Friedrich Merz, one of the frontrunners in the race to succeed Angela Merkel as leader of her party, has admitted he earns "around one million euros" a year, days after claiming to be middle class.

In an interview published on Sunday, Mr Merz told Bild am Sonntag newspaper he earns around €1 million (£900,000) per annum in pre-tax income.

The admission comes after he faced ridicule for asserting earlier in the week that he is upper-middle class.

Mr Merz, 63, has spent almost a decade sitting on the advisory boards of firms such as BlackRock, the world’s largest fund manager. He has previously dodged questions from journalists regarding his income but is known to own two private jets.

Mr Merz’s modest description of his place in German society was met with mockery from newspapers and satirists.

Der Spiegel argued that Mr Merz was either hiding the true extent of his wealth for tactical reasons or was unaware of just how rich he was in comparison with average Germans.

Germany’s most popular satirist, Oliver Welke, said: “My rule of thumb is if you have your own jet you’re not middle class.”