Ferrari Heir Establishes Plan for Transferring Supercar Wealth

Piero Ferrari, the son of the founder of the renowned supercar-maker, is creating a succession plan that includes his most renowned asset: Ferrari NV shares.

This month, Piero, the 77-year-old vice chairman of the company, established a family trust to manage the approximately 10% stake he inherited from his father, Enzo Ferrari. The trust's beneficiaries are Piero's daughter, Antonella, and his grandsons, Enzo Mattioli Ferrari and Piero Galassi Ferrari. However, Piero will maintain voting authority over the shares while he is alive.

According to the Bloomberg Billionaires Index, Piero Ferrari has an estimated net worth of $4.6 billion, with the majority of his wealth being connected to the Italian automaker. A spokesperson for Ferrari declined to comment beyond the information that was disclosed in the regulatory filing.

A recent study conducted by UBS Group AG and PwC has revealed that over the next two decades, billionaires will be transferring more than two trillion dollars. This provides a unique look into the succession plans of the world's wealthiest individuals, and the Covid-19 pandemic has been a factor in hastening this shift.

Piero Ferrari has seen a significant increase in his wealth in recent years, as the Maranello, Italy-based company's stock has risen by more than 300% since it was listed on the New York Stock Exchange in 2015. Additionally, he holds a stake in the Italian luxury yacht builder Ferretti Group, and is the chairman of the engineering services firm HPE COXA.

Establishing trust will not alter the deal Piero made in late 2015 with Exor NV, the Agnelli family's holding company and the biggest Ferrari shareholder with a 24% stake. This agreement is a promise to consult with the intention of forming and expressing a shared opinion on the topics of any Ferrari shareholder meetings.

A representative from Exor declined to provide any additional comment beyond what was stated in the filing on Monday.

Ferrari is currently working to convert its iconic factory in northern Italy into a center for electric vehicles. This shift demonstrates how even the most luxurious manufacturers of combustion engines are getting ready for a largely electric-powered future.

In June, the automaker's CEO Benedetto Vigna announced that the company plans to invest around 4.4 billion euros ($4.7 billion) to create fully electric and plug-in hybrid models that will make up 60% of its portfolio by 2026.