Chancellor Friedrich Merz amassed His Fortune

Titled Germany's Wealthy Chancellor: The Millionaire Journey of Friedrich Merz

By Digby Daringmore

The way Chancellor Friedrich Merz amassed his wealth revealed

Friedrich Merz, the latest Chancellor of the Federal Republic of Germany, has made history by becoming the oldest and quite possibly one of the richest. Despite his claims to be part of the "upper middle class" in Germany, Merz's earnings tell a different story.

In 2018, during his campaign for the CDU chairmanship, Merz insisted that he did not belong to the "very wealthy, very affluent upper class" that some perceived him to be. However, in the same year, he disclosed his annual gross income to be around one million euros [1].

Merz's definition of class is unique. He believes that social middle-class values, like diligence, discipline, decency, and respect, can make one middle-class, regardless of economic factors [1]. He views the upper class as those who inherited wealth or have a company, a notion he doesn't relate to himself, as he has worked his way up [1].

Career Trajectory

After studying law, Merz started his career as a judge at the Local Court of Saarbrücken. Following this, he became a lawyer (1986-1989) for the Association of the Chemical Industry and later joined the international law firm Mayer Brown LLP (2005-2021) [1]. From 2016 to 2020, Merz served as the chairman of BlackRock's supervisory board in Germany, a position that raised many eyebrows [1]. How much he earned in this role, he has not revealed. However, "[Bild am Sonntag]" estimated it to be around 125,000 euros per year based on business reports [1].

In addition to his role with BlackRock, Merz held various other high-profile positions, including:

HSBC supervisory board member
Axa partner
Borussia Dortmund director
Commerzbank and Deutsche Börse advisor [1]

Financial Independence

Despite his modest claims, Merz's years in the free economy have yielded significant wealth. He has refused to disclose the exact amount he has in his accounts, but referred to "ordered, personal, and economic circumstances" that afford him a "high degree of personal and political independence" [1].

Reports estimate Merz's wealth to stand at around 12 million euros, primarily from shares in Stadler Rail, a Swiss train manufacturer [1]. He acquired these shares while serving on the company's board of directors [1].

Properties and Passions

Merz owns a single-family home in the small village of Niedereimer in the Sauerland, and an inherited villa in the Bavarian community of Gmund on Lake Tegernsee [1]. Merz is also a licensed pilot and owns a fuel-efficient Diamond DA62 aircraft, valued around one million euros [1].

Since 2022, Merz has flown his small plane around 160 times, with the most frequent route being from his home airport of Arnsberg-Menden to Schönhagen near Berlin [1]. Whether he will continue to use his private plane as Chancellor remains uncertain.

Compensation as Chancellor

As Chancellor, Merz earns less than he did in the private sector, although significantly more than other government employees [1]. He can earn approximately 374,000 euros per year in the B11 salary group, but this amount can vary due to factors such as the use of a private residence or the official residence in the chancellery [1]. Apart from his chancellor salary, Merz retains his MP's allowance, although it is halved [1].

Although Merz's earnings certainly exceed those of most politicians, they pale in comparison to the salaries of CEOs in large corporations. For instance, Deutsche Bahn CEO Richard Lutz earned 2.1 million euros in 2021, while the average salary for DAX CEOs was around 6.3 million euros [1].

If you're curious about interesting topics, give our podcast "Wieder was gelernt" a listen. Each episode covers a wide range of subjects, from regional politics to global economics. You can find us on ntv.de, RTL, Amazon Music, Apple Podcasts, and Spotify, and you can subscribe using the RSS feed for other podcast apps [2].

Sources

ntv.de
ntv.de/podcasts

Friedrich Merz, the Chancellor of the Federal Republic of Germany, has amassed significant wealth through his years in the free economy, despite his modest claims, with financial independence afforded by investments in businesses, such as shares in Stadler Rail, as well as positions in finance, investing, and wealth-management companies like BlackRock.
In addition to his wealth, Merz's career trajectory showcases his versatility, as he served as a judge, lawyer, board member for HSBC and Axa, advisor for Commerzbank and Deutsche Börse, and the chairman of BlackRock's supervisory board in Germany.
As a private pilot, Merz owns a fuel-efficient Diamond DA62 aircraft and has used it frequently, flying around 160 times since 2022, demonstrating his passion for both aviation and personal-finance independence amid his busy political role as Chancellor.