World Shaping Wealth - The impact of affluence on the next economy
Private wealth has shaped society for centuries. But the challenges we face are escalating. We live in a world more connected and efficient than ever before, yet face a climate emergency, growing fiscal inequality and continued healthcare and economic uncertainty. How can private capital be deployed to tackle these challenges?
Private wealth has shaped society for centuries. But the challenges we face are escalating. We live in a world more connected and efficient than ever before, yet face a climate emergency, growing fiscal inequality and continued healthcare and economic uncertainty. How can private capital be deployed to tackle these challenges?
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Market focus <strong>on</strong> Germany<br />
<str<strong>on</strong>g>World</str<strong>on</strong>g> <str<strong>on</strong>g>Shaping</str<strong>on</strong>g><br />
<str<strong>on</strong>g>Wealth</str<strong>on</strong>g><br />
A new legacy for Germany’s wealthy,<br />
as world’s most proactive entrepreneurs<br />
invest in world’s biggest challenges<br />
Investments from ultra high net<br />
worth (UHNW) individuals in<br />
Germany are expected to<br />
ensure a greater legacy for<br />
future generati<strong>on</strong>s, not just<br />
<strong>the</strong>ir families.<br />
95<br />
Our new report, based <strong>on</strong> recent research am<strong>on</strong>g<br />
215 UHNW individuals and 225 advisers, explores <strong>the</strong><br />
aspirati<strong>on</strong>s and motivati<strong>on</strong>s driving <strong>the</strong> deployment<br />
<str<strong>on</strong>g>of</str<strong>on</strong>g> private wealth today and in years to come.<br />
Findings reveal <strong>the</strong> ultra-rich in Germany are<br />
am<strong>on</strong>g <strong>the</strong> world’s most proactive, with 95%<br />
describing <strong>the</strong>mselves as active wealth creators –<br />
entrepreneurs who are proactive, future orientated<br />
investors. <str<strong>on</strong>g>The</str<strong>on</strong>g>y prefer to invest liquid wealth in<br />
unique investment opportunities as <strong>the</strong>y arise.<br />
%<br />
<str<strong>on</strong>g>of</str<strong>on</strong>g> Germany’s ultra-rich<br />
describe <strong>the</strong>mselves as<br />
active wealth creators.<br />
This independent global opini<strong>on</strong> research was c<strong>on</strong>ducted in late 2021 and analyzed<br />
shortly after in January 2022. <str<strong>on</strong>g>The</str<strong>on</strong>g> study does not take into account current events.<br />
1
Market focus <strong>on</strong> Germany<br />
While <strong>the</strong> German ec<strong>on</strong>omy has been driven by<br />
research and innovati<strong>on</strong>, and <strong>the</strong> start-up scene<br />
has seen a significant boom in recent years,<br />
German private investors seem less inclined than<br />
o<strong>the</strong>rs throughout <strong>the</strong> world <strong>on</strong> prioritising <strong>the</strong><br />
adopti<strong>on</strong> <str<strong>on</strong>g>of</str<strong>on</strong>g> more new technologies. Instead,<br />
<strong>the</strong>y’re focusing <strong>on</strong> actively engaging with leaders<br />
and governments to deploy <strong>the</strong>ir wealth to find<br />
soluti<strong>on</strong>s to worldwide issues.<br />
Fur<strong>the</strong>r data collected from Germany’s most<br />
affluent reveals that <strong>the</strong>y are advocates for a<br />
better future. 78% want to use <strong>the</strong>ir wealth to<br />
solve global problems, such as public health crisis,<br />
availability <str<strong>on</strong>g>of</str<strong>on</strong>g> food, envir<strong>on</strong>mental issues and<br />
energy dependencies. <str<strong>on</strong>g>The</str<strong>on</strong>g> same percentage <str<strong>on</strong>g>of</str<strong>on</strong>g><br />
individuals also want to create a legacy <strong>the</strong>y will<br />
be remembered for. While this is <strong>the</strong> lowest <str<strong>on</strong>g>of</str<strong>on</strong>g> all<br />
<strong>the</strong> markets studied it’s clear <strong>the</strong>se opportunities<br />
are intrinsically c<strong>on</strong>nected, for UHNW individuals in<br />
Germany to create <strong>the</strong>ir own legacy and still secure<br />
<strong>the</strong>ir family’s future through <strong>the</strong> creati<strong>on</strong> <str<strong>on</strong>g>of</str<strong>on</strong>g> a better<br />
world.<br />
78 %<br />
<str<strong>on</strong>g>of</str<strong>on</strong>g> Germany’s most<br />
affluent want to use <strong>the</strong>ir<br />
wealth to solve global<br />
problems.<br />
<str<strong>on</strong>g>The</str<strong>on</strong>g> desire to protect <strong>the</strong> family’s assets is also linked<br />
to <strong>the</strong> desire to ensure <strong>the</strong> c<strong>on</strong>tinuati<strong>on</strong> <str<strong>on</strong>g>of</str<strong>on</strong>g> <strong>the</strong> family<br />
business. In order to guarantee this, comprehensive<br />
planning and provisi<strong>on</strong> tailored to <strong>the</strong> family’s wishes<br />
and goals is required at various levels, for example<br />
through a partnership agreement, prenuptial<br />
agreement or will.<br />
Dr. Cornelia Maetschke–Biersack | Partner<br />
Taylor Wessing, Duesseldorf, Germany<br />
2
Market focus <strong>on</strong> Germany<br />
ESG is no l<strong>on</strong>ger just an add-<strong>on</strong>, it is indispensable.<br />
Especially for <strong>the</strong> younger generati<strong>on</strong> <str<strong>on</strong>g>of</str<strong>on</strong>g> UHNWIs,<br />
ESG plays a big role in <strong>the</strong>ir investment decisi<strong>on</strong>s,<br />
not <strong>on</strong>ly because <strong>the</strong>y are simply interested in it or<br />
following a trend, but also because it is important<br />
to <strong>the</strong>m to leave an <str<strong>on</strong>g>impact</str<strong>on</strong>g>.<br />
Martin Kraus | Partner<br />
Taylor Wessing, Munich, Germany<br />
Complex tax legislati<strong>on</strong>s pose major challenges for<br />
our clients and reduce <strong>the</strong>ir internati<strong>on</strong>al mobility.<br />
From <strong>the</strong> very beginning, many UHNWIs have to<br />
c<strong>on</strong>sider <strong>the</strong> global c<strong>on</strong>text in <strong>the</strong>ir tax structuring.<br />
Pr<str<strong>on</strong>g>of</str<strong>on</strong>g>. Dr. Jens Escher, LL.M. | Partner<br />
Taylor Wessing, Duesseldorf, Germany<br />
3
0 20 40 60 80 100<br />
Market focus <strong>on</strong> Germany<br />
Key findings for Germany<br />
<str<strong>on</strong>g>The</str<strong>on</strong>g> changing face <str<strong>on</strong>g>of</str<strong>on</strong>g> private wealth<br />
A new generati<strong>on</strong> <str<strong>on</strong>g>of</str<strong>on</strong>g> self-made wealth creators is dominating <strong>the</strong> market and<br />
advocating for a better future. While UNHW individuals in Germany could create<br />
<str<strong>on</strong>g>impact</str<strong>on</strong>g> with <strong>the</strong>ir investment decisi<strong>on</strong>s, <strong>the</strong>y also have an opportunity to be an<br />
advocate for change, pushing for <strong>the</strong> needed adopti<strong>on</strong>, within <strong>the</strong>ir own businesses.<br />
78% <str<strong>on</strong>g>of</str<strong>on</strong>g> UHNW individuals in<br />
Germany believe that <strong>the</strong>y have a<br />
resp<strong>on</strong>sibility to use <strong>the</strong>ir wealth to<br />
solve important global problems,<br />
including envir<strong>on</strong>mental issues,<br />
public health crises and c<strong>on</strong>flicts.<br />
This was close to <strong>the</strong> global<br />
average <str<strong>on</strong>g>of</str<strong>on</strong>g> 81%.<br />
Asia 93%<br />
Switzerland 93%<br />
USA 85%<br />
France 80%<br />
Austria 80%<br />
81% Avg<br />
Germany<br />
UK<br />
Middle East<br />
78%<br />
75%<br />
72%<br />
0%<br />
100%<br />
Additi<strong>on</strong>al findings<br />
62 % 65 %<br />
Compared with <strong>the</strong> global average <str<strong>on</strong>g>of</str<strong>on</strong>g> 67%, 62% <str<strong>on</strong>g>of</str<strong>on</strong>g><br />
UHNW individuals in Germany c<strong>on</strong>sider <strong>the</strong> effect<br />
that geopolitical issues can have <strong>on</strong> <strong>the</strong>ir wealth<br />
and proactively seek advice to protect it from<br />
those <str<strong>on</strong>g>impact</str<strong>on</strong>g>s, including risks in <strong>the</strong>ir global supply<br />
chain, <strong>the</strong>ir internati<strong>on</strong>al asset allocati<strong>on</strong> and due<br />
to interplay <str<strong>on</strong>g>of</str<strong>on</strong>g> complex tax regimes.<br />
Family businesses play a big role in <strong>the</strong> private<br />
wealth market in Germany, but 65% <str<strong>on</strong>g>of</str<strong>on</strong>g> UHNW<br />
individuals say that <strong>the</strong>y are actively engaged<br />
with leaders and governments <strong>on</strong> global issues,<br />
which is marginally above <strong>the</strong> global average<br />
<str<strong>on</strong>g>of</str<strong>on</strong>g> 62%.<br />
4
Market focus <strong>on</strong> Germany<br />
Key findings (c<strong>on</strong>tinued)<br />
Leaving a legacy <str<strong>on</strong>g>of</str<strong>on</strong>g> positive change<br />
This new breed <str<strong>on</strong>g>of</str<strong>on</strong>g> UHNW individual is c<strong>on</strong>sidering how <strong>the</strong>y can use <strong>the</strong>ir wealth to<br />
make lasting change that <strong>the</strong>y will be remembered for.<br />
Building a legacy is a str<strong>on</strong>g driver<br />
<str<strong>on</strong>g>of</str<strong>on</strong>g> success for UHNW individuals in<br />
Germany, and some are still creating<br />
a clear path to hand over a str<strong>on</strong>g<br />
portfolio <str<strong>on</strong>g>of</str<strong>on</strong>g> assets to <strong>the</strong>ir families.<br />
But <strong>the</strong> majority (72%) are taking a<br />
wider view, passing wealth primarily<br />
to charity, foundati<strong>on</strong> trusts and<br />
philanthropy. This is slightly less than<br />
<strong>the</strong> global average <str<strong>on</strong>g>of</str<strong>on</strong>g> 77%.<br />
0%<br />
77% Avg<br />
100%<br />
France 100%<br />
Asia 79%<br />
USA 74%<br />
Switzerland 79%<br />
UK 78%<br />
Austria 78%<br />
Middle East 77%<br />
Germany 72%<br />
Additi<strong>on</strong>al findings<br />
48 %<br />
“Creating a legacy that I will be remembered for”<br />
came out as <strong>the</strong> number <strong>on</strong>e c<strong>on</strong>siderati<strong>on</strong> for<br />
48% <str<strong>on</strong>g>of</str<strong>on</strong>g> UHNW individuals in Germany, compared<br />
to 50% globally.<br />
28 %<br />
<str<strong>on</strong>g>of</str<strong>on</strong>g> UHNW individuals in Germany are focussing<br />
<strong>the</strong>ir successi<strong>on</strong> planning <strong>on</strong> <strong>the</strong>ir family, more<br />
than <strong>the</strong> global average <str<strong>on</strong>g>of</str<strong>on</strong>g> 23%.<br />
5
0.000000 16.666667 33.333333 50.000000 66.666667 83.333333 100.000000<br />
Market focus <strong>on</strong> Germany<br />
Key findings (c<strong>on</strong>tinued)<br />
Investing for <str<strong>on</strong>g>impact</str<strong>on</strong>g><br />
In <strong>the</strong>ir quest to create a positive legacy, UHNW individuals around <strong>the</strong> world are<br />
investing in ESG funds and directing <strong>the</strong>ir wealth towards some <str<strong>on</strong>g>of</str<strong>on</strong>g> <strong>the</strong> greatest<br />
global issues we are facing.<br />
<str<strong>on</strong>g>The</str<strong>on</strong>g>re’s a distinct momentum <strong>on</strong> sustainability<br />
that has been visible in this market:<br />
Corporate ESG and CSR activities, ESG criteria<br />
incorporated in investment decisi<strong>on</strong>s, Impact<br />
Investing and Green Finance. <str<strong>on</strong>g>The</str<strong>on</strong>g>y <str<strong>on</strong>g>impact</str<strong>on</strong>g> our<br />
lives by mitigating climate change as well as<br />
energy dependencies and demand acti<strong>on</strong><br />
from every<strong>on</strong>e. As a result, 56% <str<strong>on</strong>g>of</str<strong>on</strong>g> German<br />
intermediaries believe we will not achieve<br />
<strong>the</strong> Sustainable Development Goals (SDGs)<br />
by 2030 unless future UHNW individuals help<br />
close <strong>the</strong> private sector financing gap by<br />
investing al<strong>on</strong>gside instituti<strong>on</strong>al investors.<br />
This is slightly higher than <strong>the</strong> global average<br />
<str<strong>on</strong>g>of</str<strong>on</strong>g> 55%.<br />
France 60%<br />
UK<br />
Asia<br />
Middle East<br />
USA<br />
Germany<br />
Switzerland<br />
Austria<br />
0%<br />
60%<br />
57%<br />
56%<br />
56%<br />
56%<br />
52%<br />
35%<br />
55% Avg<br />
100%<br />
Additi<strong>on</strong>al findings<br />
62 %<br />
<str<strong>on</strong>g>of</str<strong>on</strong>g> UHNW individuals in Germany make ESG<br />
investments with <strong>the</strong> aim <str<strong>on</strong>g>of</str<strong>on</strong>g> making a difference,<br />
compared to 66% globally. <str<strong>on</strong>g>The</str<strong>on</strong>g>se can range from<br />
more sustainable investments, innovati<strong>on</strong>s to reduce<br />
carb<strong>on</strong> emissi<strong>on</strong>s and waste, and new technologies<br />
to reduce carb<strong>on</strong> footprints and increase efficiencies<br />
for <strong>the</strong>ir properties.<br />
68 %<br />
believe that ESG investments will be central to<br />
growing <strong>the</strong>ir future wealth, potentially with a higher<br />
return than o<strong>the</strong>r investment opportunities. This is<br />
lower than <strong>the</strong> global average <str<strong>on</strong>g>of</str<strong>on</strong>g> 74%. In Germany,<br />
<strong>the</strong>re could be slightly more hesitance here than in<br />
o<strong>the</strong>r areas <str<strong>on</strong>g>of</str<strong>on</strong>g> <strong>the</strong> world, as UHNW individuals in <strong>the</strong><br />
regi<strong>on</strong> prefer to wait for more EU guidance, regulati<strong>on</strong><br />
or tax implicati<strong>on</strong>s, in additi<strong>on</strong> to <strong>the</strong> SDGs set.<br />
65 %<br />
Germany proved to be very active in helping to tackle<br />
<strong>the</strong> COVID-19 crisis, with organisati<strong>on</strong>s developing<br />
vaccines and fast tracking <strong>the</strong> producti<strong>on</strong> <str<strong>on</strong>g>of</str<strong>on</strong>g> masks.<br />
So it’s no surprise that 65% <str<strong>on</strong>g>of</str<strong>on</strong>g> UHNW individuals in<br />
Germany want to use <strong>the</strong>ir wealth to help mitigate<br />
<strong>the</strong> <str<strong>on</strong>g>impact</str<strong>on</strong>g> <str<strong>on</strong>g>of</str<strong>on</strong>g> a future pandemic – it is however lower<br />
than <strong>the</strong> global average <str<strong>on</strong>g>of</str<strong>on</strong>g> 73%.<br />
6
0.000000 16.666667 33.333333 50.000000 66.666667 83.333333 100.000000<br />
Market focus <strong>on</strong> Germany<br />
Key findings (c<strong>on</strong>tinued)<br />
<str<strong>on</strong>g>Wealth</str<strong>on</strong>g> barriers and drivers<br />
Today’s UHNW individuals are active, opportunistic wealth creators, not afraid to<br />
go against <strong>the</strong> grain. But against a backdrop <str<strong>on</strong>g>of</str<strong>on</strong>g> increased legislati<strong>on</strong>, geopolitical<br />
threats and ec<strong>on</strong>omic volatility, many are struggling to protect <strong>the</strong>ir wealth.<br />
Germany has seen a significant<br />
increase in <strong>the</strong> foundati<strong>on</strong> <str<strong>on</strong>g>of</str<strong>on</strong>g> family<br />
<str<strong>on</strong>g>of</str<strong>on</strong>g>fices over <strong>the</strong> last few years, and<br />
<strong>the</strong> results from individuals surveyed<br />
emphasise <strong>the</strong> <str<strong>on</strong>g>impact</str<strong>on</strong>g> <str<strong>on</strong>g>of</str<strong>on</strong>g> this in <strong>the</strong><br />
market fur<strong>the</strong>r. 95% <str<strong>on</strong>g>of</str<strong>on</strong>g> Germany’s<br />
wealthiest describe <strong>the</strong>mselves as<br />
active wealth creators identifying<br />
<strong>the</strong>ir own investment opportunities<br />
to grow <strong>the</strong>ir wealth, whereas <strong>on</strong>ly<br />
5% leave <strong>the</strong>ir wealth management<br />
to experts. This was <strong>the</strong> joint highest<br />
market, al<strong>on</strong>g with <strong>the</strong> US. Globally,<br />
91% <str<strong>on</strong>g>of</str<strong>on</strong>g> UHNW individuals identified<br />
as active wealth creators and 9% left<br />
<strong>the</strong>ir wealth management to experts.<br />
Germany<br />
Middle East<br />
Switzerland<br />
USA 95%<br />
Austria<br />
France<br />
0%<br />
100%<br />
Additi<strong>on</strong>al findings<br />
62 % 72 %<br />
UK<br />
Asia<br />
95%<br />
92%<br />
90%<br />
88%<br />
87%<br />
87%<br />
87%<br />
91% Avg<br />
UNWH individuals need to anticipate any potential<br />
future changes to <strong>the</strong>ir internati<strong>on</strong>al diversified<br />
wealth. 62% <str<strong>on</strong>g>of</str<strong>on</strong>g> UHNW individuals in Germany are<br />
c<strong>on</strong>sidering <strong>the</strong> effect that geopolitical issues can<br />
have <strong>on</strong> <strong>the</strong>ir wealth and proactively seek advice<br />
to protect it from those <str<strong>on</strong>g>impact</str<strong>on</strong>g>s, but this is lower<br />
than <strong>the</strong> global average <str<strong>on</strong>g>of</str<strong>on</strong>g> 67%.<br />
Transparency is emerging as <strong>on</strong>e <str<strong>on</strong>g>of</str<strong>on</strong>g> <strong>the</strong> most serious<br />
barriers to wealth creati<strong>on</strong>. 72% <str<strong>on</strong>g>of</str<strong>on</strong>g> UHNW individuals in<br />
Germany cited reputati<strong>on</strong>al issues as a challenge to<br />
protecting <strong>the</strong>ir wealth. While this is slightly lower than<br />
<strong>the</strong> global average <str<strong>on</strong>g>of</str<strong>on</strong>g> 74%, issues from misc<strong>on</strong>duct<br />
at company level or disputes with o<strong>the</strong>r investors<br />
or disputes within <strong>the</strong>ir own family should still be a<br />
c<strong>on</strong>siderati<strong>on</strong> for protecting <strong>the</strong>ir wealth.<br />
7
Market focus <strong>on</strong> Germany<br />
Successi<strong>on</strong> planning for UHNWIs can be extremely<br />
complex, as <strong>the</strong> family and assets are <str<strong>on</strong>g>of</str<strong>on</strong>g>ten highly<br />
internati<strong>on</strong>alised. This has <strong>the</strong> effect that a large<br />
percentage has to take geopolitical developments<br />
and issues into account when making <strong>the</strong>ir decisi<strong>on</strong>s.<br />
Dr. Holger Schrewe, LL.M. (L<strong>on</strong>d<strong>on</strong>) | Partner<br />
Taylor Wessing, Hamburg, Germany<br />
We see that our clients are active wealth creators. <str<strong>on</strong>g>The</str<strong>on</strong>g>y<br />
develop <strong>the</strong>ir family business fur<strong>the</strong>r, building market<br />
leaders with acquisiti<strong>on</strong>s or by creating an innovative<br />
business <strong>on</strong> <strong>the</strong>ir own.<br />
Dr. Lilian Klewitz–Haas | Partner<br />
Taylor Wessing, Munich, Germany<br />
8
Market focus <strong>on</strong> Germany<br />
To view our <str<strong>on</strong>g>World</str<strong>on</strong>g> <str<strong>on</strong>g>Shaping</str<strong>on</strong>g> <str<strong>on</strong>g>Wealth</str<strong>on</strong>g> report and for more<br />
insights across o<strong>the</strong>r markets please click below.<br />
Methodology<br />
This global study - <str<strong>on</strong>g>World</str<strong>on</strong>g> <str<strong>on</strong>g>Shaping</str<strong>on</strong>g> <str<strong>on</strong>g>Wealth</str<strong>on</strong>g>: <str<strong>on</strong>g>The</str<strong>on</strong>g> Impact <str<strong>on</strong>g>of</str<strong>on</strong>g> Affluence <strong>on</strong> <strong>the</strong> Next Ec<strong>on</strong>omy - explores<br />
<strong>the</strong> <str<strong>on</strong>g>impact</str<strong>on</strong>g> that UHNW individuals want to have, what is motivating <strong>the</strong>m, and <strong>the</strong> acti<strong>on</strong>s <strong>the</strong>y are<br />
taking to achieve <strong>the</strong>ir goals. Within this research UHNW individuals are defined as having a net<br />
worth <str<strong>on</strong>g>of</str<strong>on</strong>g> at least $100 milli<strong>on</strong>.<br />
Independent opini<strong>on</strong> research was c<strong>on</strong>ducted in late 2021 am<strong>on</strong>g 215 UHNW individuals, with an<br />
estimated combined wealth <str<strong>on</strong>g>of</str<strong>on</strong>g> over $69.4 billi<strong>on</strong>, and 225 <str<strong>on</strong>g>of</str<strong>on</strong>g> <strong>the</strong> intermediaries who manage <strong>the</strong>ir<br />
wealth (private banks, multi-family <str<strong>on</strong>g>of</str<strong>on</strong>g>fices, single family <str<strong>on</strong>g>of</str<strong>on</strong>g>fices and fiduciary providers).<br />
Resp<strong>on</strong>dents were based in Austria, China, France, Germany, Kuwait, Saudi Arabia, Singapore,<br />
Switzerland, <strong>the</strong> UAE, <strong>the</strong> UK, and <strong>the</strong> US.<br />
9
Market focus <strong>on</strong> Germany<br />
C<strong>on</strong>tacts<br />
Dr. Martin Bartlik,<br />
LL.M. (McGill)<br />
Partner, Frankfurt<br />
Pr<str<strong>on</strong>g>of</str<strong>on</strong>g>. Dr. Jens Escher,<br />
LL.M.<br />
Partner, Duesseldorf<br />
Dr. Axel Godr<strong>on</strong><br />
Partner, Munich<br />
Dr. Klaus Grossmann<br />
Partner, Duesseldorf<br />
+49 69 97130-125<br />
m.bartlik@taylorwessing.com<br />
+49 211 8387-250<br />
j.escher@taylorwessing.com<br />
+49 89 21038-179<br />
a.godr<strong>on</strong>@taylorwessing.com<br />
+49 211 8387-230<br />
k.grossmann@taylorwessing.com<br />
Dr. Lilian Klewitz–Haas<br />
Partner, Munich<br />
+49 89 21038-492<br />
l.klewitz@taylorwessing.com<br />
Olaf Kranz<br />
Managing Partner, Duesseldorf<br />
+49 211 8387-288<br />
o.kranz@taylorwessing.com<br />
Martin Kraus<br />
Partner, Munich<br />
+49 89 21038-235<br />
m.kraus@taylorwessing.com<br />
Dr. Cornelia Maetschke-<br />
Biersack<br />
Partner, Duesseldorf<br />
+49 211 8387-217<br />
c.maetschke–biersack<br />
@taylorwessing.com<br />
Dr. Joachim Mandl<br />
Salary Partner, Duesseldorf<br />
Dr. Carsten Müller, LL.M.,<br />
Maître en Droit<br />
Partner, Duesseldorf<br />
Clemens Niedner<br />
Partner, Frankfurt<br />
Dr. Alexander Peinze<br />
Partner, Hamburg<br />
+49 211 8387-421<br />
j.mandl@taylorwessing.com<br />
+49 211 8387-280<br />
c.mueller@taylorwessing.com<br />
+49 69 97130-142<br />
c.niedner@taylorwessing.com<br />
+49 40 36803-123<br />
a.peinze@taylorwessing.com<br />
10
Market focus <strong>on</strong> Germany<br />
C<strong>on</strong>tacts<br />
Dr. Tillmann Pfeifer<br />
Partner, Hamburg<br />
Dr. Maraike Ruhe<br />
Salary Partner, Duesseldorf<br />
Dr. Elisabeth Schalk<br />
Salary Partner, Munich<br />
Dr. Holger Schrewe, LL.M.<br />
(L<strong>on</strong>d<strong>on</strong>)<br />
Partner, Hamburg<br />
+49 40 36803-1315<br />
t.pfeifer@taylorwessing.com<br />
+49 211 8387-426<br />
m.ruhe@taylorwessing.com<br />
+49 89 21038-227<br />
e.schalk@taylorwessing.com<br />
+49 40 36803-143<br />
h.schrewe@taylorwessing.com<br />
Hassan Sohbi<br />
Partner, Frankfurt<br />
+49 69 97130-375<br />
h.sohbi@taylorwessing.com<br />
Pia Thress, Maître en Droit<br />
(Paris II)<br />
Salary Partner, Munich<br />
+49 89 21038-216<br />
p.thress@taylorwessing.com<br />
Hermann-Ulrich Viskorf<br />
Of Counsel, Munich<br />
+49 89 21038-207<br />
h.viskorf@taylorwessing.com<br />
Robert Wethmar,<br />
LL.M. (NYU)<br />
Partner, Hamburg<br />
+49 40 36803-218<br />
r.wethmar@taylorwessing.com<br />
11
2000+ people 1100+ lawyers 300+ partners 29 <str<strong>on</strong>g>of</str<strong>on</strong>g>fices 17 jurisdicti<strong>on</strong>s<br />
Austria<br />
Belgium<br />
China<br />
Czech Republic<br />
France<br />
Germany<br />
Hungary<br />
Ne<strong>the</strong>rlands<br />
Poland<br />
Republic <str<strong>on</strong>g>of</str<strong>on</strong>g> Ireland<br />
Slovakia<br />
South Korea<br />
UAE<br />
Ukraine<br />
United Kingdom<br />
USA<br />
Klagenfurt | Vienna<br />
Brussels<br />
Beijing | H<strong>on</strong>g K<strong>on</strong>g | Shanghai<br />
Brno | Prague<br />
Paris<br />
Berlin | Duesseldorf | Frankfurt | Hamburg | Munich<br />
Budapest<br />
Amsterdam | Eindhoven<br />
Warsaw<br />
Dublin<br />
Bratislava<br />
Seoul*<br />
Dubai<br />
Kyiv<br />
Cambridge | Liverpool | L<strong>on</strong>d<strong>on</strong> | L<strong>on</strong>d<strong>on</strong> TechFocus<br />
New York | Silic<strong>on</strong> Valley<br />
* In associati<strong>on</strong> with DR & AJU LLC<br />
© Taylor Wessing LLP 2022 | 2201-001966-02-04-GE-2<br />
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