In order to maintain the wealth his family has earned over the previous seven decades creating supercars branded with the insignia of a prancing black horse, Piero Ferrari put in place a succession plan last year.
And as he gets ready to leave his billions to his heirs, his fortune is accelerating.
Piero, 77, just became one of the 500 wealthiest individuals in the world for the first time as Ferrari NV gains from affluent customers who are less impacted by growing inflation and interest rate.
In an interview last month, Chief Executive Officer Benedetto Vigna stated that the firm is also pushing for more environmentally friendly automobiles and intends to introduce its first fully electric Ferrari in 2025.
Piero Ferrari now ranks 467th on the Bloomberg Billionaires Index with a net worth of $5.6 billion after purchasing an approximately 10% interest in the supercar manufacturer.
Following the New York IPO of the company his father Enzo started more than 60 years ago, Ferrari first became a billionaire in 2015. Since then, the company’s shares have increased by over 400%, helping the billionaire Agnelli dynasty — who has a 24% stake in Ferrari through holding company Exor NV — increase their wealth.
Piero’s father, who passed away in 1988 at the age of 90, left him an interest in Ferrari. Prior to starting his own carmaker soon after the end of World War II, Enzo drove races for Alfa Romeo.
Piero, who has served as Ferrari’s vice chairman since 1988, is also the chairman of engineering services provider HPE COXA and a shareholder in Italian luxury boat maker Ferretti Group. He previously stated that he has no plans to sell his Ferrari ownership, which is his largest asset. In December, he established a family trust to handle the Ferrari holding for his heirs, although he still has voting control over the shares while he is alive.
“My father really loved knowing what the fans were thinking,” Piero said about Enzo in a video released last month. “He was a person who listened to people.”