Germany is home to 184 billionaires - more than ever before - and they are getting richer faster than anywhere else in Europe. Together, they control an estimated $703 billion (about €603 billion), more wealth than Austria’s entire economy and a third more than the poorest half of Germany’s population combined.

According to exclusive data from the analytics firm Altrata, Germany now ranks third worldwide in the number of billionaires, behind only the United States and China. Over the past decade, their number has risen by 54, an average of five new billionaires per year. Unlike earlier efforts such as the SOEP surveys or Manager Magazin’s rich lists - which often suffer from limited participation – this recent attempt offers a more complete picture by including not just company holdings but also other asset types like real estate.

Yet despite their growing economic might, most of Germany’s super-rich remain largely invisible. Their fortunes are hidden behind family holdings and trusts, their companies often privately owned, their public profiles discreet. In contrast to the showmanship of American moguls like Elon Musk or Jeff Bezos, German billionaires cultivate silence - and tax efficiency.

At the top of the list stands Dieter Schwarz, founder of the Lidl and Kaufland retail empire, whose wealth has doubled to more than €40 billion since 2020. He is followed by logistics magnate Klaus-Michael Kühne, industrialist Reinhold Würth, and BMW heirs Susanne Klatten and Stefan Quandt. Klatten, with around €33 billion, is Germany’s richest woman.

The typical German billionaire is male, over 60, and from western Germany. Only about 22 per cent are women, and just eleven are under 40. The youngest, Kevin Lehmann, inherited his fortune from the dm-drogerie markt chain at just 14.

For most, wealth is a family affair: only 18 per cent are entirely self-made. The majority owe their status to inheritance or a blend of inherited and entrepreneurial assets. Many helm long-standing family firms - from Bosch to Aldi - that thrived on Germany’s export-driven industrial base. For a deeper understanding of their influence into the wealth distribution, consult the Forum’s study on the role of family businesses.

Economists say the surge of billionaire wealth reflects the success of family-owned Mittelstand companies, which have profited from globalization and rising corporate values. Yet it also underscores the nation’s deepening inequality. “Information about the richest is essential to understand the true extent of wealth concentration,” says economist Franziska Disslbacher. With the political influence of wealth increasing alongside its volume, Germany’s quiet billionaires may be far more powerful than they appear - even if most citizens will never hear their names.