Ferrari Heir Sets Up Succession Plan For His Supercar Billions
NDTV
Piero Ferrari, the company's vice chairman, set up a family trust this month to oversee the roughly 10% stake he inherited from his father Enzo Ferrari.
Piero Ferrari, the son of the supercar-maker's founder, is designing a succession plan that involves his most iconic asset: Ferrari NV shares.
Piero, 77, the company's vice chairman, set up a family trust this month to oversee the roughly 10% stake he inherited from his father Enzo Ferrari, according to a US regulatory filing late Monday. The trust's beneficiaries are Piero's daughter Antonella and grandsons Enzo Mattioli Ferrari and Piero Galassi Ferrari, though he will retain voting control over the shares during his lifetime.
Piero Ferrari has a net worth of about $4.6 billion, with most of his wealth tied up in the Italian automaker, according to the Bloomberg Billionaires Index. A spokesperson for Ferrari declined to comment beyond the regulatory filing.
The move gives a rare insight into the succession plans for the world's super-rich. Billionaires will transfer more than $2 trillion within the next two decades, according to research by UBS Group AG and PwC, with the COVID-19 pandemic helping to accelerate that shift.
