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Klaus-Michael Kühne
Kühne in 2012
Born (1937-06-02) 2 June 1937 (age 86)
Hamburg, Germany
OccupationBusinessman
Known forRichest person in Germany
TitleHonorary chairman, Kühne + Nagel [1]
Parent Alfred Kühne
Relatives August Kühne (grandfather)
Website www.kn-portal.com

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]

Education and Career

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..

In 1963, he joined his father Alfred Kühne (1895–1981) [7] as a junior partner at Kühne + Nagel. He has lived in Switzerland since 1975 in the city of Schindellegi, the location of the Kühne + Nagel headquarters. He became CEO of the company in 1996.

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]

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]

In 2022, he doubled his stake in Deutsche Lufthansa AG, Germany's largest airline. [15]

Personal life

Kühne does not have any children. He has been married to his wife Christine (born in 1938) since 1989. Though he is a German national, Kühne has been living in Schindellegi, Switzerland since 1975, where the Kühne + Nagel headquarters is located. [16]

Kühne is the richest person in Germany, 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.

The Kühne Foundation, which was founded in Switzerland in 1976, will bear Klaus-Michael Kühne's company's assets when he dies.

Ownership and influence

Klaus-Michael Kühne at the opening of the Kühne Logistics University with Olaf Scholz, then mayor of Hamburg. (2010)

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.

Lufthansa Group

Kühne holds 17.5 percent of German airline Lufthansa Group.

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

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.” [21]

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. [22] On 19 May 2021 he was ranked 38th on the Bloomberg Billionaires Index with an estimated fortune of US$34.4 billion. [23] According to the 2021 Bilanz list of richest people, his net worth was 30 billion Swiss francs. [24]

In April 2022, he increased his stake in Lufthansa to 10.01%, or 830 million euros. [25] In July 2022, he increased his share by another 5% to become the largest individual shareholder in Lufthansa Stock Company. [26] 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. [27]

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 Logistics University

Together with the City of Hamburg and the Technical University of Hamburg-Harburg, Kühne founded the Hamburg School of Logistics in 2003. In 2007 it was renamed "the Kühne School of Logistics and Management", from which Kühne Logistics University ultimately emerged. Kühne Logistics University in Hamburg is named after him. [28] Kühne also collaborated with the Technical University of Berlin to launch their International Logistics Networks department. Furthermore, the Kühne Foundation supports WHU’s (Otto Bensheim 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. [29]

Commitment to the HSV

Kühne is also an investor in the soccer club Hamburger Sport-Verein (HSV) in Hamburg. In the summer of 2010, he bought 33% of the rights to transfer fees of the players Dennis Aogo, Dennis Diekmeier, Paolo Guerrero, Marcell Jansen, Lennard Sowah, and Heiko Westermann for 12.5 million euros. [30] He later sold his share and bought a 33% share of the transfer fees of Rafael van der Vaart in 2012 using an 8.5 million euro loan. [31]

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. [32] On January 22nd 2015, Kühne bought a 7.5% percent share in the club. [31]

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. [33] In the summer of 2015, Kühne financed the signing of the player Albin Ekdal. [34] 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. [35]

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. [36] 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". [37]

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. [38] [39] [40] [41] [42] [43]

See also

References

  1. ^ a b "Klaus-Michael Kuehne". Forbes. Retrieved 30 April 2015.
  2. ^ "Bloomberg Billionaires Index: Klaus-Michael Kühne". Bloomberg. 6 October 2021.
  3. ^ Kühne + Nagel annual report 2006
  4. ^ "Klaus-Michael Kuehne". Forbes. Retrieved 15 February 2024.
  5. ^ magazin, Michael Machatschke, manager (5 October 2023). "(m+) Die 500 reichsten Deutschen: Warum Reichtum für Milliardär Klaus-Michael Kühne nicht alles ist". www.manager-magazin.de (in German). Retrieved 15 February 2024.{{ cite web}}: CS1 maint: multiple names: authors list ( link)
  6. ^ Widmann, Marc (31 October 2021). "Klaus-Michael Kühne: "Jeder hat einen Makel"". Die Zeit (in German). ISSN  0044-2070. Retrieved 16 February 2024.
  7. ^ Kühne, Alfred Deutsche Biografie (1982)
  8. ^ "Dunkler Drang". Der Spiegel (in German). 8 February 1981. ISSN  2195-1349. Retrieved 17 November 2023.
  9. ^ Kratz, Wilfried (31 January 1992). "Abstieg eines Magnaten". Die Zeit (in German). ISSN  0044-2070. Retrieved 17 November 2023.
  10. ^ Lewis, Ian (26 April 2022). "Hapag-Lloyd's Chilean and German shareholders extend ownership pact for two more years". TradeWinds. Retrieved 17 November 2023.
  11. ^ "Kühne macht Kasse: Anteile an Hamburger Traditionsfirma verkauft". www.abendblatt.de (in German). 17 July 2018. Retrieved 17 November 2023.
  12. ^ "Morgan Stanley Infrastructure bids to take over Germany's VTG". Reuters. 16 July 2018. Retrieved 2 December 2020.
  13. ^ Lewis, Ian. "No let up as rally in Hapag-Lloyd share price continues". TradeWinds. Retrieved 2 December 2020.
  14. ^ "Kühne ups stake in Hapag-Lloyd". Splash247. 1 April 2020. Retrieved 2 December 2020.
  15. ^ Philip, Siddharth Vikram (11 April 2022). "German Freight Billionaire Kuehne Doubles Stake in Lufthansa". Bloomberg. Retrieved 8 June 2022.
  16. ^ "Klaus-Michael Kühne: "Größtenteils hat Herr Habeck vernünftige Ideen" - WELT". DIE WELT (in German). 24 November 2019. Retrieved 17 November 2023.
  17. ^ "Klaus-Michael Kühne fordert stärkere Repression gegen Putin". Handelszeitung (in Swiss High German). Retrieved 15 February 2024.
  18. ^ "Köpfe: Klaus-Michael Kühne - Köpfe - Wirtschaftswoche". 7 November 2014. Archived from the original on 7 November 2014. Retrieved 15 February 2024.
  19. ^ "Lufthansa: Klaus-Michael Kühne kauft Aktien vom Staat". Der Spiegel (in German). 14 September 2022. ISSN  2195-1349. Retrieved 15 February 2024.
  20. ^ "Top Lufthansa shareholder Kuehne does not plan to take blocking minority stake, Welt am Sonntag reports". Reuters. 29 April 2023. Retrieved 14 March 2024.
  21. ^ NDR. "Die Macht der Superreichen: Wie Millionäre Einfluss nehmen". www.ndr.de (in German). Retrieved 15 February 2024.
  22. ^ "Forbes Billionaires 2023: The Richest People In The World". Forbes. Retrieved 17 November 2023.
  23. ^ "Bloomberg Billionaires Index". Bloomberg.com. 16 November 2023. Retrieved 17 November 2023.
  24. ^ "Reichstenliste: Ein höchst einträgliches Jahr für Banker". finews.ch (in German). 25 November 2021. Retrieved 17 November 2023.
  25. ^ "Lufthansa: Milliardär Kühne stockt Anteil weiter auf". manager magazin (in German). 12 April 2022. Retrieved 17 November 2023.
  26. ^ "German investor Kuehne boosts stake in Lufthansa to 15%". Reuters. 7 July 2022. Retrieved 17 November 2023.
  27. ^ "Klaus-Michael Kuehne". Forbes. Retrieved 14 December 2023. Updated frequently.
  28. ^ "About KLU". Kühne Logistics University. Retrieved 12 January 2020.
  29. ^ "Ehrentitel Professor für Klaus-Michael Kühne". www.property-magazine.de (in German). 10 December 2007. Retrieved 17 November 2023.
  30. ^ "Hamburger SV: Ende der Zusammenarbeit mit Investor Kühne". FAZ.NET (in German). 26 August 2010. ISSN  0174-4909. Retrieved 17 November 2023.
  31. ^ a b Schiller, Kai (19 May 2016). "Wie viel Kühne steckt im Hamburger SV?". Hamburger Abendblatt (in German). Retrieved 17 November 2023.
  32. ^ "Darlehen von Kühne: 17 Millionen Euro für den HSV". FAZ.NET (in German). 4 August 2014. ISSN  0174-4909. Retrieved 17 November 2023.
  33. ^ "Kühne Holding AG secures traditional name Volksparkstadion". HSV.de. Retrieved 17 November 2023.
  34. ^ Jacobs, Henrik (28 July 2016). "Albin Ekdal und die zentrale Frage beim HSV". www.abendblatt.de (in German). Retrieved 17 November 2023.
  35. ^ WoodGram, Team (28 July 2022). "Klaus-Michael Kuehne Biography, House, Family, Career & Net Worth". WoodGram. Retrieved 17 November 2023.
  36. ^ "Todts Herausforderungen - HSV verkündet Kühne-Detail". kicker (in German). Retrieved 17 November 2023.
  37. ^ "Investor Kühne will den HSV nicht weiter unterstützen". Der Spiegel (in German). 27 June 2018. ISSN  2195-1349. Retrieved 17 November 2023.
  38. ^ Jung, Alexander; Kühn, Alexander (27 May 2022). "(S+) Klaus-Michael Kühne: Der Milliardär, der Gedichte schreibt – und nicht aufhören kann zu arbeiten". Der Spiegel (in German). ISSN  2195-1349. Retrieved 17 November 2023.
  39. ^ Rybarczyk, Christoph (28 May 2022). "Spektakulärer Plan: Kühne will neue Oper in Hamburg bauen". Hamburger Abendblatt (in German). Retrieved 17 November 2023.
  40. ^ Aleythe, Saskia (30 May 2022). "Hamburger Oper: Investor Kühne will die Abrissbirne rausholen". Süddeutsche.de (in German). Retrieved 17 November 2023.
  41. ^ NDR. "Milliardär Kühne will weiterhin neues Opernhaus für Hamburg". www.ndr.de (in German). Retrieved 17 November 2023.
  42. ^ NDR. "Kühne-Oper: Neues Opernhaus für Hamburg? Keine gute Idee!". www.ndr.de (in German). Retrieved 17 November 2023.
  43. ^ Carini, Marco (3 June 2022). "Die Oper von Klaus-Michael Kühne: Ein Geschenk, das keines ist (M+)". MOPO (in German). Retrieved 17 November 2023.
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