Piero Ferrari Races into World's Richest 500 List

Piero Ferrari, 77, recently joined the ranks of the Bloomberg"s  world's 500 richest list for the first time as he benefits from wealthy buyers who are less affected by rising inflation and higher interest rates.

Ferrari laid out his succession plan last year to preserve the fortune his family has amassed over the past seven decades making supercars emblazoned with the crest of a galloping horse.

Shares of the Italian-based automaker Maranello are trading near record highs after annual results beat expectations, and the company raised its forecast for 2023 due to strong demand for its high-margin models such as the Borosangoy SUV. The new one has a price of 390,000 euros ($418,000).

CEO Benedetto Vigna said in an interview this month that the manufacturer is also pushing towards more sustainable cars, and plans to unveil its first all-electric Ferrari in 2025.

According to the Bloomberg Billionaires Index, Piero Ferrari has a net worth of $5.6 billion through a nearly 10% stake in the supercar maker, making him the 467 richest person in the world.

Ferrari first emerged as a billionaire in 2015 after the initial public offering in New York of the company founded more than six decades ago by his father Enzo. The company's shares have since risen more than 400%, and it has also boosted the wealth of the billionaire Agnelli dynasty, which is Ferrari's largest shareholder with a 24% stake through Exor.

Piero inherited his share in Ferrari from his father, who died in 1988 at the age of 90. His father, Enzo, was a racing driver for Alfa Romeo before founding the carmaker shortly after the end of World War II.

Piero, vice-president of Ferrari since 1988, owns a stake in the Italian luxury yacht maker Ferretti Group, and is Chairman of the Board of Directors of the engineering services company HBA Coxa. 

Earlier, Piero said he had no plans to sell his Ferrari holding - his largest asset - and in December he set up a family fund to manage that asset for the benefit of his grandchildren, although he retained voting control in stock matters during his lifetime.