Early life
Schaeffler was born in Erlangen. From 1986 to 1990, Schaeffler studied business and economics at the University of St. Gallen, Switzerland, and worked within the Schaeffler Group from 1990 to 1996. He later went on to receive a law degree and a masters from Duke University and practised international business law in Dallas, Texas. He served two years in the Bundeswehr, German armed forces, reaching the rank of lieutenant in the German Air Force, air force reserves.Career
Schaeffler has expanded the company over the years. In 1999, he took over the German automotive manufacturer LuK GmbH, and in 2002, the German producer of ball bearings FAG Kugelfischer. After the expense of $15 billion, in 2008 Georg and the newly founded Schaeffler Group, acquired auto parts giant and one of the largest tire manufacturers in the world, Continental AG. The Schaeffler Group employs over 80,000 people in 170 locations in 49 different countries. According to ProPublica, the US Internal Revenue Service (IRS) "...embarked on a contentious audit of Schaeffler in 2012, eventually determining that he owed about $1.2 billion in unpaid taxes and penalties. But after seven years of grinding bureaucratic combat, the IRS abandoned its campaign", and accepted "tens of millions".Wealth
According to ''Forbes'', Schaeffler has a net worth of US$20.1 billion. In March 2020, Schaeffler was ranked #96 on Forbes' list of global billionaires and #4 for Germany. He and his mother's (Maria-Elisabeth Schaeffler) combined wealth is estimated to be US$34 billion.Other activities
* Commerzbank, Member of the Central Advisory BoardPersonal life
He is divorced with four children and lives in Herzogenaurach. He visits the United States several times a year.References
{{DEFAULTSORT:Schaeffler, Georg Businesspeople from Bavaria German billionaires Living people University of St. Gallen alumni 1964 births People from Erlangen 20th-century German businesspeople 21st-century German businesspeople