How Piero built the fortune
Piero Ferrari's wealth comes from the car company that bears his family name. His father, Enzo Ferrari, founded Ferrari in Maranello after the Second World War, building racing cars and then road cars to finance the racing team. In 1969 Enzo sold half of the company to Fiat, which took responsibility for road car production while Enzo kept control of racing. After Enzo's death in 1988, Fiat raised its stake to 90 percent, and the remaining 10 percent passed to Piero.
For many years that holding was a minority stake in a subsidiary of a larger car group, with limited liquidity. Its value changed sharply when Fiat Chrysler Automobiles decided to separate Ferrari. In 2015 Ferrari listed on the New York Stock Exchange, and in early 2016 Fiat Chrysler distributed its remaining Ferrari shares to its own shareholders, with a listing in Milan as well. Piero kept his stake through these steps and became one of the company's main shareholders, alongside Exor, the holding company of the Agnelli family.
As an independent listed company, Ferrari has been valued by investors more like a luxury goods maker than a carmaker, because it builds a small number of very expensive cars, keeps long waiting lists and earns high margins from personalisation, sponsorship and brand licensing. That valuation, rather than any new business Piero founded, is the main source of his fortune.
Companies and holdings
Piero's principal asset is his stake of about 10 percent in Ferrari N.V., the Dutch registered parent company of the Maranello carmaker. He serves as vice chairman of its board. Ferrari's main businesses are:
- design and manufacture of sports cars, including limited series and special models
- the Scuderia Ferrari Formula One team
- sponsorship, brand licensing, lifestyle products and the Ferrari theme parks and museums
Outside Ferrari he has had interests in engineering and aviation. He is associated with HPE, an engineering company in Modena that works on vehicle design and high performance technology, and he was previously a leading shareholder and chairman of the aircraft maker Piaggio Aero Industries.
Because Ferrari shares are listed in New York and Milan, the value of his holding moves daily with the market. The company's strategy of limiting production, raising prices and expanding into hybrid and electric models has generally been well received by investors, and Ferrari pays regular dividends to its shareholders, giving Piero an income from the stake in addition to its capital value.
Early life and career
Piero was born in May 1945 near Modena, the son of Enzo Ferrari and Lina Lardi. Because Enzo was married to Laura Ferrari, Piero grew up with his mother's surname. Enzo's son from his marriage, Dino, died in 1956, and Piero gradually became part of his father's working life. After Laura's death in 1978 he was formally recognised as Enzo's son, and he later took the Ferrari name.
He joined the company as a young man and worked in several parts of the business, particularly on the racing side. He spent years with the Formula One team in technical and management roles, including as a liaison between the factory and the team at races, and he was involved in road car projects such as the F40, launched in 1987 to mark the company's anniversary. After his father's death he remained closely connected with the company as a shareholder and board member while also building outside business interests.
Philanthropy and public life
Piero Ferrari is a public figure in Italy mainly as a link to the company's founder and its history. He attends major races and model launches and has spoken about his father's legacy in interviews and documentaries, helping to preserve the story of how a small racing workshop in Emilia became a global brand. The Museo Enzo Ferrari in Modena and the Ferrari museum in Maranello keep that history in public view, and he often appears at events connected with them.
His personal charitable giving is not extensively documented, and he does not run a large personal foundation. He tends to keep his family life private and avoids commenting publicly on the company's day to day management, which is led by its chief executive and chairman.