The Porsche Family: A $55 Billion History of Wealth (and War)

in the Glamorous world of luxury automobiles and sizzling sports cars where names of legendary families Sparkle like Chrome badges it's often seen that over the generations the power behind the company Wheels have drifted away from the families whose names actually done the decals on the front of the vehicle think about fucho Lamborghini who saw his possible family Empire shift ownership merely 11 years after revving up or the Ferrari lineage who had to watch as control of the Prancing horse slipped from their grasp yet amid this high octane Narrative of Heritage and horsepower there stands a surname that hasn't just clung to the steering wheel but has floored the gas pedal on its Legacy and fortune in today's episode of old money luxury we share The Saga of the Porsche family steering a robust $ 55 billion automative Empire without any sign of slowing down indeed this family tree is revved up with both engine ing genius and controversial business practices Cutthroat corporate strategy and legendary design Innovations and generational wealth transfer that's sharper than a hairpin turn as we describe the Porsche family when $55 billion builds a luxury car [Music] Empire hold on to your seat belts because the Porsche Pak family an iconic Austrian German industrial Dy d y is Riding High with an estimated net worth of a whopping 22.5 billion as of 2024 placing them firmly as Germany's seventh richest family and at the helm of this high octane Empire is Wolf Gang Porsche born amidst the engine Roars on the 10th of May 1943 in stutgart Germany a true Gearhead from the cradle Wolf Gang is not just any business Mogul he's Automotive royalty and Grandson of Ferdinand Porsche the legendary founder himself steering the family Legacy with a firm grip on the wheel at Porsche Ag and Volkswagen AG but this family's Fortune isn't just about inheriting an enviable last name it's built on a solid foundation of owning a hefty 31.9% of Porsche SE shares that control a 53.3% slice of Volkswagen AG making them the puppeteers behind one of the globe's largest car manufacturers yet their influence in the automotive universe doesn't end at corporate boardrooms the 2022 IPO launch of Porsche AG alone pumped up 9.1 billion valuing the iconic car maker at a jaw-dropping 73 billion in total but why stop at cars the Porsche portfolio is as diverse as it is deep from Tech startups across North America Europe and Israel aiming to revolutionize Mobility and Industrial Tech to Plush real estate spanning Germany Austria and Switzerland these folks know the art of spreading their bets and then there's the high seas the Porsche designed Elan GT6 yacht is where luxury meets seaworthiness stretching an impressive 15.14 M this Flagship vessel isn't just a boat it's a floating Monument of Porsche's dedication to Sleek design and raw power certainly it's a perfect match for those who like their champagne on the deck of a yacht that cuts through waves like a hot knife through butter not to be outdone the frer X Porsche 850 Phantom Air El electric yacht is a Marvel of marine engineering it's shorter but no less sweet spanning 8.67 M of pure Innovation with electric motors that zip through the water without so much as a whisper and enough space to host a small Suare but why keep it all sea level when you can fly the Porsche family 's private Aviation Fleet would turn any Airline Green With Envy the Cessna 680 citation Sovereign plus is just the start boasting a range of over 11,000 km and a speed that can outrun the sunset and let's not forget the lineup of globals from the 5500 to the 8,000 each a sky palace with specs that could make a tech geek Swoon indeed whether it's on the aut bar across the Atlantic or high above the clouds the Porsche d desty isn't just getting from A to B it's truly making moves however this classic car Clan isn't all squeaky clean polish when it comes to its business Origins let's head back in time to find out exactly how they made their billions and what Secrets lurk beneath the revving [Music] engine the Porsche family name with its roots deeply embedded in the fertile cultural soil of ancient Europe offers a vivid Panorama of history and Heritage you see Porsche emerges from the turkic word bogeres a name that translates to Wolf or snow leopard creatures renowned for their cunning and resilience and certainly a symbolic representation of a family lineage as Fierce and adaptable as the animals it evokes furthermore the name Boris from which Porsche comes from parallels the Slavic name Boris underscoring a shared reverence for the wolf and Snow Leopard across cultures contrasting with the wild Echoes of Porsche is the surname PES the other half of the family Dynasty originating from the German pichart or small Stone likely commemorating an ancestor known for their steadfast presence in Stony unforgiving terrains this name too has traveled and transformed appearing across Europe in various incarnations like picha picha and puki and even Crossing linguistic borders to emerge as peace in English or as a charm in first name amidst this swirling blend of backgrounds stands the first family patriarch Ferdinand Porsche born in 1875 in what is now vavich Nadu in czechia the son of Anna and Anton Porsche Ferdinand was a child with an insatiable curiosity for technology kindled by his father's Mastery in panel beating and this early Fascination would fuel his future steering him towards creating some of the most iconic Auto mobiles in history furthermore his curiosity in electricity was particularly strong and by the age of 13 Porsche was already installing electric doorbells and by 16 he ventured into electrical lighting then at age 18 He secured a position with Vienna's Bella Edgar and Co a role that not only honed his engineering skills but also allowed him to take University classes enhancing his understanding of electric drivetrains at Bella Edgar and counter porer quickly ascended to head of testing and his Innovative work there soon earned him the pting prize in 1905 recognizing him as Austria's top Automotive engineer yes in the entire country his growing Renown consequently drew the attention of ostr diimler where he became the technical director in 1906 significantly influencing the company's automobile range you see among Porsche's earliest Ventures into automotive design was the 189 8 electric car the Lona Porsche which featured Innovative wheel hub Motors displayed at the 1900 Paris worldair even back then it was a precursor to Modern electric vehicles but Porsche didn't stop with electric Innovation he also explored hybrid Technologies his sea Vivas combined battery power with a gasoline engine pioneering the serial hybrid drive a system allowing extended electric operation before switching to the combustion engine throughout his career Porsche remained at the Forefront of integrating electric and gasoline power crafting designs that were both revolutionary and practical however it was his creation of the Volkswagen Beetle that would arguably be his greatest and most controversial Legacy to the world before Ferdinand Porsche laid the foundations for the iconic Porsche car company his engineering genius was already reshaping the automotive landscape at Ostro diimler where he was chief designer from 1906 to 1923 Porsche's creative spirit and Technical expertise came to the Forefront for it was here that he designed the Ostro diimler Sasha a lithe four cylinder racing car despite its modest 1.1 L engine the Sasha excelled in the grueling tarer Florio race in Sicily showcasing Porsche's knack for engineering vehicles that punched above their weight further demon demonstrating his versatility Porsche developed the Maja a robust 30 horsepower model named in honor of Mercedes gelen sister Andre Mara gelen and his efforts continued to bear fruit on the racetrack with an impressive tally of 43 victories in 53 races for his 1922 design additionally Porsche's tenure at Ostro diimler wasn't just marked by racing success he profoundly influenced the company's broader model range his significant contributions earned him the position of managing director by 1916 along with an honorary doctorate from the Vienna University of Technology the same year then in 1923 Porsche's career took a new direction as he joined Daimler motor and gasel shaft in stutgart assuming roles as technical director and board member there he engineered several Victorious race cars including the formidable Mercedes-Benz ssk a stalwart of 1920s motor ing however his proposal for a compact efficient Mercedes-Benz car met resistance from the company's board precipitating his move in 1929 to sty automobile his time there was cut short by the economic strains of the Great Depression leading to his firing undeterred Porsche's Innovative Spirit thrived as he founded his own company that would become the porer we know today in 1931 along with Dr Anton P his son-in-law and racing in driver Adolf Rosenberger Porsche's design genius was further highlighted in the 1930s with the Inception of the folks swagen Beetle although this project is marred by its controversial origins in 1937 Porsche joined the Nazi party and later became an SS officer his deep involvement with these organizations provided him significant advantages in his field but also permanently linked his name to the Nazi regime as an SS Ober furer Porsche had Direct access to top level resources and support leveraging his party connections for security and operations within his company thus the development of the Volkswagen Beetle originally termed the kdf vargon or strength through Joy car emerged directly from Hitler's vision of an affordable car for the average German worker you see this initiative was part of the Nazi regime's broader agenda to promote lifestyle enhanc ments under their rule therefore Ferdinand Porsche was instrumental in turning Hitler's idea into reality receiving a commission in 1934 to design what would later become one of the most iconic cars in history The Beatles design Drew on existing ideas from various sources including the work of tatra and Hans Linka and Joseph Gans however it was Porsche's expert engineering that transformed these influences into a functional mass-producible vehicle strongly backed by Hitler the project received substantial funding from the Nazi government intending to highlight the regime's accomplishments through this new accessible automotive technology by 1938 The Beatles initial prototypes were being produced showcasing Porsche's ability to bring Innovative Automotive Concepts to fruition yet through it all post World War II the Volkswagen Beetle transcended its Nazi era Origins becoming a global symbol of economical and reliable transportation it played a pivotal role in postwar Germany's economic Resurgence and captured the hearts of millions worldwide eventually embodying the freedom and spirit of the 1960s counterculture movements in the United States in an ironic Twist of symbolism indeed its unique design and mechanical reliability elevated it to a cult status marking it as a vehicle that not only survived but drived Beyond its initial political and ideological associations and yet for everybody younger than the boomer generation Porsche as a company and thus the Family itself is more connected to luxury cars and racing vehicles in order to find out how the Porsche Dynasty built that connection let's flip to the next chapter Anton Pi born into an intellectually rigorous viones lawyer's household on the 21st of September 1894 was destined to intertwine his fate with that of the burgeoning Porsche Dynasty growing up under the tutelage of his father Anton paulp young Anton was deeply influenced by a world of legal discourse thus building a foundation for the child that would not only shape his career but also prove pivotal in the destiny of the Porsche pek family consequently inheriting his father's affinity for law Anton pursued his legal studies at the University of Vienna culminating in a doctorate of jurist prudence in 1922 his early career as a lawyer in Vienna was marked by high profile cases and significant challenges that swiftly elevated his status within Austrian legal circles and among his clientel were several Austrian Nazis a controversial aspect that mirrors the shadowy historical ties of many German automotive companies including BMW and the aforementioned Volkswagen however it was Anton's legal representation of Ferdinand Porsche that marked a defining moment in his career and the Porsche company's history in the late 1920s Ferdinand Porsche then a celebrated technical director at Daimler Ben found himself embroiled in a contentious departure from the company intent on establishing his own engineering firm Porche faced a legal battle over his contracts non-compete clauses an obstacle that threatened his future Ambitions furthermore Anton P's engagement in this critical litigation went beyond professional Duty it was a crucial intersection of personal and professional Realms that would cement his place within the Porsche Legacy Anton's Adept handling of the case against Dame leens not only highlighted his legal prowess but also facilitated Ferdinand Porsche's ability to found his own company what we now know as Porsche itself but the victory in this litigation not only elevated Anton P's reputation as a formidable lawyer it also marked the commencement of his deeper integration into the Porsche family by marrying Louise Porsche in 1928 Anton solidified his bonds both personally and professionally with the Porsche lineage and this Union was a strategic Alliance that intertwined their Destinies with the establishment of Porsche gmbh in stutgart in 1931 Anton P's role evolved to Encompass both legal council and Strategic investment holding a 10% share of the new company his legal Acumen and strategic insights were thus instrumental during the company's nent challenges safeguarding its operations and guiding its evolution in a rapidly changing industry and by 1937 PX influence within the company had notably increased he played a central role in the formation of Porsche k a limited partnership created to enhance the firm's operational scope yet as World War II unfolded Anton pek faced heightened responsibilities and challenges for example in 1941 he assumed the role of plant manager at the Volkswagen ver plant in wulfsburg Germany a facility integral to the Nazi war effort tasked with producing Volkswagen vehicles under PX oversight the plant underwent significant expansion to also manufacture wartime materials including the V1 flying bomb additionally PX tenure at f wagen ver is marked by the controversial use of forced labor to meet the immense labor demands of the expanded operations the plant imployed a vast number of forced laborers from occupied territories these individuals including prisoners of war and civilians from various European countries endured brutal working conditions excessive hours insufficient nutrition and severe discipline therefore PX leadership at the plant despite its perceived necessity according the German leadership at the time is critically viewed through the lens of historical scrutiny his management capabilities were evident as he navigated the complex and demanding environment of wartime production but Anton PX Legacy is thus a combination of professional achievements marred by moral dilemmas and this complex Legacy continued to influence the Porsche family's business undertakings long after his sudden death in August 1952 following his passing his wife Louise assumed directorial duties in Austria perpetuating the pek influence in the family's corporate Affairs while their children would soon grow up to bring the Porsche Dynasty to new heights amid the backdrop of the Volkswagen Saga two other Porsche family members Ferdinand Anton Ernst Ferry Porsche and Ferdinand Alexander bsy Porsche were carving out their own niches in Automotive History transforming Porsche AG into a symbol of luxury and racing excellence specifically their roles were instrumental in the development of iconic models like the Porsche 911 marking pivotal milestones in the evolution of the Auto industry first ferry Porsche born in September 1909 in Vena noat Austria was also raised in an environment steeped in automotive Innovation his father the aforementioned Ferdinand Porsche senior helped Ferry hone his knowledge through years spent at the family design office where he was among the initial employees but World War II brought challenges and opportunities for Ferry with his father imprisoned he assumed leadership of the family business yet after the war in 1948 in a small saw mill in Gund Austria Ferry bounc back and actualize his vision by creating the Porsche 356 this car was not merely another addition to the burgeoning roster of post-war Vehicles it represented the birth of the Porsche brand being the first to prominently feature the Porsche name as such it was a crucial foundational element in the company stored history the 356 was pioneering on multiple fronts its design broke away from the Norms of its time featuring a lightweight streamlined body that was rare in automotive design during that era the rear engine configuration which would become a Halmark of Porsche Vehicles was Innovative for offering a lower of gravity enhancing handling and driving performance a novelty that spoke directly to sports car enthusiasts and in the broader Automotive world the Porsche 356s introduction was a landmark event it challenged prevailing Automotive manufacturing and design philosophies emphasizing that sports cars could be both aesthetically pleasing and technically Superior its success on the market catalyzed a shift towards performance oriented sports cars among European manufactur ERS influencing a generation of automotive design furthermore under Ferry Porsche's leadership the commitment of the company to motorport was not only maintained but significantly intensified thus Porsche's involvement in racing became a Cornerstone of the Brand's identity under his stewardship the introduction of the 550 spider marked the beginning of this era but it was the development of the Porsche 9117 that underscored the Brand's racing pedigree for example the 917s vict at the prestigious 24 hours of lar in 1970 was an iconic moment to commemorate Ferry's belief in Motorsports as a crucible for testing and refining Road Car Technology and this philosophy that a car's true metal is proven on the racetrack became a guiding principle for the company therefore Ferry Porsche's Vision transformed Porsche into a brand celebrated not just for its luxury but for its indomitable spirit in the competitive world of Motorsport continuing this Legacy Ferry's son Ferdinand Alexander bsy Porsche born on the 11th of December 1935 in stutgart Germany infused fresh energy into the family's Automotive Ambitions butsy a graduate of the olm School of Design left an indelible mark on automotive design with the creation of the Porsche 911 in 1963 conceived as a successor to the 356 the 911 was initially named the 901 but underwent a rebranding due to pau's rights over car names with three digits where the middle number is zero and the 911 emerged as an instant classic epitomizing Porsche's blend of technical Brilliance and aesthetic appeal you see buty Porsche's philosophy of marrying functionality with Simplicity in the design of the 911 created a vehicle that not only excelled in performance but also stood out for its distinctive aesthetic appeal specifically the rear engine layout of the 911 broke from conventional sports car designs granting it unique handling characteristics and a robust sporting profile thus this Innovative approach didn't just redefine standards in car design it solidified the 911s position as a central figure in the luxury sports car market indeed the 911 remains a Cornerstone of Porsche's identity continually evolving over the decades while still retaining the essential attributes of but's initial design today the model exemplifies a blend of tradition and Innovation maintaining its revered status within the automotive Community together Ferry and bsy Porsche have woven a legacy of innovation performance and stylistic Excellence that continues to drive Porsche AG forward yet as important as design is to the growth of a car company without the business being handled all the brakes get pushed in the next chapter we'll see how a specific family member turned Porsche into a global money-making Behemoth Ferdinand PX tenure as the chairman of the Volkswagen group from 1993 to 2002 and again from 2002 to 2015 was a period of transformative change turning the conglomerate into one of the world's preeminent automobile manufacturers you see pek who joined Audi and in 1972 applied his strategic Vision to revitalize the brand enhancing its status to become a globally respected Luxury Auto maker and his significant contribution to the development of the Audi Quattro an Innovative all-wheel drive system gave Audi a definitive competitive advantage in the market during his second stint at the helm of Volkswagen group pek was pivotal in launching major initiatives like the creation of the Volkswagen faton this luxury sedan was designed to compete with the world's Elite signifying vw's ambitious entry into high-end markets furthermore he spearheaded the development of the Bugatti Veron a high performance sports car that became a testament to Volkswagen's engineering capabilities PX role extended Beyond conventional automotive design to influencing vw's strategic direction towards electric vehicles and autonomous driving Technologies sectors and anticipated to dominate future Mobility his Visionary approach laid the groundwork for Volkswagen group's advancements in these critical areas however PX leadership style was not without its detractors known for his assertive and sometimes domineering personality pek leveraged internal rivalries to strengthen his own position a tactic that often led to friction within the corporate hierarchy notably this aggressive management style precipitated his confrontation with VW chief executive burn pishet reader whom P replaced in a move that underscored his influential but contentious leadership Beyond The Boardroom P's personal life was equally complex and intertwined with dramatic family Dynamics he fathered 12 children across four different relationships his familial Affairs marked by leaon that included relationships with his cousins wife and other significant Partners these these personal choices led to considerable familial strife and his long-term relationship with Marlene Porsche ended when he left her for Ursula pla a nanny with whom he had three children but PX enduring impact on the automotive industry and his strategic influence on Volkswagen group's trajectory are undeniable his leadership not only propelled VW to become Europe's largest car maker but also positioned mened it as a formidable player on the global stage moreover PX Legacy continues through his descendants many of whom have taken roles within the industry perpetuating the family's long-standing influence in the automotive sector now Wolf Gang Porsche as the current chairman of Porsche automobile holding SE has profoundly influenced the leadership and strategic direction of the company his role extends Beyond mere operational oversight to fundamentally defining Porsche's identity and shaping public perception of the brand and he has been a key figure in significant decisions including the Strategic reorganization of Porsche AG in 1992 the diversification of its product portfolio and the pivotal investment in Volkswagen AG in 2005 under Wolf Gang Porsche's stewardship the company has adeptly navigated evolving market dynamics it has made substantial investments in electric vehicles and digital Technologies preparing for a future where these elements will drive growth looking forward Porsche is gearing up for its most ambitious array of product launches with a pronounced emphasis on e-mobility and sustainability the lineup includes the all electric 718 and cayen set for release mid decade along with plans for an Innovative electric SUV that will surpass the Cayenne in scale and the company is not just evolving in terms of product offerings but is also at the Forefront of integrating cuttingedge Technologies such as cloud computing artificial intelligence and big data analytics into its operations yet as Wolf Gang Porsche considers the future leadership of the company succession planning has become a focal point he has hinted at his nephew Ferdinand Oliver Porsche as a likely successor born in March 1961 Ferdinand Oliver Porsche is the son of Ferdinand Alexander Porsche and the great grandson of the company's founder cementing his deep ties to the Brand's foundational values and vision already actively involved in key company committees Ferdinand Oliver represents the Next Generation in the Porsche P lineage poised to continue the family's Legacy in the automotive industry and now we'd like to see you in the comments which automative family Dynasty would you like us to feature next on this channel we've already done the Quant family of BMW and now the Porsche lineage we try to make videos based on your suggestions so please be sure to let us know below and thanks again for joining us for another episode of old money luxury cheers until next time

Channel: Old Money Luxury

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Keywords: luxury, old money, old money luxury, billionaire, richest families in the world 2024, richest families in the world, billionaire lifestyle, porsche 911 turbo s 2023, porsche 911 turbo s 2024, porsche history, porsche family history, porsche documentary, porsche documentary full, old money families, germany, german, Porsche 911, porsche, germany super rich, wealthy families, luxury lifestyle, secret wealthy families, old money luxury channel, wealth, history of porsche

Id: pjvUZFmUsG0

Length: 29min 19sec (1759 seconds)

Published: Sun May 05 2024