Piero Ferrari's fortune increased to $5.6 billion as the stock of the supercar maker founded by his father soared to record highs
Piero Ferrari laid out his succession plan last year to preserve the fortune his family has amassed over the past seven decades making supercars emblazoned with the crest of a galloping black horse.
And now, as he prepares to inherit his billions, his wealth is rapidly increasing.
A fortune of $5.6 billion
Piero, 77, recently joined the ranks of the world's 500 richest people for the first time as Ferrari benefits from wealthy buyers who are less affected by rising inflation and higher interest rates.
Shares of the Italian-based automaker Maranello are trading near record highs after annual results beat expectations, and the company raised its 2023 forecast due to strong demand for its high-margin models such as the Borosangoy SUV. The new one has a price of 390,000 euros ($418,000).
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CEO Benedetto Vigna said in an interview this month that the manufacturer is also pushing towards more sustainable cars, and plans to unveil its first all-electric Ferrari in 2025.
According to the Bloomberg Billionaires Index, Piero Ferrari has a net worth of $5.6 billion through a nearly 10% stake in the supercar maker, making him the 467 richest person in the world.
A Ferrari representative declined to comment.
family history
Ferrari first emerged as a billionaire in 2015 after the initial public offering in New York of the company founded more than six decades ago by his father Enzo. The company's shares have since risen more than 400%, also boosting the wealth of the billionaire Agnelli dynasty, which is Ferrari's largest shareholder with a 24% stake through Exor NV.
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Piero inherited his share in Ferrari from his father, who died in 1988 at the age of 90. His father, Enzo, was a racing driver for Alfa Romeo before founding the carmaker shortly after the end of World War II.
Piero, vice-president of Ferrari since 1988, owns a stake in Italian superyacht maker Ferretti and is chairman of the engineering services company HPE COXA. Earlier, Piero said he had no plans to sell his Ferrari holding - his largest asset - and in December he set up a family fund to manage that asset for the benefit of his grandchildren, although he retained voting control in stock matters during his lifetime.
"My dad really liked knowing what the fans thought...he was someone who listened to people," Piero said of Enzo in a video released last month.
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