Ajit Karn
Piero Ferrari made a plan for his family’s wealth to continue to grow last year. His family has made a lot of money over the past seven decades by making supercars with the logo of a black horse prancing.
And now, as he gets ready to give away his billions, his wealth is growing even faster.
Piero, who is 77 years old, recently became one of the world’s 500 richest people for the first time. This is because wealthy buyers are less affected by rising prices and higher interest rates, which helps Ferrari NV.
Shares of the Maranello, Italy-based automaker are trading near record highs after full-year results beat expectations and the company raised its outlook for 2023 due to strong demand for high-margin models like its new 390,000 Euro Purosangue crossover.
In an interview this month, CEO Benedetto Vigna said that the company is also trying to make cars that are better for the environment. He also said that the company plans to show off its first fully electric Ferrari in 2025.
Piero Ferrari has a 10% stake in the company that makes supercars. This gives him a net worth of $5.6 billion and makes him the 467th richest person in the world, according to the Bloomberg Billionaires Index.
A Ferrari representative declined to comment.
Ferrari became a billionaire for the first time in 2015, when the business his father Enzo started more than 60 years before went public for the first time in New York. Since then, the company’s shares have gone up more than 400%, which has helped the billionaire Agnelli family, which owns 24% of Ferrari through the holding company Exor NV.
Piero got his share of Ferrari from his father, who was 90 when he died in 1988. Enzo worked as a race driver for Alfa Romeo before founding his automaker soon after the end of World War II.
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Since 1988, Piero has been the vice chairman of Ferrari. He also has a stake in the Italian luxury yacht builder Ferretti Group and is the chairman of the engineering services company HPE COXA. He has said in the past that he has no plans to sell his Ferrari shares, which are his biggest asset. In December, he set up a family trust to take care of the shares for his descendants, but he still has voting control over the shares while he is alive.
In a video that came out last month, Piero said about Enzo, “My father really liked to know what the fans thought.” “He was someone who listened to what people said.”
