With a 400% stock rise, the heir to Ferrari is now one of the world’s 500 richest people.
Piero Ferrari made a succession plan last year so that his family could keep the money they’ve made over the past seven decades by making supercars with the logo of a black horse prancing.
And his wealth is growing faster as he gets ready to leave his billions to his children and grandchildren.
Piero, who is 77 years old, just became one of the 500 richest people in the world for the first time. This is because Ferrari NV is getting more business from wealthy people who are less affected by rising inflation and interest rates.
In an interview last month, CEO Benedetto Vigna said that the company is also trying to make cars that are better for the environment and that it plans to release its first fully electric Ferrari in 2025.
Piero Ferrari now has a net worth of $5.6 billion and is ranked 467th on the Bloomberg Billionaires Index. This is because he bought a 10% stake in the company that makes supercars.
In 2015, Ferrari became a billionaire for the first time when the company his father Enzo started more than 60 years ago went public in New York. Since then, the company’s shares have gone up by more than 400%. This has helped the billionaire Agnelli family get richer, since they own 24% of Ferrari through the holding company Exor NV.
When Piero’s father died at the age of 90 in 1988, he left him an interest in Ferrari. Enzo drove races for Alfa Romeo before he started his own car company soon after the end of World War II.
Piero has been the vice chairman of Ferrari since 1988. He is also the chairman of the engineering services company HPE COXA and a shareholder in the Ferretti Group, which makes luxury boats in Italy. He has said in the past that he has no plans to sell his Ferrari, which is his most valuable possession. In December, he set up a family trust to take care of the Ferrari shares for his children and grandchildren. While he is still alive, he still has voting control over the shares.
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.”