Ludwig Erhard Net Worth

Background and career

Ludwig Wilhelm Erhard (German: [ˈluːtvɪç ˈʔeːɐ̯haʁt]; 4 February 1897 – 5 May 1977) was a German politician and economist who served as the second chancellor of West Germany from 1963 until 1966. Affiliated with the Christian Democratic Union (CDU), he is known for leading the West German postwar economic reforms and economic recovery (Wirtschaftswunder, German for "economic miracle") in his role as Minister of Economic Affairs under Chancellor Konrad Adenauer from 1949 to 1963. During that period, he promoted the concept of the social market economy (soziale Marktwirtschaft), on which Germany's economic policy in the 21st century continues to be based.

In his tenure as Chancellor, however, Erhard lacked support from Adenauer, who remained chairman of the CDU party until 1966. Erhard failed to win the German public's confidence in his handling of a budget deficit and lacked public support for his direction of foreign policy. His popularity waned, and he resigned his chancellorship on 30 November 1966.