Unvarnished Tales of the Affluent Chancellor: The Financial Journey of Friedrich Merz
How Chancellor Friedrich Merz accumulated his wealth
Penned by Caroline AmmeFacebookTwitterWhatsappEmailPrintCopy Link
Embark on a dive into the not-so-subtle financial interludes of Germany's newly-elected Chancellor, Friedrich Merz. Dubbed as the oldest Chancellor since Konrad Adenauer, and arguably one of the wealthiest, his journey to riches is laden with diverse roles and lucrative ventures in law, finance, and even aviation.
"I'd deem myself a prosperous middle-class citizen in Germany, not a minuscule, extraordinarily wealthy, ostentatious upper class," he proclaimed in 2018, during his race for the CDU chairmanship. This statement elicited a storm of skepticism and jeers, as few perceived the Chancellor within the confines of the middle class. Indeed, striking wealth defines Friedrich Merz, a self-declared millionaire whose annual earnings top the million-euro mark[1].
Yet, his perception of himself remains rooted in middle-class values imparted by his parents – hard work, discipline, decency, and respect - which he believes deters him from the image of inheritors or those who cashed in on businesses[1].
Professions Galore
Having studied law, Merz's career evolved through various sectors. Starting as a judge at the Saarbrücken Regional Court, Merz pursued a legal career, later serving prestigious law firms and holding influential positions in corporate giants, such as Commerzbank, Deutsche Börse, BASF, Axa, and Borussia Dortmund[4].
One of his most notable stints was his service as the chairman of the supervisory board of BlackRock Germany from 2016 to 2020[4]. His earnings during his tenure there and at other companies, including Wepa and HSBC, contribute to his annual income, details of which remain confidential[2].
BlackRock Chronicles Undisclosed Income
While specific income figures derived from Merz's tenure at BlackRock and other companies are scarce, records indicate that he has earned colossal wealth from his diverse roles[2]. His work in the corporate world has not only made him a multimillionaire but furthered his extensive portfolio as a supervisory board member in various companies.
From Boardrooms to the Skies
Merz's wealth encompasses real estate holdings, exemplified by his single-family home situated in the tiny village of Niedereimer, and a more humble villa inherited in the Bavarian community of Gmund[6].
Elevating his lifestyle, Merz, a keen pilot, owns a relatively fuel-efficient propeller plane with five seats, boasting an estimated value of one million euros[6]. Utilizing the plane more than 160 times since 2022, he maintains a brisk flying schedule, particularly during Bundestag sessions[6]. However, it remains unclear if his days as an aviation enthusiast will continue as federal Chancellor.
Chancellor's Financial Footing
Despite his exalted financial standing, Merz's annual salary as the Chancellor falls short of his earnings in previous roles, the exact amount being delineated by the Federal Minister Act[3]. As a parliamentarian, he received an allowance of around 134,700 euros per year, supplemented by an additional stipend between 70,000 to 130,000 euros per year as Chairman of the CDU/CSU parliamentary group[3].
While his salary significantly surpasses other government employees as Chancellor, it pales in comparison to CEO salaries in substantial corporations, such as Deutsche Bahn and Dax CEOs[3].
- As a former chairman of BlackRock Germany and a board member of several other companies, Friedrich Merz's earnings contribute significantly to his annual income that surpasses the million-euro mark, although specific figures remain confidential.
- Friedrich Merz, the Chancellor, has amassed a substantial wealth from diverse roles in law, finance, and aviation, including purchases of real estate properties like his single-family home in Niedereimer and a villa in Gmund, as well as a million-euro propeller plane for personal use.
