class Joe, his wealth and influential positions in companies such as BlackRock have sparked criticism.
- As a former chairman of BlackRock Germany's supervisory board, Merz might have earned a significant sum, with yearly pay for similar roles estimated between €125,000 and €200,000.
- Other companies Merz has been involved with, like Commerzbank, Deutsche Börse, BASF, Axa, and Borussia Dortmund, have contributed to his substantial wealth.
- Besides real estate and shares in companies like Swiss train manufacturer Stadler Rail, Merz owns a private plane worth approximately €1 million.
- Despite limitations in his current role as Chancellor, Merz's earnings from his previous corporate roles have provided him with a comfortable financial and political independence.
