Automotive: Piero Ferrari hits World’s Richest List

Piero Ferrari is the second and only living son of Enzo Ferrari, and a 10.23% owner of the Ferrari automotive company, of which he is the vice chairman. He owns 13.2% of the Ferretti Group. As of August 2022, his net worth was estimated at US$4.6 billion.

In 1988, when Enzo Ferrari died, Piero was the sole heir of the Ferrari family and inherited his father’s 10% share of the company and the ownership of the Fiorano Circuit. In 1989 he was nominated vice chairman by Ferrari’s then president Vittorio Ghidella.

And now, as he prepares to pass on his billions, his fortune is picking up speed.

Piero, 77, recently joined the ranks of the world’s 500 richest people for the first time as Ferrari NV benefits from wealthy buyers less affected by rising inflation and interest-rate hikes.

Shares of the Maranello, Italy-based automaker are trading near record highs after full-year results beat expectations and the company raised its 2023 outlook on strong demand for high-margin models like its new $418,000 Purosangue crossover.

The manufacturer is also making a push into more sustainable vehicles and plans to unveil its first fully electric Ferrari in 2025, Chief Executive Officer Benedetto Vigna said in an interview this month.