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# 391 Michael Herz $5.70B

Random fact: Owned stake in bankrupt fashion house Escada.


Herz is the chairman of Maxingvest, a Hamburg-based investment company he controls with brother Wolfgang. They own most of closely held coffee chain Tchibo, and a stake in publicly traded Beiersdorf, a maker of Nivea skin care products. Their siblings were bought out of the family holding company for almost $5 billion in 2003.

As of :
Last change -$125M ( -2.1%)
YTD change +$248M ( +4.5%)
Industry Consumer
Biggest asset BEI GY Equity
Citizenship Germany
Age 76
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Michael Herz's net worth of $5.70B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

of the GDP of the United States
of the total wealth of the 500 richest people in the world
of the top 100 U.S. college endowments
of the top 200 U.S. executives’ total awarded compensation
of U.S. existing home sales
times the median U.S. household income

Latest News

Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Herz's fortune is derived from a 35% stake in closely held investment company Maxingvest. He shares control of the asset with his brother Wolfgang, who also controls 35%, according to company filings.

Herz's siblings, Guenter and Daniela, were bought out of Maxingvest's predecessor, Tchibo Holding, in 2003, for $4.5 billion, while brother Joachim's 17.5% stake was donated to a foundation after his death in 2008.

The family sold their stake in closely held cigarette producer Reemtsma to Imperial Tobacco for $6.7 billion in 2002, and purchased a majority stake in publicly traded personal-care seller Beiersdorf, the maker of Nivea skin cream products, for more than $5 billion in 2003. He owns about 18% of the Hamburg-based business's shares based on Maxingvest's 51% stake, according to the 2019 annual report.

They also control Hamburg-based Tchibo, a coffee company with sales of about 3.1 billion euros ($3.7 billion) in 2018. It's valued using the average enterprise value-to-Ebit and enterprise value-to-sales multiples of two publicly traded peers: Tom Tailor Holding SE and Strauss Group. The valuation was updated on Feb. 6, 2020 to remove a peer and better reflect underlying value, and this led to an increase in the calculation of about $500 million.

Michael and Wolfgang have transferred most of their shares in Maxingvest to their children to avoid the impact of planned inheritance tax reform, according to Manager Magazin in May 2016. Michael and Wolfgang are credited with ownership in the analysis, reflecting their control of Maxingvest.

Arnd Liedtke, a spokesman for Maxingvest, declined to comment on the net worth calculation.


Birthdate: 9/28/1943
Family: Unknown, No children

Max Herz founded Tchibo in 1949, establishing a chain of Hamburg coffee shops with business partner Carl Tchilling-Hiryan. Herz married Ingeburg Herz in 1940, and the couple had five children: Guenter, Joachim, Michael, Wolfgang and Daniela. Herz died at 60 age in 1965, leaving no succession plan in place. His oldest son, Guenter, took over as CEO against the will of his three younger brothers and, with the help of his mother and siblings, transformed Tchibo into a retail chain that specialized in coffee products.

In 1974, the Herz family purchased a stake in personal care company Beiersdorf, the maker of Nivea skin creams products, and built it into a majority stake. They became the majority shareholders of closely held Hamburg-based cigarette producer Reemtsma in 1980, selling the stake in 2002 to Imperial Tobacco for $6.7 billion, for a profit of more than $4.5 billion. Guenter had stepped down from his CEO position the year before after decades of family quarrels, and Michael, Wolfgang and Joachim bought the stakes held by Daniela and him for about $4.7 billion. Then called Tchibo Holding, the company was renamed Maxingvest in 2007, in honor of parents Max and Inge.

Joachim died in 2008 after being hit by a motorboat while swimming. His 17.5 percent stake in Maxingvest was donated to a foundation that the family named after him. In the same year, Wolfgang and Michael bought a 25 percent stake in fashion house Escada for about $100 million. One year later, the Munich-based company filed for bankruptcy after running out of cash.

  • 1905 Father Max Herz is born.
  • 1940 Marries Ingeburg Herz; the couple has five children.
  • 1965 Older brother Guenter becomes Tchibo CEO.
  • 1974 Family buys a stake in Beiersdorf, whose brands include Nivea.
  • 1980 Acquire closely held cigarette producer Reemtsma.
  • 2001 Ousts brother Guenter as Tchibo CEO.
  • 2002 Sells stake in Reemtsma to Imperial Tobacco.
  • 2003 Family buys their siblings Daniela and Guenter out of Tchibo.
  • 2007 Tchibo Holding renamed Maxingvest in honor of parents Max and Inge.
  • 2008 Brother Joachim dies after being hit by a motorboat while swimming.