Gerhard Schröder Net Worth

What is Gerhard Schröder's Net Worth and Salary?

Gerhard Schröder is a German lobbyist and former lawyer and politician who has a net worth of $20 million. Gerhard Schröder served as the Chancellor of Germany from 1998 to 2005. Additionally, from 1999 to 2004, he led the Social Democratic Party of Germany. Since Russia's invasion of Ukraine in 2022, Schröder has been widely criticized for his ongoing alliance with Vladimir Putin's government and his continued work with Russian state-owned companies such as Nord Stream AG, Gazprom and Rosneft. Gerhard actually served as the chairman of the board of supervisors of the Russian state-owned oil company Rosneft. Prior to Russia's invasion of Ukraine, Gerhard was earning $1 million per year for his various work with Russian companies.

Early Life and Education

Gerhard Schröder was born on April 7, 1944 in Blomberg, Nazi Germany to Erika, an agricultural laborer, and Fritz, a lance corporal in the Wehrmacht who was killed in action during World War II, almost six months after the birth of his son. After the end of the war, the area where the family lived became part of West Germany. As an adolescent, Schröder did a retail sales apprenticeship at a hardware shop in Lemgo for a few years. Following that, he worked in a retail shop in Lage, and then took jobs as a construction worker and sales clerk in Göttingen. After passing the Abitur exam, Schröder attended the University of Göttingen from 1966 to 1971 as a law student.

Legal Career

In 1976, Schröder passed his second law exam and began his legal career. He handled a number of controversial cases over the course of his 14-year career as a lawyer, notably the case of Horst Mahler, a founding member of the Baader-Meinhof terrorist group whom he helped secure an early release from prison.

Social Democratic Party

Schröder got his start in politics when he joined Germany's Social Democratic Party in 1963. Fifteen years later, he became the federal chairman of the Young Socialists, the SPD's youth organization. In 1980, Schröder was elected to the German Bundestag; he also became chairman of the SPD Hanover district. He went on to be elected to the parliament of Lower Saxony in 1986. After the SPD won the state elections in 1990, Schröder became Minister-President of Lower Saxony, as well as a member of the board of the federal SPD. In 1997 and 1998, he served as the president of the Bundesrat. During Schröder's time in office, Lower Saxony became among the most deficit-ridden states in Germany.

Chancellor of Germany

Following the 1998 national elections, Schröder became Chancellor of Germany. The next year, after Oskar Lafontaine resigned as the leader of the SDP, Schröder took over his office, too. Schröder won a second term as Chancellor in 2002. Two years later, he resigned as chairman of the SPD amid growing in-party criticism of his reform agenda. In the 2005 federal elections, neither Schröder's coalition nor Angela Merkel's coalition achieved a majority in parliament, but Merkel's had a slightly stronger popular electoral lead. Schröder, Merkel, and SPD chairman Franz Müntefering subsequently decided to form a grand coalition, with Merkel taking over as Chancellor. Schröder went on to resign his Bundestag seat in late November, 2005.

During his first term as Chancellor, Schröder partnered with UK Prime Minister Tony Blair to create an 18-page manifesto for economic reform. He also oversaw the relocation of Germany's seat of government from Bonn to Berlin, and led efforts to fund renewable energies and institute civil unions for same-sex couples. However, Germany's unemployment rate remained high as economic growth slowed significantly. Schröder was criticized for his tax policies and pro-car policies; he even served on the Volkswagen board during his time in office. He also came under fire for his praise of Russian dictator Vladimir Putin. Better received were Schröder's efforts to compensate Nazi-era slave laborers and his opposition to the Iraq War.

Post-Chancellorship

After leaving public office, Schröder joined Kurt Biedenkopf in mediating a conflict over privatization plans at the Germany railway operator Deutsche Bahn. Later, in 2016, he was appointed to mediate a dispute between the major German retailers Edeka and REWE Group. Schröder has also had a number of board positions since his chancellorship ended, including at the companies CargoBeamer, Herrenknecht, and TNK-BP. Additionally, he has been a board member of such groups as the Bundesliga Foundation, Dresden Frauenkirche, and Wilhelm Busch Museum.

Relationship with Russia

Schröder has been highly controversial for his business relationships with Russia and his praise of the country's dictator Vladimir Putin. In 2017, he was nominated to become an independent director of the board of Rosneft, Russia's biggest oil producer. At that time, the company was under Western sanctions due to Russia's role in the Ukraine crisis. Schröder received even sharper admonitions in 2022 when he continued to do business with Russia following the country's invasion of Ukraine. That year, he was nominated to the board of directors of the energy corporation Gazprom, It was reported in 2022 that Schröder was being paid close to $1 million per year by Russian energy companies.

Due to Schröder's ties with Russia and Putin, the former Chancellor's entire staff resigned on March 1, 2022. A week later, the Public Prosecutor General launched proceedings against Schröder related to allegations that he had been complicit in crimes against humanity committed by Russia. Although the SPD subsequently began proceedings to expel Schröder, a party arbitration committee ultimately determined that he had not violated any party rules, and was permitted to remain a member of the SPD.

Personal Life

Schröder has been married and divorced multiple times. He was married to his first wife, Eva Schubach, from 1968 to 1972. Schröder wed Anne Taschenmacher in the latter year, and divorced her in 1984. He was next married to Hillu Hampel from 1984 to 1997. Schröder's fourth wife was Doris Köpf, to whom he was wed from 1997 until their divorce in 2018. They adopted two children from St. Petersburg, while Köpf also had a daughter from a previous relationship. Schröder married his fifth wife, South Korean economist and interpreter Kim So-Yeon, in 2018. They are pictured together in the photo above.