G eorg Schaeffler is a German billionaire who, along with his mother, Maria-Elisabeth Schaeffler-Thumann, owns the Schaeffler Group, a global giant in the manufacturing of bearings and automotive components. The company was founded by his late father and his uncle. Georg and his mother inherited the privately held company and have continued to lead it.

Schaeffler Group is one of the world's largest producers of ball bearings and is a key supplier to the automotive and industrial sectors. The company is also the majority shareholder of the major publicly traded automotive and tire supplier, Continental AG, which they acquired in a famous and highly leveraged hostile takeover in 2008. Georg, who holds a law degree and an MBA from Duke University, has been deeply involved in the strategic direction of the family's massive industrial empire. The family's combined stakes in the private Schaeffler Group and the public Continental AG form the basis of their immense wealth.