German man departs, leaving $49 billion without an heir
German billionaire Klaus-Michael Kühne has died at the age of 89, leaving no children to inherit his empire, after amassing a fortune estimated at around $49 billion over decades. Kühne’s billions will not go to a traditional heir; his will stipulates that his wealth and investments in the shipping, aviation, chemicals, and real estate sectors will be transferred to his Swiss charitable foundation, “Kühne,” according to Bloomberg. This will makes the Swiss foundation, which Kühne established in 1976 with his parents, one of the largest of its kind in Europe. The foundation is overseen by a board of trustees comprising some of Kühne’s closest advisors and his wife, and the core of the foundation is Kühne + Nagel, the shipping giant co-founded by his grandfather. The foundation already employs around 800 people and has a budget of approximately 135 million Swiss francs (about $168 million). Kühne joined the family company, Kühne + Nagel, in 1958, became chairman of its board of directors in 1966 at the age of 29, and then led its expansion from a family business into a global logistics group, according to the company’s official website. He founded Kühne Holding in 1993, building a broad portfolio based on several diverse investments. He acquired stakes of 30 percent in shipping company Hapag-Lloyd, 20 percent in chemicals specialist Brentag, and a significant stake in bus operator FlixBus, as well as owning real estate and luxury hotels, such as the Hotel Four Seasons in his hometown of Hamburg, northern Germany. Earlier this year, he increased his stake in the Deutsche Lufthansa Group to 20 percent. According to Bloomberg’s Billionaires Index, Kühne’s wealth more than quadrupled over the past decade to reach $49 billion. Known for his strict style and control over decisions within his empire, Kühne had stepped back from day-to-day operations for some time, but his grip on business strategy remained strong until recently, raising questions about the foundation’s future.
