Name
Michael Herz
Primary Residence
Hamburg, Germany
Citizenship
Germany
Source Of Wealth
coffee
Net Worth
$5,300,000,000
Forbes Profile
Forbes 2019 Billionaires List Rank:
424
Forbes List Rank One: Title
#424 Billionaires 2019
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Summary
Together with his brother Wolfgang, Michael Herz derives his fortune from two of Germany's most recognized companies: Tchibo and Beiersdorf.Their father, Max, along with Carl Tchiling-Hiryan, founded Tchibo, which imports and sells coffee, in 1949. Max passed away in 1965.Tchibo expanded into retailing a range of other consumer goods and services including electronics, travel and mobile telephony.Family holding company maxingvest ag owns 100% of Tchibo and about 47% of listed skin-care company Beiersdorf, whose brands include Nivea.Older brother Guenter and sister Daniela Herz-Schnoeckel were bought out in 2003.
Did you know?
Max Herz came up the idea of opening stores where coffee could be both sipped and sold over the counter -- a forerunner to Starbucks.A fourth brother, Joachim, died in a motorboat accident in 2008.
Age
75
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