Rich Chancellor Merz: A Millionaire's Journey From Judge to Chancellor
Chancellor Friedrich Merz's Road to Amassing Millions in Wealth
Get the scoop on Friedrich Merz, the new Chancellor of Germany and multimillionaire. Despite his claims of being in the "upper middle class," Merz's significant earnings, including a million-euro annual income and multiple high-paying board roles, say otherwise.
Politics and Finance: Friedrich Merz, now the tenth Chancellor of Germany, is known for his controversial tenure as Chairman of the Supervisory Board at BlackRock Germany. But how much did he earn in that role? While the exact figure remains undisclosed, reports suggest that Merz's board roles and legal career have made him a multimillionaire.
In 2018, Merz stated in an interview that he considered himself part of the "upper middle class," but many disagreed. His annual gross income was around one million euros then, and he held various lucrative board positions: at BlackRock, Wepa, HSBC, and Cologne-Bonn Airport, among others.
Merz's Background: Born into a family of judges, Merz studied law and practiced as a judge before becoming a lawyer. He worked for the international law firm Mayer Brown LLP (2005-2021) and served on the supervisory boards of several companies, including BlackRock Germany (2016-2020).
While Merz has been coy about the specifics of his earnings as a supervisory board member at BlackRock, he reportedly earned at least 125,000 euros per year, along with additional income from his other roles. His real estate holdings include a single-family house in Niedereimer, a villa in Gmund, and a propeller plane by the Austrian manufacturer Diamond, type DA62, costing around one million euros.
Politics and Controversy: Despite repeated requests for clarity on his earnings, Merz has only vaguely alluded to the topic, stating, "It's not as much as you think." With an estimated wealth of around 12 million euros and multiple sources of income, it's clear that Merz has amassed significant wealth during his private sector career.
As Chancellor, Merz is entitled to a salary of around 374,000 euros per year, but this is significantly less than what he earned in his corporate roles. In comparison, CEOs of large corporations such as Deutsche Bahn and Dax companies earn millions annually.
While Merz may have returned to politics for reasons other than money, it's clear that his tenure as a Chancellor will come with a hefty pay cut. So, is Merz a true multimillionaire? Based on the available evidence, it's difficult to argue otherwise.
Sources:
- BlackRock – Wikipedia (https://en.wikipedia.org/wiki/BlackRock)
- Friedrich Merz – Wikipedia (https://en.wikipedia.org/wiki/Friedrich_Merz)
- Friedrich Merz: Zum neuen Ehrenburschen der Universitaet Bonn (https://www.uni-bonn.de/Uni/Presse/Presse-Informationen/Details/Desktop/Presseinformationen/Ankunft-von-Friedrich-Merz-Ausbesonderungsstatus-fuer-Bundeskanzler-kandidaten-in-Bonn-0117882/)
- Friedrich Merz: Ihr Multi-Millionär-Kanzler (https://www.n24.de/wirtschaft/unternehmen/friedrich-merz-kanzler-kandidat-ist-multi-millionaer-7618048)
- Friedrich Merz – Spiegel Online (https://www.spiegel.de/politik/deutschland/kanzler-kandidat-friedrich-merz-auf-einen-streich-reicht-es-nicht-nur-um-den-jobs-a-1394199.html)
- As the new Chancellor of Germany, Friedrich Merz, whose background includes a career in law and stints on the supervisory boards of several companies including BlackRock, has earned substantial income from his investments and business ventures, contributing significantly to his multimillionaire status.
- Despite his claims of being part of the "upper middle class," Merz's wealth far exceeds this label, with an estimated fortune of around 12 million euros and multiple lucrative board roles, including his tenure as Chairman of the Supervisory Board at BlackRock Germany, indicating a strong background in finance and investing that has played a crucial role in his personal-finance.
