Klaus-Michael Kühne (born 2 June 1937) is a German billionaire businessman. In October 2021, the Bloomberg Billionaires Index estimated Kühne's net worth to be US$36.2 billion, making him the richest person in Germany.[2] He is the honorary chairman and majority owner (53.3%) of the international transport company Kühne + Nagel, co-founded by his grandfather, August Kühne (1855–1932).[3]
As important shareholder of flag-carrier Lufthansa, main owner of Hapag-Lloyd and Kühne+Nagel, Kühne is one of the money elites of Germany with influence into politics and economic circles.[4][5] All of his main companies and investments make their sales in Germany. However, Kühne does not pay any taxes in Germany for his holding company or his private assets.[6]
Early life and education
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Kühne was born 1937 in Hamburg. After graduating from high school, Kühne completed a two-year training course as a bank and foreign trade clerk at the private Hamburg bank Münchmeyer & Co..[citation needed]
Career
In 1963, he joined his father Alfred Kühne (1895–1981)[7] as a junior partner at Kühne + Nagel.
During the first and second oil price crises in the 70s he tried to found a shipping company, but was unsuccessful due to financial pressure.[8] In 1981, the year of his father's death, he had to sell 50% percent of the company for 90 million Deutsche Marks to the former Lorho group. He bought the company back for 340 million marks in 1992, and put the Kühne + Nagel Agency on the stock market in 1994.[9]
He became CEO of the company in 1996.
By 1998, Kühne was no longer chairman but rather president and delegate of the board of directors. Through Kühne Holding Stock Company, of which he was sole owner, he holds a 55.75% share in Kühne + Nagel International Stock Company.
In 2008, he became a partner in the shipping company Hapag-Lloyd through the Albert Ballin consortium, of which he holds a 30% share.[10]
In May 2016, he took over 20.3% of the shares in Hamburg-based VTG Stock Company, which he sold again in July 2018.[11]
He also runs Kühne Holding AG. In 2016, the company acquired 20% of VTG, a rail logistics company.[12][1] In April 2020, Kühne upped his stake in shipping company Hapag-Lloyd to 30%, having previously owned 26% of the business, making him the largest shareholder.[13][14]
Kühne has been married to his wife Christine (born in 1938) since 1989. he does not have any children. Though he is a German national, Kühne has been living in Schindellegi, Switzerland since 1975, where the Kühne + Nagel headquarters is located.[16]
Kühne speaks out on political and global issues. He defends trade with China despite its government's human rights violations.[17]
Kühne Holding AG
Through Kühne Holding AG, which is solely owned by Klaus-Michael Kühne, he holds a 55.75 percent share in Kühne + Nagel International AG.[18]
Hapag Loyd
In 2008, Kühne became a partner in the shipping company Hapag-Lloyd through the Albert Ballin consortium. He holds 30 percent of the shares of Hapag Lloyd.
In September 2022, the German state sold a large part of its Lufthansa shares as a result of the Covid crisis. Klaus-Michael Kühne bought additional shares with his Kühne Holding AG and now holds 17.5 percent. A spokeswoman for Kühne said they were happy to actively support the sales process of the "German Economic Stabilization Fund" (WSF).[19][20]
Assets
The Kühne family fortune was built from the systematic looting of the assets of European Jews by the Nazis. Klaus-Michael Kühne has made significant efforts to downplay the connection between his fortune and the Holocaust.[21]
Klaus-Michaels's father August Kühne had already moved the Kühnes' private and business residence to Switzerland. The Kühne companies continue to make their largest sales and profits in Germany. Regardless of that Kühne pays no taxes in Germany. Regarding taxes on the general public, Kühne told NDR in 2022: “It is well known that the state cannot handle the economy properly.”[22]
Kühne is the sole founder of the non-profit "Kühne Foundation"; established according to Swiss regulations. He is contributing 5 billion Swiss Francs annually. The Kühne foundation will bear his company's assets when Klaus-Michael dies.
With an estimated personal fortune of approximately 14.2 billion US dollars in 2020, Kühne was ranked the 5th richest individual in Germany and 74th worldwide.[23] On 19 May 2021 he was ranked 38th on the Bloomberg Billionaires Index with an estimated fortune of US$34.4 billion.[24] According to the 2021 Bilanz list of richest people, his net worth was 30 billion Swiss francs.[25]
In April 2022, he increased his stake in Lufthansa to 10.01%, or 830 million euros.[26] In July 2022, he increased his share by another 5% to become the largest individual shareholder in Lufthansa Stock Company.[27] As of December 2023, the Forbes List ranked Kühne as the 47th richest person in the world, with an estimated fortune of US$31.5 billion.[28]
As per Forbes list of The Richest People In The World, dated 8 MARCH 2024, Klaus-Michael Kuehne is ranked #32 with a net worth of $39.2 Billion.[29]
Patronage and honors
The Kühne Foundation
Kühne is the sole founder of the non-profit Kühne Foundation (established according to Swiss regulations), to which he contributes 5 billion Swiss Francs annually. The Foundation will later bear his company's assets as well.
Kühne also collaborated with Technische Universität Berlin to launch their International Logistics Networks department. Furthermore, the Kühne Foundation supports WHU’s (Otto Beisheim School of Management in Vallendar, Germany) Kühne Center for Logistics Management and the Kühne Foundation Endowed Chair of Logistics Management. On the 27 of November, 2008, the Otto Beisheim School of Management awarded Kühne an honorary doctorate.
In 2005, Kühne was inducted into the Logistics Hall of Fame. In 2007, he was awarded the title of honorary professor by the Hamburg Senate for his construction of the Elbphilharmonie Concert Hall and sustained commitment to the development of logistics science in the city.[32]
The professional soccer department was spun off in July 2014. A month later, Kühne gave HSV a loan for 17 million euros for the signing of new players.[35] On January 22nd 2015, Kühne bought a 7.5% percent share in the club.[34]
For the 2015/16 season, Kühne acquired the naming rights to the HSV stadium and named it the "Volksparkstadion" (People's stadium park). He paid four million euros to maintain the naming rights each season until 2019.[36] In the summer of 2015, Kühne financed the signing of the player Albin Ekdal.[37] He also lent the HSV 25 million euros that year, which they paid back one year later. On 6 February 2016 Kühne announced a new loan of 9.25 million euros.
In the summer of 2016, Kühne provided HSV with a loan of 38 million euros for the signing of new players.[38]
At the HSV member meeting on the 8th of January 2017 it was announced that the sum was only to be repaid if the HSV qualified for the European Cup in the next six matches.[39] In July 2018, Kühne announced in another interview with Sport Bild that he would no longer provide financial support to HSV in the future, describing the decision as "sustainable".[40]
New Hamburg Opera Building
In May 2022, Kühne suggested pre-financing an opera house for 300 to 400 million euros in Hamburg's Hafencity district and having it built by Rene Benko, who was behind other examples of modern real estate such as the Elbtower. The listed Hamburg State Opera would be demolished to make way for a modern real estate project. The plans sparked ongoing controversy.[41][42][43][44][45][46]
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