Georg F. W. Schaeffler

Georg Friedrich Wilhelm Schaeffler
Born	(1964-10-19) October 19, 1964 Erlangen, Germany
Occupation(s)	Entrepreneur, businessman
Years active	1990–present
Known for	Chairman of the supervisory board at Schaeffler Group; major shareholder of INA Holding Schaeffler GmbH & Co. KG

Georg Friedrich Wilhelm Schaeffler (born 19 October 1964) is a German billionaire entrepreneur who holds an 80% stake in INA Holding Schaeffler GmbH & Co. KG, the parent company of the rolling element bearing manufacturer Schaeffler AG. The remaining 20% ownership rests with his mother, Maria-Elisabeth Schaeffler. Their wealth was inherited from Georg Schaeffler, who passed away in 1996. Georg F. W. Schaeffler is the chairman of the supervisory board at Schaeffler Group and also sits on the supervisory board of Continental AG. As of May 2023, his net worth was estimated at $10.2 billion, placing him 171st on the Forbes billionaire rankings.

Early life

Georg F. W. Schaeffler was born in Erlangen to parents Georg and Maria-Elisabeth Schaeffler, founders of Wilhelm Schaeffler AG, which later developed into the Schaeffler Group. The company originally specialized in textile and armament production.

He completed a two-year service in the Bundeswehr, attaining the rank of lieutenant in the air force reserves. Between 1986 and 1990, he pursued studies in business and economics at the University of St. Gallen, subsequently joining the family business until 1996. Later, he earned both a law degree and a master's from Duke University and practiced international business law in Dallas, Texas.

Career

Under Schaeffler's leadership, the family enterprise underwent significant expansion. In 1999, he acquired LuK GmbH, a German automotive manufacturer, followed by the purchase of FAG Kugelfischer, a ball bearing company, in 2002. The formation of the Schaeffler Group culminated in a $15 billion acquisition of auto parts conglomerate Continental AG in 2008, one of the leading tire producers globally.

In 2012, Schaeffler underwent an IRS audit concerning alleged unpaid taxes totaling $1.2 billion plus penalties; after a seven-year process, the matter was resolved for tens of millions.

By 2015, Schaeffler Group employed over 80,000 individuals across approximately 170 sites spanning 49 countries.

Additionally, he holds a position on the Central Advisory Board of Commerzbank.

Personal life

As of 2015, Schaeffler was divorced with four children and lived in Herzogenaurach. He frequently visits the United States.

According to Forbes, his net worth was valued at US$20.1 billion in 2018. By March 2020, he ranked #96 globally among billionaires and #4 within Germany; combined with his mother (Maria-Elisabeth Schaeffler), their joint fortune was estimated at US$34 billion. As of May 2023, Forbes listed him as the world’s 171st wealthiest individual with assets totaling $10.2 billion.