This paper compiles a multidimensional poverty index for Germany. Drawing on the capability approach as conceptual framework, I apply the Alkire-Foster method using German panel data. I suggest a novel operationalization for deprivation in social participation and a new justification for including material deprivation as an additional dimension. Moreover, I also address the role of an additional income dimension in multidimensional poverty indices. The results are consistent with earlier findings, but also reveal several new insights. Specifically, numerous decompositions of the poverty index prove helpful in better tracking and understanding complex developments. Comparing multidimensional and income-based methods, I find only a modest overlap of people considered as poor by both approaches. I argue that this finding supports multidimensional poverty measures.