Ferrari Heir Builds 400% Stock Boost that Propels Him into World's Richest List

Ferrari's wealth has grown to $5.6 billion as shares of the supercar manufacturer his father founded trade at near-record levels as his wealth soars.

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A succession plan was put in place last year by Piero Ferrari as a means to ensure the wealth accumulated by his family over the past seven decades through the manufacture of supercars emblazoned with a logo of a prancing black horse would be maintained.

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The fortune of this man is picking up speed now, as he prepares to pass the billions he has accumulated on to his heirs. 

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The 77-year-old Piero joined the ranks of the world's 500 wealthiest people for the first time as Ferrari NV continues to benefit from wealthy buyers who are hardly affected by rising inflation and interest rate hikes.

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There is strong demand for high-margin models like the new €390,000 ($418,000) Purosangue crossover at the Maranello, Italy-based automaker, with shares trading near record highs after full-year results beat expectations and the automaker raised its outlook for 2023 on strong demand for its new high-margin models. It was also announced this month that Ferrari intends to unveil its first fully electric Ferrari in 2025, as part of its push towards creating more sustainable vehicles, according to Benedetto Vigna, the company's chief executive officer.

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With a net worth of $5.6 billion and a stake of about 10% in Ferrari, Piero Ferrari has become the world's 467th wealthiest person, according to the Trade Algo Index, thanks to his stake in the supercar maker.

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The Ferrari representative declined to comment on the matter.

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It was only in 2015 that Ferrari became a billionaire for the first time, following the New York IPO of the business his father Enzo established over six decades earlier. Since then, the shares of Ferrari have soared 400% and have also boosted the fortunes of the billionaire Agnelli dynasty, Ferrari's largest shareholder with a 24% stake through its holding company Exor NV, as well.

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In 1988, Piero's father died at the age of 90, leaving him with his father's Ferrari stake, which he inherited from him. As a race driver for Alfa Romeo, Enzo founded his own automaker shortly after the end of World War II, a few years after he had served in the armed forces.

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Ferrari's vice chairman since 1988, Piero also owns a stake in the Italian luxury yacht builder Ferretti Group and is the chairman of engineering services company HPE COXA. In December, he set up a family trust to manage his Ferrari holding, his biggest asset, but he maintains voting control over the shares during his lifetime. He previously announced that he had no plans to sell his Ferrari holding, which is his biggest asset.

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“It meant a great deal to my father to know what the fans were thinking about Enzo,” Piero said in a video released last month. "He was a person who listened to what people had to say."

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