Publications
Publications
- October 2024 (Revised January 2025)
- HBS Case Collection
Citizens of the World: The International Legacy of Gloria von Thurn und Taxis
By: Lauren Cohen, Maximilian Form and Sophia Pan
Abstract
When her husband passed away and inheritance taxes struck, Princess Gloria von Thurn und Taxis took decisive action to preserve her family’s fortune and legacy. The Thurn und Taxis family, one of Europe’s oldest aristocratic dynasties, had built their wealth through the founding of the European postal system. Yet, most of their assets were tied up in illiquid holdings such as real estate and vast forest lands, with palace upkeep and cultural heritage costs presenting further challenges. Gloria deeply respected her German roots but considered the possibility of an international image to extend her family’s influence and legacy. The postal business had once given the family global prominence during the Holy Roman Empire —perhaps this same outward-looking spirit could now help Gloria safeguard the Thurn und Taxis name in the modern era. Could she re-establish her legacy beyond one that was confined to a singular country and, in effect, “re internationalize” the House of Thurn und Taxis? What was the risk for Gloria of trying to internationalize too extensively? And the risk of not doing so?
Keywords
Family Office; Real Estate; Legacy; International Business; Germany; Family Business; Economy; Macroeconomics; Financial Crisis; Financial Liquidity; Investment; Global Strategy; Reputation; Diversification; Real Estate Industry; Germany
Citation
Cohen, Lauren, Maximilian Form, and Sophia Pan. "Citizens of the World: The International Legacy of Gloria von Thurn und Taxis." Harvard Business School Case 225-038, October 2024. (Revised January 2025.)