Porsche Family Drops Out of Germany’s Top 10 Richest After €11bn Loss
The Porsche and Piëch families, long among Germany’s wealthiest, fell to 13th place in 2009 after their fortune dropped by 71 percent amid the failed Volkswagen takeover bid.
The Porsche and Piëch families, who together control Porsche SE, fell out of Germany’s ten wealthiest in 2009 after their estimated fortune dropped by €11 billion. The annual survey by Manager Magazin placed the family at 13th, down from third the previous year, with a remaining fortune of €4.5 billion.
The sharp decline in the Porsche family’s wealth followed their high-profile attempt to take control of Volkswagen AG, which left Porsche SE with heavy debts and forced the family to reconsider its strategy. The failed takeover led to a dramatic reduction in the value of their holdings, as reported by Manager Magazin’s 2009 ranking of Germany’s 300 wealthiest individuals and families.
Volkswagen bid triggers historic loss
Porsche SE’s effort to acquire Volkswagen began in 2005 and escalated through 2008, with the company amassing a large stake in VW and using complex derivative positions. By 2009, the global financial crisis and mounting debts forced Porsche to abandon its bid. The fallout wiped out €11 billion from the family’s estimated wealth, a 71 percent drop compared to the previous year.
Manager Magazin’s 2009 list showed the broader impact of the financial crisis on Germany’s wealthiest. The combined fortune of the top 100 dropped by 12 percent to €285.6 billion. Other industrial families also suffered: Maria-Elisabeth Schaeffler, owner of the Schaeffler Group, lost 92 percent of her wealth and fell to 260th place after her company’s own troubled bid for Continental AG.
Who topped the 2009 rankings?
| Rank | Name | Company | Estimated Fortune (€bn) |
|---|---|---|---|
| 1 | Karl Albrecht | Aldi Group | 17.35 |
| 2 | Theo Albrecht | Aldi Group | 16.75 |
| 3 | Dieter Schwarz | Schwarz Group | 10.0 |
| 4 | Otto Family | Otto Group | 8.15 |
| 5 | Reimann Family | Joh. A. Benckiser SE | 7.15 |
| 6 | Susanne Klatten | BMW AG, Altana AG | 7.00 |
| 7 | Reinhold Würth Family | Würth Group | 6.8 |
| 8 | Oetker Family | Oetker Group | 6.35 |
| 9 | Günter Herz & Daniela Herz | Mayfair Holding | 6.0 |
| 10 | Braun Family | B. Braun Melsungen | 5.1 |
The Aldi founders Karl and Theo Albrecht retained their lead, with fortunes of €17.35 billion and €16.75 billion respectively. The Schwarz family (Schwarz Group), Otto family (Otto Group), and Reimann family (Joh. A. Benckiser SE) rounded out the top five. Susanne Klatten, BMW heiress, was sixth with €7 billion.
Impact on Porsche SE and the auto sector
The Porsche family’s financial setback highlighted the risks of aggressive merger strategies in the automotive sector. Porsche SE eventually merged with Volkswagen, but the episode left the family’s standing diminished in Germany’s business elite. The broader decline in fortunes among industrial families in 2009 reflected the impact of the financial crisis on automotive and manufacturing sectors across Europe.
For more on Porsche’s recent business moves, seePorsche Drops Base Cayenne V6 from US Line-Up.
