Germany's wealthiest man secures his empire's future

The German billionaire Klaus Michael Kohnes has passed away. With a net worth of $49 billion and no children, his fortune has been transferred to a Swiss foundation as part of an extensive long-term succession plan. His investments span shipping, aviation, and real estate, and he increased his stakes in companies such as Lufthansa and Hapag-Lloyd to significant levels, with a focus on asset management through the foundation led by Thomas Steehlen. Concerns have arisen about the future of the assets due to how the foundation is managed and the succession plan, especially amid a wave of mergers across various sectors. The foundation is one of the largest in Europe, with a substantial staff and budget. It periodically shifts investments to preserve his legacy and diversify his investment positions.

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