Peter Thiel said Germany has weakened its ability to create new large companies

American billionaire Peter Thiel said that Germany has significantly weakened its ability to create new large companies in recent decades. The entrepreneur spoke about this in an interview with the German newspaper Bild.

According to him, in the past, both large and medium-sized companies regularly appeared in Germany in the past, many of which went on to become significant players. The businessman noted that this trend continued after 1945, but since about 1995 the situation has changed.

The billionaire also compared the richest business representatives in the United States and Germany. “In the US, nine of these twelve people were self-made. In Germany, all 20 out of 20 inherited their fortune,” the interlocutor emphasized. Among German billionaires, there are virtually no people who in recent decades have created new large fortunes by launching and scaling their own businesses, Thiel said.