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6. geminis super rich no other european country has as many billionaires and while their fortunes are growing more and more germans are living under the poverty line set by the organization for economic co-operation and development the o.e.c.d. . the press frequently reports on the country's high income inequality and low social mobility but little is known about the super rich the truth see it sure money attracts success and success attracts money as i do believe that and i've experienced myself how you can suddenly connect with people previously out of reach for a kind of shows how to. unjam any super wealthy how do they live and how do they see the country they live in. with icing. the way wealthy people in germany
are talked about bothers me because it sensationalizing him sycophantic and in no way reflects what wealthy people have done and continue to do for this country for this long. but the only creates this impression of rich people being like scrooge mcduck that they have these money bins in which they wallow in their coins. i have a better look and scrooge mcduck wants more more more and that's not what world minded i like earning money for us but not swimming in it because. we wanted to get closer to the discreet world of germany's ultra rich of company owners and as with millions we wanted to find out what makes those on top of the world take.
every year an exclusive event takes place in the schlosser take on back me a friend for which the public is not invited. it's the annual hall of fame evening for the business monthly manager magazine. any other occasion in germany joins as many wealthy business analysts. the acting adds a lot out steam to presenters dear jury members dear ladies and gentlemen welcome to manager magazine's hole effect. when we 1st founded the hall of fame in 1902 we wanted to take a stand for excellence and unconditional entrepreneurship and against faint hearted ness and averageness. if we begin our nominations today with a moment and his company united internet is valued at around 11000000000 and on our list of germany's richest people you ranks 25th with a personal wealth of 4500000000 euros for months once the midfield. electively the
guests at this elegant evening are worth billions of euros. this is the face of wealth in germany main email and although we're close to the super rich here their world remains somehow also for each. hamburg home to manage a magazine's parent company the speaker group hardly any publication keeps close a tabs on germany's ultra rich every year the magazine's team gathers information on wealthy germans and using the forbes model makes a special edition with a list of germany's 1001 richest people. it's painstaking work. but is that how many billionaires are video of
a $481.00 the 190 last year was $136.00 right no verster it was around $170.00 or $170.00 ok on that is someone who wants to get on our list of 1001 riches germans needs to have around 100000000 with their cash often quite doesn't have to be money in the bank most people have it is assets or is property but that's the ballpark we're looking for to be on our list of the richest germans the 1000 bison. contemned so you know isin d'argent. editing chief stephan clothes man has been around germany's ultra wealthy for years . what does it take to get on the list. as you go to the top i'd say that the top 150 spots on our list will always go to company owners and ass even if you're a chief physician you don't need to see a whole lot of patients to become a billionaire many managers also have a hard time getting that high up here in germany there's
a debate about whether the head dax company is too much of an index but if you compare it to what people in similar posts in the u.s. the u.k. or china it's peanuts in front of the home also tanya and heena so that alone can't ever make you one of the truly ultra rich. dozens of nations. creating a list of the wealthiest people is especially difficult in germany they're not because there aren't enough of them and. that's a huge shock he somehow managed to amass this huge empire and fortune in just a few years it's all of his wealth is estimated to be around $4000000000.00 become to he's the least known super rich germans in the home would you let us interview him at home. they prefer to fly under the radar to avoid envy by any means the super rich don't like to help themselves so to speak in the midst of this thought
you know these are home stories here you can normally only get interviews inside the home so it's 2nd tier one there you always get guys who get a kick out of publicity. like mr marsh. getting a good shot of mr maschmeyer is never a problem. but the real money keeps itself hidden guilty does this has to hurt. the super rich will try. and to go unnoticed sometimes i even try to hide there are no photos of several people on our list at least you won't find a single picture if you go online and google them and see if there hasn't been a photo of her hymen sites germany's richest family for decades and for so many stay hidden because they want to live normal lives and think that they won't be able to do so if they're known to be multi-billionaire. and live in can for months our interview requests were rejected agreed film sheets were cancelled last minute none of the rich wanted to talk to us about money. finally we got
lucky and the financial have friend face here in a prime location tucked behind the bank teller as sits the asset management company full come full can manage his german business families fortunes. its chairman christan fanbase the time provided some insight as to why rich germans also shine. detroit you know many wealthy germans are reluctant about stepping out into the public eye because they're afraid they could be seen negatively. they ask themselves what do i get from showing myself to the public he doesn't give me anything on the contrary he could lead to some crazy person taking notice and breaking into my home or kidnapping one of my children. and those fears are not only warranted. but then there's also the fact that many errors are inheriting fortunes that are somehow tainted by or related to the 3rd reich.
the upper tier of rich germans avoids publicity as if it were the play. but what are they so afraid of. the half of me i asked a number of my friends whether they'd like to be interviewed for this film and each one said no they'd say it's. someone else can do that better than me because i can't do it right and i might come across wrong if they think they'd have much more to lose than to gain over a few courses this was given come. after a loss of back and forth with a stressed team one ultra rich german did agree to meet us bottle is the chairman of the supervisory board of the auto group and one of the 10 richest germans. we asked him why the germans are reluctant to show off their wealth. if you do
people from any wiring are doing so would lead to envy in the us achievement and welfare seen in a highly positive way. but here they carry a bitter aftertaste where does his fortune come from or how did he get his wealth that scares some off to the shore and munches by few i think a lot of people find their own welfare little nauseating. i don't know at all i like it mr scott when he. did cost money grew up poor his mother ran a small drug store and postal had after his son had bigger plans in $972.00 the idea of opening the 1st self-service drug store in germany came to him today he's a multimillionaire why was he happy to step into the spotlight. and function. in the early years it was just about getting the name rossman on their. way so when i was invited to a talk show i want to small regional channel i like going because i thought free
publicity for my company or negated by the film. but then 2 or 3 years ago i started to understand that this slightly flabby balding man who has teased aren't perfect but was hungry for recognition himself. back then i thought i was stepping into the limelight to promote the company but everyone rationalizes their motives. and i do this. within 40 years became the most profitable drugstore chain in europe with stores in 6 countries. 2018 a total of 56000 people working on the chain. osman is active in other business areas as well and he speculates on the stock market.
my example of private equity investments the largest is valued at between $80.10 depending on who started it so it's a fair sum there are also shares in different industries it would just. be boring to. find. the one that you're still referred to as an s m e because small medium enterprises why do you think that's so. i don't really know. with $55000.00 employees you're not really a medium enterprise anymore you're in another league and then. we're back at manager magazine in hand. with a special issue of being selected. a list of the richest germans includes a notably high number of company owners from the so-called medium sized businesses . it's a german peculiarity and it's not the only one. a cover story for this current
issue is that last year money rained down on germany's super rich. up here we have the chef loves the matriarch and her son who now owns 80 percent mom has kept only 20 scheffler sabine at the top of our list for many many years i would have to check exactly how much they are worth but around 20000000000 give or take a bit. you know down here we have missed partial tasks in the head of the henkel clan she's the 1st and so far only woman chairman of the supervisory board of one of the 30 tax companies. germany's economy is still extremely mild dominated and what's interesting is if you compare our list here with a list of the ultra rich in the us that we have a lot of old money old companies that have been around for decades in the us you have all those lands from facebook google snapchat and so forth a lot of bubbled up to the top of the list we don't have that type of thing here.
and compared with other countries germans are very reticent about showing their wealth the very few germans sail around in boats like this. and usually that's american and russians chinese and so on once i hear you don't really show your money you might have various houses villas and such but there's likely to be a spark and parked out front of the church didn't work so. it seems the average ultra wealthy german israeli conspicuous unlike in the u.s. athletes actors and t.v. personalities rarely make it onto the german list. in kosovo gunston even though we put a great deal of love and sweat into estimating his fortunes are probably much bigger than the tide is specially if we're talking about going real estate where prices have exploded over the past 10 years a lot of people have doubled their property assets so if you started with 5000000000 in that market you're likely to have 10 or 15000000000 today it's in are
often. money makes money but will rich germans fortunes have exploded since the financial crisis due to the increase in value of real estate stocks and assets those with average incomes have had to swallow losses. even liberal economics institutes are concerned about social inequality in germany how do the super rich see this disparity. my headline in the newspaper reads the rich are getting richer and richer which is true the rich are getting richer yes it's true but it's also false that there are $20000000.00 citizens in germany who have assets worth between 100001 1000000. so millions of people are getting richer . now the rich are getting richer even faster because one factor is probable they can dedicate much more time to increasing their wealth it's beautiful the ugly. national the left party would likely say split up your wealth but my response is i
also do things for the world which i live in i don't just take or i'm not a socialist i can only do things because i have things. to. auto is one of the great his wealth has increased he successfully transitioned his mail order business into a digital enterprise that the 20 companies now belong to the. we wanted to know how the debates about rich and poor. do the rich understand the worries of the poor. and that when people talk about those on top who don't understand those at the bottom i wouldn't say that applies to me. because i was not born rich. i came to hamburg as a refugee from west prashant and my father had to start from scratch and. that's why i absolutely do understand people living in poverty today. on the other hand
i'd also say that if germany is getting more and more millionaires meaning people with small or medium sized businesses because generally the millionaires in question who did go into business they now run then i think that's great. then this is because they're the people creating jobs for me that's what should matter in this debate we should focus on that and not rich versus poor that is. ensuring that the wealth of rich families can increase despite current 0 interest rates is the mission of custom front company. with. each day he and his employees send out. investment opportunities from banks and other entities given exclusively to his wealthy clients and that this is a way to present an offer to just a handful of valued clients and focus on this he does and you.
kind of is it said that rich germans are able to increase their wealth while the rest of the population gets left behind. the biggest to get they think it's difficult to apply terms like equity and fairness to the distribution of wealth i would say that here in germany we're better off than ever before and people here living above average circumstances like nonetheless we have to make sure the gap between rich and poor doesn't get too wide because we don't want social conflicts like in the u.s. or latin america to happen here in america. from best of times company full come is a so-called multi-family office family office has take care of the needs a very wealthy families managing and increasing their assets it only makes sense to use family offices if your wealth is up would of 30000000 euros who can afford such
a thing. as. this is causing well over a family office like ours and obviously can't discuss its clients so we have well known german business families that's our typical client profile of the class of. someone who we were was a company owner thinks differently to someone who has spent their life is going to give you. more they are families who have had money for a long time it's all so well is so to speak in their genes. this is that. for me and then there are families who have just come into their wealth who are still pumping with entrepreneurial energy guys to their usually quite different from heirs from carter i see it as a total. my son for it. seems to have plenty of this entrepreneurial energy his company is max that europe's largest fitness studio chain. its head courses are in an all baking factory in berlin.
started off small but today his wealth is valued at 250000000 euros. and they're from but i was born near bombay up in a small village and normally in villages you do the sports available and when i was around 1516 my role models were arnold schwarzenegger and stallone that's how i came to the fitness world. salar went from secondary school to computer salesman apprenticeship and became the many tales 3 supermarkets then he decided to start something new. for the for me. and you can see what i was 25 this by decided to switch to the fitness industry my idea was to open a gym where anyone could train no matter his or her income god being good boy that was the initial idea and i had big goals i wanted to be number one in europe but that's all i had i didn't have financing. it was 997 when shall i opened his
1st fitness studio inverts book close to his home village he made use of some unusual methods. on the monetary book was a big step for me i opened my 1st business studio there under the slogan now also inverts blog which people saw through as a marketing gag because customers came to me and asked where else we had studios in the common so i gave it some thought and came up with the next marketing gag soon also in the thing that did the job and also put me on track to going from boats blog to spend then it grew from there. 10 years later i don't have reached his goal he's number one in europe and still expanding. next think now owns 10 fitness companies as well as its own model agency. is getting ready to open fitness studios in the us. and suburban
is getting to be number one is much easier than staying number one i think if you want to be successful you need to be a bit of an alpha animal inside all. the investor would probably pick a brand and say ok that could work i like it although it's probably 2 steps too far for many. but if someone doesn't want to get involved with us because of it so what . so what you can do it so i. think in advance that you have an easier time if you want your way to the top and to success that's my client's spirit and so to partners. i think that's our situation over just us but which is why i can also imagine that someone who inherits something or takes over or even has to take over a company in the 2nd or 3rd generation will have a much tougher time and months ago a c s. but there are plenty of areas in germany huge fortunes
and thousands of companies have been passed from one generation to the next their heirs who don't want to and others who shouldn't take over their parents' businesses succession is hugely important among germany's richest. and harry said the mail order company from his father and successfully managed it. for money can is this it will be harder for my children though because now the auto group has $123.00 companies and over 30 countries one of the lines once is i know every single company either because i was involved when it was founded or because i let the take of a negotiation for money can. my children don't yet know the many companies because . us has children have opted against direct succession of. the finest beasties just when i think it's important to give your children the option without pressuring them so you don't force them into
a role i think that mistake is made often and i'd say it's bad for both the children and the company must you cannot understand anyone can put. his or her money so no we have one point of sale books. are you a bit tired your house is on an exhausting couple of days in 10 minutes and we find a unit was just bam bam bam bam. did cost money also spent a lot of time considering who his successor would be it's now decided collars last month the younger of his $2.00 sons will take over as manager of the drugstore chain. rod do we actually sell much yarn it's not exactly part of the drugstores range the trend sort of over it was big in 2016 already fading in 2017 and it's been stagnating in 2018 but it's not the worst product we have and it still brings in some revenue that's one of the many. roles father had to show him the appeal of being in charge. is when the boys got more engaged i thought oh no we can't look as
if the drugstore business is only about making money so i showed them how we're all so active in social issues and africa and so forth. and i've always showed my sons there what we do isn't just about making money it's also about being responsible for others i mean for mentioning. as a child i wanted to become a film director that was always my dream it still is today you know how do you meet megadeth and then you might be thinking oh no i don't want to be a director film i want to run the company like that so i said i want to go ahead and become a director. but being a director of such a big company is also exciting and i did manipulate my view to. this but if you prefer i'm often asked whether i feel competitive toward my father and sure he built up this big company that i will only take over but it's really
difficult to keep something going these days as the founding period has its own challenges and just having the idea of founding a self-service drugstore was hugely innovative much to come but the fight to survive has gotten tougher and that's the one i'm in. they are taught me everyone in my family wants to be good at sports you could my father and i battle each other in tennis. well we all compete with one another. and that's also shaped our view of life or mine at least depict as a tremendous minor. despite the competitiveness the last month family reached a how many is agreement with regard to succession. as should i just like playing against or all wipes me out i normally prefer playing doubles that's much more appropriate for men my age i miss him if i'm starting to
worry a bit about you you worry about me but probably with your own arrogance i wouldn't be looking forward to it. selecting as and successes is usually not quite as amicable as at the last month's. stand firm based on time has seen many inheritance disputes in rich families it's his job to preserve the family's assets and protected from all sorts of dangers. and from movements a host maintaining a family fortune over several generations is incredibly difficult because it's under threat from being divvied up through inheritance from wealth just humans from expropriation from wars or simply from stupidity and this will be something that most families will have one or all of these happen to them and only a handful of families have managed to stay more or less afloat over centuries but those right on top have been switched out again and again. these would mean what we
go. from based on time speaks from personal experience his own family's history dates back 900 years since long i have a horribly long name at least on my birth certificate there is my 6 given names christiane or tyler would be cool go to villa him and maria as a good catholic. followed by by horn fun malcolm hi i'm beschloss hi i'm what it work i'm normally called mr for investors time and at social events baron or lord baron. very different time isn't in direct success some of the focus the richest family in german history. went as well to begin for years for its reserves if you're asking me at what point i consider someone to be a truly real is i would say over 100 yards. up an entire state league we're all in but. if you could defeat me definitely not rich.
but i'm comfortable you go in your family is comfortable with and i'm certainly not complaining in the long view when you have a family history as long as. your family has seen everything. near bankruptcy. years overflowing with money. and years when a loved was lost in the warm waters. he takes us to the hunting lodge of the best time family in tilling and. it looks like the laws have been lost for ever tearing the division of germany. as holes for the us the house was built in 892 was a hunting lodge for my great great grandson calls. it's been in the family ever since except for a short interval. it was expropriated in 1952 and then restitute it in 1902 and since then i've owned mine and visits.
the family's hunting lodge survived expropriation and socialism without much damage . today from back to us time also and hundreds of pictures of forests nearby and regularly invites me. 6 acquaintances full fronts. and total fame many of the trophies are mine to get several also come from my father. and some from my great friend uncle. leo pa that leopard down there i didn't shoot him that was my great granddaughter and then my dog chewed off his ears so he no longer has his former beauty and stickers for it but he's too precious not to keep it. as we have. a recurring topic in the special issues of the manager magazine all the superwealthy snecked let's. get goes on plan there are larger and smaller networks and there are a lot of them and most even we journalists don't know about in high society there
are certain typical hobbies that horse racing hockey but a tennis though that's almost old school you know it's cool to tell me to the boxes it major football stadiums because of course they're all football fan a sense in football he's huge. lots of networking happens there that's not the marketplace they mingle and meet them more than at so-called parties for the rich as of zubin and i think pot. was. that. have enough to do we always are a lot of employees here and we have a lot of friends in the box christian pfeiffer's here today germany's most famous criminologist he would not say it's sometimes you may live for someone from politics comes by christian voters from between are part of my close are called friends so there's always lots going on here i think you will be.
in bed then and highness seana is opening a new club a new branch of his fitness empire. also has become a member in the network of important. people from the sports business and intertainment industries. along the kind of design that. i know you see. this is true it's a close circle that's hard to get into and i'm sure money attracts success and success in the tracks money i do believe that. the 5 experienced myself how you can suddenly connect with people previously out of reach. i am in a different position to the 2 to shun future in the band. was. a luxury with a good definition of l.a.
and san francisco and this is all that's all there is it gets bored. by. was. sick last one is ready to leave his stocks he wants to celebrate the victory with his friend the billionaire and hearing aid company owner martin kindt. kent is also current owner and president of hanover $96.00 he spots is located on the other end of the exclusive v.i.p. area now i turn to would wager that all i could tell you there would be off you know i told him that if we didn't win you pay 10000000 that was the bet right. there were no i never said that yeah here we have it to a halfway decent 30 given up on the day after never. networks are important for business but do the rich also have political clout can political influence be bought in germany. and will stimulate the best way available for retro super rich
people in germany to exert influence is the number of employees working in a company as one that is often how much someone who owns a company with 100000 employees or let's say nash maybe 15000 employees can go to business associations and say fine money go ahead and pass that law but that will cost me or even better argument is that will cost you 2000 jobs in that area and jobs and him. but there are no super rich people who regularly call up the ministers or ms merkel and say what needs to happen next which tax laws that like and so on that's not how things work here in germany france and it isn't much. of the one i expected not if you know this is not the sumatra one i stand by it's techniques all those classes this time the deadline for the special issue is approaching the heart of it is the ranking of the 1001 richest germans what do the
rich think of this ranking. their rankings in those rankings are for entertainment or scrape together sometimes using stock market corporations but they aren't reliable in any real way and for. the giving of this in traffic and also cost position and you i don't think much of these rankings and i didn't want to be included because it creates this impression of rich people being like scrooge mcduck that they have these money bins in which they wallow in their coins. the fact that i'm at the top of the rankings including of the wealthiest germans does make me feel proud and finish no truly please it's for a manager magazine every now and then but i've never read the ranking i don't know whether a minute i don't need that my brother goals. one of these is that i know shallow now wants to open the world's largest fitness center in north rhine-westphalia. let me ride around his japanese and means the future we
think it's a perfect fit for the whole concept and vision because what we want to create here is truly unique and has never been done before our goal is to become the world's fitness center that's at the center of it. some other things he's found the perfect location to realize his vision in. his rented an old. actually complex. at the moment the space is still being used to make steel pots. but before long thousands of customers will be exercising here. magine c.x. its path will be here and the officers on top. experienced his most traumatic experience today in the area and 201021 people died and 54 were injured in a stampede at the love parade in. shalah had been the parades. the cause of the
panic has still not been conclusively determined how does an entrepreneur in the fast lane deal with that kind of tragedy. an event like that will haunt you always for the rest of your life i got a moral responsibility i was the organizer if i could turn back time i would do it immediately for the scale of what happened but you can't make it and you have to try to deal with what happened. last month has also seen setbacks and crises. in the ninety's or expanded dramatically into the czech republic conquering in poland i was also speculating on the stock markets a little too much and neglecting the company then in 1996 we suddenly had a loss of $12000000.00 marks the banks don't joke around if you're highly indebted and then you come in with huge losses that was critical then i had
a heart attack in $96.00. but everyone knows that life can get tough and things got very tough back then. dialed back a bit including stock speculations i sold them all and thought the only thing on my table now is pulling the last month drugstore business through and up and it was the right move to focus on one thing and not do so many different things. so the. money moves from that crisis stronger than ever he started speculating again but. only with his private wealth it's called that's from gets so let's see we're gas promise. to make a commitment. i don't have a laptop i normally do this by n.t.v. texas 254. here it says gas promise at $375.00 it's room for
cold i could already sell those now to about 250000 of those so 250000 times $0.20 that would give me 50000 euros profit but i won't so it's going to rise to 4 euro sometimes it works sometimes it doesn't but i enjoy us but that's not right on the lottery because i find that boring but if it. can enlarge fortune and also be a burden. i hope that it does not say that for most people although they wouldn't voluntarily give away their money. the fact that they want to grow can be a burden. they are controlled by their own assets. for example they'll move to switzerland or somewhere to save on taxes and give up their entire circle of friends and basically become a slave to their fortune. in my opinion that's absurd considering the
conditions we currently have in germany. because. conditions in germany are currently more favorable than ever for the rich they pay significantly less tax than they did 25 years ago. only a minority still feels compelled to immigration broom. possible 14 of the german constitution states proper. entails obligations its use should also serve the public good do the rich in germany live up to this responsibility. if it is free i think it is important if you are successful if you are lucky enough to have reached a certain level of prosperity and wealth to give something back to society for me that's a given that michel the 2 is one of germany's biggest stone is his money helps fund
the environmental cultural and social sectors like most rich people he prefers to decide himself what he spends his money on rather than leave that to the state. otto like many wealthy germans donated millions for the construction of the ed for the money in hamburg in germany wealthy people like to donate and this makes important contributions to society and public life that generally they're against the proposal of redistributing wealth by a higher taxes for the rich. i don't fault if your mom businesses would yield to wall the demands of her to say ms barton cash to the left party when millions of people would be happy and things would be good for a while yes that is because millions of people would have more money. but untrue redistribution of wealth has never lead to more social justice in the long term not in any of the political systems that tried it it led to the impoverishment of these countries. to stand for. higher taxes on the rich as
dangerous as i can i don't think much about the so-called rich tax for 2 reasons because firstly the terminology alone a stigmatizing and we in germany should avoid that and secondly the rich tax wouldn't do any good on the contrary it would cut into the backbone of the german economy because the typical german rich person is a medium sized business owner they make up the backbone of the german economy and if we want to destroy that we have no one to blame but ourselves my homeboy those in. illiberal. the special issue is reading things have basically stayed the same the rich have a few 1000000000 more the richest one percent of germans now has personal wealth worth a quarter of the country's assets while a quarter of adults have no wealth or are in debt. for this report we never really got access to the world of the wealthiest germans they prefer to fly silently under
the radar away from the public only until the next awards ceremony. and. that every day in a chair but they only really materialize in our brains. how does this process work what role does our perception say and how do colors influence on everyday lives we talk to biologists and behavioral scientists to find
out. the world to do you know to minutes on d w. i'm secure that volume or that's hard and in the end this for me you're not allowed to stay here anymore we will send you. that. are you familiar with this. with the smugglers would lie and say. what's your story ready ready. i mean when i was a women especially of victims of violence in terms of take part and send us your story you are trying in all ways to understand this new culture. another visitor not a guest you want to become
a citizen. in for migrants your platform for reliable information. this is news coming to you live from hong kong as leader pushes ahead with legislation has fueled the territories because protests in decades carry lead says the proposed extradition law is necessary to uphold justice but critics say beijing really wants to target political protests in the city protests against the wall turned violent also coming up a landslide.