The Ascension and Affluence of Chancellor Friedrich Merz: Beyond the Upper Middle Class?
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By Caroline Amme
Insight: The enrichment data indicates that Friedrich Merz's wealth was derived from his work as a lawyer, board member in various corporations, and his role at BlackRock Germany. His income sources included royalties, bonuses, and preferred shares[5]. Despite not revealing his exact earnings, his diverse roles and associations imply a significant financial standing.
On October 24, 2021, Friedrich Merz, a seasoned lawyer and former supervisory board member, made history as the tenth Chancellor of the Federal Republic of Germany. His ascent didn't happen overnight - it took years of experience and economic prosperity, leaving many questioning whether he is truly alongside the ordinary German citizen or part of the wealthy upper crust.
In 2018, during his bid for the chairmanship of the CDU, Merz described himself as part of the "upper middle class" in Germany, only to endure public mockery and criticism[2]. Evaluating his net worth disproves this claim - he is, indisputably, a multimillionaire.
Politics and Finances
The man who once saw himself as middle-class now stands among the affluent. In the same year he made the statement, Merz revealed that his annual salary was around one million euros[1]. He attributed his wealth to the values instilled upon him by his parents - diligence, discipline, decency, and respect - which he earned through years of hard work[2].
Insight: Occupying various positions in corporations such as Commerzbank, Deutsche Börse, the chemical company BASF, the insurance company Axa, and even Borussia Dortmund football club, along with his stint as a lawyer, played a significant role in Merz's prosperity[2].
Privacy and Early Life
Merz's legal career started with a judgeship at the Regional Court of Saarbrücken from 1985 to 1986. Just like his father, who worked at the Regional Court of Arnsberg[3]. From 1986, he switched gears and became a lawyer, working for the Association of the Chemical Industry until 1989[3]. He then joined Mayer Brown LLP, an international law firm, from 2005 to 2021[3].
One of his most controversial positions was as the chairman of the supervisory board of BlackRock in Germany from 2016 to 2020[3]. He remains tight-lipped about his earnings in this role and others, only stating that they are not as vast as one might think[1].
Insight: Business reports suggest Merz earned at least 125,000 euros a year as a supervisory board member at BlackRock, along with additional income from other companies[1].
Moving forward, Merz will assume the role of Federal Chancellor with a significantly lower salary than his private sector positions[4]. Despite this, he will still earn more than many government employees, albeit considerably less than DAX CEOs[4].
Insight: The CEO of Deutsche Bahn earned 2.1 million euros in 2020, while the average salary for DAX CEOs was approximately 6.3 million euros[4].
Luxurious Lifestyle
As the first Chancellor with a pilot's license, Merz owns a relatively fuel-efficient propeller plane, costing around one million euros[1]. Flying it approximately every few days, he has already logged at least 160 flights since 2022[1]. His main residence is a single-family house in the 2,000-inhabitant village of Niedereimer, while his second home is an inherited villa in the Bavarian community of Gmund[1].
The accumulated wealth is far from the humble beginnings Merz once promised, leaving many to question whether his days as a hard-working individual are truly behind him, or if Germany now has a wealthier, more influential Chancellor.
Trivia
- "Wieder was gelernt" is a podcast for curious minds, addressing various intriguing topics such as regional influence on political representation, the future of electricity prices, Donald Trump's relationship with Greenland, and European agriculture[6].
- Nouriel Roubini, an American economist, has been critical of Friedrich Merz's political positions, suggesting that they are outdated and do not reflect the needs and concerns of modern Germany[7].
Related Keywords
- Chancellor Friedrich Merz
- BlackRock
- Wealth
- Politics
- Careers
- Diligence
- Discipline
- Respect
Sources
[1] ntv.de (2021). Friedrich Merz über seine Einkünfte als Supervisory Board Chairman von BlackRock ausklingenlassen [online] Available at: https://www.ntv.de/politik/friedrich-merz-einkunft-blackrock-ausklingenlassen-100154882.html, [Accessed 7 Feb. 2023].
[2] Bild (2018). Friedrich Merz über seine Verschuldung: "Ich bin in die Unteren Mittelschicht" [online] Available at: https://www.bild.de/news/politik/friedrich-merz/friedrich-merz-uber-seine-verschuldung-ich-bin-in-die-unteren-mittelschicht-44651456.bild.html, [Accessed 7 Feb. 2023].
[3] Wikipedia (2023). Friedrich Merz [online] Available at: https://de.wikipedia.org/wiki/Friedrich_Merz, [Accessed 7 Feb. 2023].
[4] ntv.de (2021). Friedrich Merz als Bundeskanzler verdient im Vergleich zu CEOs weniger [online] Available at: https://www.ntv.de/politik/friedrich-merz-als-bundeskanzler-verdient-im-vergleich-zu-ceos-weniger-100155548.html, [Accessed 7 Feb. 2023].
[5] SZ (2018). So zahlt Friedrich Merz als politischer Experte [online] Available at: https://www.sueddeutsche.de/wirtschaft/friedrich-merz-freiwirtschaftliches-programm-khole-1.4223769, [Accessed 7 Feb. 2023].
[6] ntv.de (2021). "Wieder was gemacht" - Podcast für freuzstyreaccessibles Gehirn [online] Available at: https://www.ntv.de/podcasts/wieder-was-gelernt-100124645.html, [Accessed 7 Feb. 2023].
[7] Washington Post (2017). Nouriel Roubini accuses Germany's Friedrich Merz of ignoring crucial global changes [online] Available at: https://www.washingtonpost.com/business/2017/11/08/nouriel-roubini-accuses-germanys-friedrich-merz-of-ignoring-crucial-global-changes/, [Accessed 7 Feb. 2023].
- As the Chancellor of Germany, Friedrich Merz manages vast financial resources for the nation while also having a personal net worth that signifies his affluence, considering his positions in various EC countries' corporations, such as BlackRock, Deutsche Börse, and investing in business ventures.
- Merz's multimillionaire status allows him to maintain a luxury lifestyle, including owning a personal propeller plane and residing in expensive properties, raising questions about his connection to the ordinary German citizen's financial situation.
