<p>This article explores the circulation of German elites between 2018 and 2022 using new data from the Elitenmonitor, which is unique in this form for Germany. With a&#xa0;few exceptions, studies on elite circulation have so far only focused on particular sectors (e.g., political or economic elites), on cross-sectional analysis or on the context of regime change. In contrast, this article examines the change in the positional elites in Germany (<i>N</i> = 2735) at two points in time, in 12&#xa0;relevant social sectors and within an unchanged political institutional order. In particular, it examines the extent of vertical elite circulation, defined as the dropout of individuals from the highest leadership positions in the most important organizations and institutions. The article shows that around half of the positional elites left their positions during the period analyzed—with considerable sectoral differences. Using descriptive analyses and logistic regression models, we examine the theoretical assumption that elites in less powerful sectors and disadvantaged social groups are more likely to leave elite positions. However, we find personnel stability particularly in the sectors of religion, culture, civil society and science, and no differences in elite circulation with regard to gender and migration background. However, elites from Eastern Germany leave their positions slightly more often than those from Western Germany. On the basis of these empirical findings, we discuss the assumptions of relevant classical and current elite theories that have dealt with questions of elite circulation, power, inequality, and social differentiation.</p>