|Date of Birth:
|May 22, 1945 (78 years old)
What is Piero Ferrari’s Net Worth?
Piero Ferrari is an Italian businessman who has a net worth of $5.2 billion. In addition to being the organization’s vice chairman, Piero owns 10% of the Ferrari automobile firm. Additionally, he owns little more than 13% of Ferretti Group, a global shipbuilding concern. In October 2015, Ferrari went public.
Piero Ferrari was born on May 22, 1945, in Castelvetro di Modena, Italy to Ferrari company founder Enzo and his mistress Lina Lardi. In 1956, Dino, one of his half-brothers, died of muscular dystrophy.
Ferrari’s interest in mechanics developed while he was hanging out in a bike repair shop next to his mother’s house in Modena. Following his time at the Fermo Corni Institute, he earned a mechanical engineering degree in 1964.
Ferrari started doing ad hoc English translation work for the family business in the latter half of the 1960s. After that, in the early 1970s, he was employed as an official technical supervisor, which required him to describe, list, and archive faulty auto parts.
As one of his numerous early responsibilities at the firm, he served as a liaison between the road car and racing departments. Ferrari learned a great deal about the factory’s operational procedures via this process.
To help sporting directors Daniele Audetto and Luca Cordero di Montezemolo, Ferrari was transferred to the Formula One team in 1974 as a co-organizer.
He oversaw the production of road cars by the mid-1980s. In this capacity, Ferrari contributed to the conceptualization of the LaFerrari and low-volume Ferrari F40 and F50 vehicles.
Piero Ferrari was the only heir to the Ferrari family upon the death of Enzo in 1988. Along with ownership of the Fiorano Circuit in Fiorano Modenese, Italy, he also received his father’s 10% stake in the business.
Ferrari was named vice chairman of the corporation the following year by Vittorio Ghidella, who was the company’s president at the time. Later, in 2013, when Fernando Alonso triumphed for the team in the Chinese Grand Prix, Stefano Domenicali urged Ferrari to take the prize home.
The Ferrari family member standing on the podium at a Formula One race for the first time in company history. In 1998, Ferrari and José Di Mase collaborated on one of his other business endeavors: the acquisition of Piaggio Aero Engineering.
The two aimed to bring the business back to its origins as a designer and manufacturer of commercial aircraft. When Ferrari sold the final 1.95% of his shares to the Emirati holding company Mubadala Development Company in 2015, he announced his resignation as president of Piaggio.
Ferrari was able to convince Mubadala to support his Formula One team as the title sponsor thanks to this connection. Ferrari founded HPE in 1998 as well. This company was established to offer technical services and precision products to the automotive, motorsports, aerospace, and defense industries.
HPE purchased COXA, a company that specialized in the precision manufacturing of specialized prototypes and quantities, in 2009. With a mean annual growth rate of 24.5% since becoming HPE COXA, the company has been able to quadruple both its workforce and its revenue.
Ferrari joined the Ferretti Group, an Italian international shipbuilding company with its headquarters in Forl, in 2016. About 13% of its shares were purchased by him. With brands including Pershing, Riva, CRN, Itama, and Custom Line, the firm specializes in the design, manufacture, and sale of opulent motor yachts.
The Chinese multinational manufacturer of heavy machinery, Weichai Group, purchased Ferretti Group in 2012.
With a net worth of roughly $3 billion as of May 2019, Ferrari was listed at position 838 on a list of the world’s billionaires. He bought the first mega yacht produced by Riva in that year, which led to the launch of the Ferretti Group’s new super yacht branch.
Ferrari had climbed to position 680 on the list of the wealthiest people by April 2020, with a net worth of almost $3.4 billion. In June 2021, he fell a little, finishing at number 705, but his net worth increased to $4.7 billion, the highest it has ever been.
Ferrari received the honorary title of Cavaliere del Lavoro in 2004. The award is given to people who have made contributions to the industries of agriculture, business, industry, lending, insurance, and crafts.
Ferrari received an honorary degree in aerospace engineering from the University of Naples in the same year. He later received the Mecenate Dello Sport Award in 2021.
Ferrari has a daughter named Antonella with his wife Floriana Nalin. Enzo and Piero are the names of his other two grandsons. In his hometown of Modena, Ferrari dwells in the former home of his father.
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