On Sunday 23 February, the results of the snap German elections were announced with the center-right CDU (Christian Democratic Union) taking the lead. Germany's far-right party, the AfD (Alternative for Germany), won the second highest number of votes.
Discover our latest podcast
Leading the CDU is Friedrich Merz, and he is likely to become the next chancellor of the country. As he takes over the spotlight, it has been reported that the politican has racked up a huge fortune. How does he earn his money?
As a Member of Parliament, he is entitled to compensation
Friedrich Merz served in the European Parliament from 1989 to 1994 and was then a Member of the German Bundestag until 2009. For these positions, he received a monthly salary, which is the same for all members of parliament. Since 2021, he has been serving again in the Bundestag. As a trained lawyer, he currently receives a gross monthly allowance of at least €11,227.20.
It appears Friedrich Merz receives no money for his role as Federal Chairman of the CDU. The party confirmed that the positions held by his predecessors were honorary roles.
Given that his fortune is estimated at around €12 million, he must have other sources of income.
Revenue from his career as a lawyer
In 2018, the CDU politician stated in interviews that he earned about one million euros per year. This is approximately the same amount as Doug Emhoff, the husband of former US Vice President Kamala Harris, earned as a lawyer. At the time, Merz held no political office but worked as a lawyer in various law firms. He even became a partner.
His wife, Charlotte Merz, is also a lawyer and is now the director of the Arnsberg District Court. She, too, earns a large income. According to Watson, Merz began investing his money in stocks early on, which gradually increased his fortune.
Other sources of revenue
However, legal work was never enough for the 68-year-old from North Rhine-Westphalia. After temporarily stepping away from politics in 2009, his new focus became his membership in several supervisory boards. He was, among others, part of the advisory boards of AXA, Borussia Dortmund, and Deutsche Börse AG, until he returned to politics in 2021.
From 2016 to 2020, Friedrich Merz even worked in the field of lobbying. He represented the German branch of the investment company BlackRock. According to Watson, it seems that he earned €125,000 per year from this, based on the business reports. At the same time, he was chairman of the supervisory board at Cologne/Bonn Airport. This role is said to have brought in another €14,000 per year.
This article has been translated from Oh!MyMag DE.
Read more:
Priti Patel: Who is the politician's spouse and does she have children?
Mhairi Black: This is why the youngest SNP MP is stepping down
Sources used:
Watson: So viele Millionen Euro hat CDU-Chef Friedrich Merz auf dem Konto
FOCUS: Friedrich Merz’ Privatvermögen: Ist der Politiker Millionär?
Friedrich Merz: Persönlich
Zeit Online: Parteivorsitz: Ehrenamt mit gewissen Vorzügen
Deutscher Bundestag: Aufwandsentschädigung für die Abgeordneten des Deutschen Bundestages
