Chancellor Friedrich Merz: The Wealthy Politician You Love to Hate
Chancellor Friedrich Merz's Pathway to Becoming a Multimillionaire Revealed
By Caroline Amme
Say hello to Germany's new Chancellor, Friedrich Merz. He's a catch, ain't he? Well, that's if you define catch as a wealthy, controversial polarizing figure who's got more jobs than a struggling college grad fresh out of uni.
Merz recently secured the top spot among Germany's political heavyweights, and his net worth has many raising their eyebrows and whispering about being among the country's wealthiest politicians. He insists he's simply an upper-middle-class Joe, but keep reading, and you'll find out why folks don't quite buy that argument.
Back in 2018, when Merz was gunning for the top job within the CDU, he said, "I would count myself among the upper middle class in Germany." Sounds innocent enough, but the man himself has an annual gross income of around one million euros, and he's no stranger to owning stock in major corporations like the Swiss train manufacturer Stadler Rail.
Politics: Millionaire Chancellor
Merz's definition of the middle class is a bit different from how most Germans might see it. Instead of discussing economic factors, he claims the values of diligence, discipline, decency, and respect that he's inherited from his parents are what make him middle class.
Anyway, let's get down to the details. Business reports suggest that as a supervisory board member at Blackrock Germany, he earned at least 125,000 euros a year, plus an additional 80,000 euros for Wepa, 75,000 euros for HSBC, and 14,000 euros as chairman of the supervisory board at Cologne-Bonn Airport. That's just a small piece of the pie. Merz has had a plethora of roles in the past — at Commerzbank, Deutsche Börse, BASF, Axa, and Borussia Dortmund, to name a few.
But wait! There's more! Merz has earned a fortune from his career as a corporate lawyer and senior counsel. Sources estimate his net worth to be around 12 million euros. An admirable sum, but whether it's accurate remains unverified.
Judge, Lawyer, Supervisory Board Chairman
After graduating with a law degree, Merz served as a judge at the Regional Court of Saarbrücken from 1985 to 1986. Just like his old man, who was a judge at the Regional Court of Arnsberg. From 1986 to 1989, he worked with the Association of the Chemical Industry before joining the international law firm Mayer Brown LLP, where he remained until 2021.
When it comes to his earnings at Blackrock, Merz kept it rather hushed-up. All we know is that it's not as much as you'd think, according to his interviews. The man lives for discretion, it seems.
Is Merz a Millionaire?
Who knows for sure? All we have are speculations, but it's safe to say Merz's years of work in the free market have lined his pockets with plenty of cash. Though he won't confirm any numbers, the man says he leads an economically independent life. As far as we're concerned, that's a calculated way of saying he's a millionaire.
Real estate, an airplane, and a pilot's license — Merz's wealth knows no bounds. His home, a single-family house, is tucked away in the tiny Sauerland village of Niedereimer. Meanwhile, he inherited a modest villa in the picturesque Bavarian community of Gmund on Lake Tegernsee. To top it off, he owns a pricy propeller plane from the Austrian manufacturer Diamond, type DA62 (one million euros, give or take).
The Pay for a Chancellor
As a chancellor, Friedrich Merz will be earning much less than he did in his previous roles. The Federal Ministers Act sets his salary at a modest 374,000 euros per year for the B11 salary group, though the exact amount can vary based on various factors such as personal residence and official residence in the Chancellery. In comparison, CEOs of major corporations like the railway company earn exponentially more.
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- EC countries, with their emphasis on the free movement of workers, provide an opportunity for fiscal growth and personal investment for individuals like Friedrich Merz, who currently serves as Chancellor of Germany but has had a significant career in business and finance, including roles at BlackRock Germany and other major corporations.
- Despite Merz's insistence on being an upper-middle-class individual, his future lifestyle as Chancellor may see a significant decrease in income, considering his previous earnings from various business ventures, including the free movement of providing services as a supervisory board member at multiple companies.
- Merz's background in education and self-development, having earned a law degree, has played a crucial role in his successful career, allowing him to delve into various areas such as law, investments, and technology-driven industries.
- The controversial polarizing figure of Chancellor Friedrich Merz, with his wealth amassed from various business endeavors, invites plenty of discussions about the line between politics and finance, particularly in the context of personal-finance management for politicians.
- As the public evaluates the wealth and lifestyle of Chancellor Friedrich Merz, they are met with an intricate web of investments, real estate holdings (including a single-family house, a villa, and a pricy propeller aircraft), and business contracts — raising questions about transparency and the ethics of personal wealth among prominent politicians.
