German billionaire Adolf Merckle has committed suicide after his business empire ran into trouble in the global economic slowdown.

Bloomberg News reports the 74-year-old businessman was hit by a train near his hometown of Blaubeuren, 71 kilometres south-east of Stuttgart. A suicide note had been found.

Merckle's holding company reportedly owes banks close to 5 billion euros ($9.4 billion). According to Bloomberg News, he had been seeking emergency financing from a group of more than 30 banks led by Deutsche Bank AG, Royal Bank of Scotland Group Plc, Commerzbnak AG and Landesbank Baden-Wuerttemberg.

His family has released a statement saying he was "broken" by the financial crisis.

"The dedicated family businessman was broken by his inability to handle the situation and ended his own life."

"The distress at his companies caused by the financial crisis and the resultant uncertainty of the last few weeks contributed to his death," the family added.

Merckle, who stood 94th on Forbes' list of the world's richest people, ran up losses of about $750 million last year because of wrong-way bets on Volkswagen shares.

There is no suspicion of foul play and according to media reports, police are certain Merckle committed suicide.

Merckle leaves behind his wife, Ruth, three sons, Ludwig, Phillipp, Tobias, and a daughter, Jutta.