During Stoiber's 14 years leading Bavaria, the state solidified its position as one of Germany's richest. Already by 1998, under his leadership, the state had privatized more than $3 billion worth of state-owned businesses and used that money to invest in new infrastructure and provide venture capital for new companies. He was widely regarded a central figure in building one of Europe's most powerful regional economies, attracting thousands of hi-tech, engineering and media companies and reducing unemployment to half the national average.