In early 2018, Georg Schaeffler became Germany’s richest person as shares of Continental AG, the car-part maker in which he and his mother -- Maria-Elisabeth Schaeffler-Thumann -- own a major stake, surged in price. At the time, their combined fortune totaled $35 billion.
They’re now worth about a quarter of that. That’s partly due to the coronavirus pandemic, which has significantly curbed auto sales, as well as the industry’s broader shift toward electric cars. The Schaefflers ended each of the last two years less well-off than they began, and 2020 may be the same. Both have lost about a quarter of their wealth so far this year, according to the Bloomberg Billionaires Index, a listing of the world’s 500 richest people.
Read more: World’s wealthiest family gets $1 billion richer every two weeks
