Georg Schaeffler was bornon 19 October 1964 in Herzogenaurach, Germany, Germany. Georg Schaeffler is #31 in List Billionaires People In The World. Georg Schaeffler and his mother, Maria-Elisabeth Schaeffler-Thumann, are the proprietors of Schaeffler Group, one of the world's largest producers of ball bearings and machine components. In 1946, Wilhelm Schaeffler and his brother Georg (Maria-Elisabeth's husband) founded the manufacturer that became known as INA, which initially only produced wooden buttons and belt buckles. The ball bearing assembly known as the needle cage, which became the foundation for the company's success, was developed by Georg in 1949. Maria-Elisabeth took over in 1996, following the death of Georg (Wilhelm Schaeffler died in 1981). Her son (also named Georg), who served two years in the German armed forces, worked for Schaeffler Group from 1990 to 1996. Following his father's death, Georg studied law in the U.S. and wound up practicing international business law in Dallas. (His younger brother Christian died from an electric shock in 1975, after a hair dryer fell into the bathtub.) In 2008, Schaeffler Group announced a $15-billion, debt-financed takeover of publicly traded tire and auto parts giant Continental AG. Georg joined his mother in running Schaeffler in 2009. For a while, in the wake of the worldwide financial crisis, it looked as if the high-wire act might all come crashing down. But as the auto market rebounded, Continental's share price soared and the Schaefflers continued to pay down debt via Continental share sales and excess cash flow. Through Schaeffler Group and its parent, Schaeffler Verwaltungs GmbH, Maria-Elisabeth and Georg now own 46% of Continental. In 2015, they took Schaeffler public and within half a year sold all preferred non-voting shares of the company. Georg is the head of the supervisory board of Schaeffler Group and a member of the supervisory board of Continental. He rarely appears at public events or gives interviews, and leads a secluded life in the U.S.
As of January 2018, Schaeffler was ranked by Forbes as the 30th richest person in the world, with a net worth of $29
In May 2016, Schaeffler was ranked #39 on Forbes' list of global billionaires and #4 for Germany
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
In 1999 he took over the German automotive manufacturer LuK GmbH, and in 2002, the German producer of ball bearings FAG Kugelfischer
Gallen, Switzerland, and worked within the Schaeffler Group from 1990 to 1996
From 1986 to 1990, Schaeffler studied business and economics at the University of St
Schaeffler (born 19 October 1964) is a German billionaire businessman, owner of 80% of the holding company INA Holding Schaeffler GmbH & Co