Wolfgang Herz Net Worth, Age, Family & Biography $6.6 B Real Time Net Worth #268 in the world today

Avan Parvadiya — Sat, 02 Mar 2024 10:40:08 +0000

About Wolfgang Herz

The German retail and coffee shop chain Tchibo is co-owned by billionaire businessman Wolfgang Herz. Herz co-possesses Maxingvest, a Hamburg-based investment organisation he controls with sibling, Michael. They own a stake in the publicly traded Nivea skin care company Beiersdorf and the majority of the coffee chain Tchibo. Two of their kin were purchased out of the family holding organisation in 2003 for nearly $5 billion.

Wolfgang Herz

Wolfgang Herz Family

In 1949, Max Herz and Carl Tchilling-Hiryan established Tchibo, a Hamburg-based coffee shop chain. In 1965, Herz died at the age of 60 without a will in place. Guenter, his oldest son, took over as CEO against the wishes of his three younger brothers. With the assistance of his mother and siblings, he transformed Tchibo into a coffee-focused retail chain.

Wolfgang Herz Career

In 1974, the Herz family bought a stake in private consideration organisation Beiersdorf, the producer of Nivea skin creams items, and incorporated it into a larger part stake. In 1980, they acquired the majority stake in the tightly held Hamburg-based cigarette manufacturer Reemtsma and sold it to Imperial Tobacco in 2002 for $6.7 billion, netting a profit of more than $4.5 billion.

After decades of family disputes, Guenter had resigned as CEO the year before, and Michael, Wolfgang, and Joachim had purchased the stakes Daniela and Guenter held for approximately $4.7 billion. In 2007, the business, which was formerly known as Tchibo Holding, was renamed Maxingvest in honour of its parents, Max and Inge. Joachim was swimming when he was struck by a motorboat and killed in 2008. He gave his 17.5% stake in Maxingvest to a foundation that his family has named after him.

Wolfgang Herz Facts

Tchibo began retailing electronics and clothing as part of its expansion into other consumer goods and services. Maxingvest AG, a family holding company, owns 100% of Tchibo and approximately 47% of Beiersdorf’s voting shares, which include brands like Nivea and Eucerin.