The Richest Men in Italy
by kalyani10
Though not counted among the economic powerhouses of the world, Italy is nevertheless home to some of the wealthiest people in the world. In fact it is one of the top ten countries to have the most millionaires. Fashion, media and retail of luxury goods are the chief sources of wealth of the richest Italians. Here is a brief account of the richest men in Italy and their net worth.
- Michele Ferrero
Currently Michele Ferrero appears to be the richest man in Italy with a net worth of $19 billion which is actually enough to make him the wealthiest billionaire on the globe, according to Forbes 2012 list of World Billionaires1. The source of Michele’ s wealth is confectionary business since he and his family are the owners of famous Ferrero chocolates which also includes brands like Nutella, Tic Tac, Kinder chocolate eggs and Ferrero Rocher hazelnut chocolates. The company Ferrero is estimated to be worth around $ 9.5 billion on the basis of sales - it operates 18 factories with more than 21,000 employees worldwide.
Like many other billionaires fond of the good life, Michele Ferrero lives at Monte Carlo in Monaco. His son Pietro Jr. Who was for many years the co-CEO of the family's confectionery business died in April 2012 from an apparent heart attack while cycling in South Africa. Surviving son Giovanni, who ran the business with his brother for more than a decade, is now sole CEO and lives in Belgium.
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- Leonardo Del Vecchio
With a net worth of $11.5 billion, Leonardo Del Vecchio is the second richest individual in Italy and also ranks 74th on the world list of billionaires. Del Vecchio is founder and chairman of Luxottica, the world's largest producer and retailer of sunglasses and prescription glasses. The company owns 6,000 retail stores, including U.S. chains Sunglass Hut and LensCrafters, and commands brands like Ray-Ban and Oakley. His son Claudio owns the U.S. men's retailer Brooks Brothers, which licenses glasses from Luxottica. Del Vecchio’s net worth is up $500 million from March 2011 due to an increase in Luxottica's share price. According to Forbes, Luxottica's revenue increased 7% to $8.14 billion in 20112.
Del Vecchio’s is a classic riches to rags story. He was sent to an orphanage at age 7. He worked as an apprentice at a factory that made molds for auto parts and eyeglass frames, and founded Luxottica in 1961. Currently the 73 years old billionaire lives in Milan, is married and has 6 children.
- Giorgio Armani
The owner of Armani fashion house is now the third richest man in Italy with a net worth of $7.2 billion. Armani is well known as the label of choice for the rich and beautiful of the world. Apart from this however, the designer markets perfume, baby clothes, home decor and expensive watches. Armani has also licensed his name for a string of hotels; Dubai's Burj Khalifa hotel opened in 2010 and the 96-room Hotel Armani Milan opened in November 2011. Giorgio Armani recently signed a 10-year agreement with the Luxottica Group (owned by Italian billionaire Leonardo Del Vecchio) for the design and manufacture of his designer prescription eyeglasses and sunglasses. Armani owns about $775 million worth of Luxottica shares.
Giorgio Armani studied for two years in medical school at the University of Piacenza before dropping out in 1957 to take a job as a department store buyer. The 78 year old self-made billionaire lives in Milan, is still single and is reported to spend an hour at least at the gym every day.
- Paolo and Gianfelice Rocca
After yet another Italian billionaire from the world of fashion - Mucchia Prada with a net worth of $6.8 billion - come the Roca brothers on the list wealthiest Italian men. Paolo and Gianfelice Rocca, both Italian citizens, enjoy a net worth of $6 billion whose source is an inheritance of 10% stakes in Italian holding company Techint Financial Corporation from their late father, Roberto Rocca. Even though Roca Senior apparently left equal parts to his three children, the oldest son Agostino died in a plane crash. The surviving Roca brothers share through Techint a 20% stake in both Ternium and Tenaris, Argentina's largest firms in the fields of seamless and welded steel pipe products and flat and long steel.
The younger of the Roca brothers, Paulo is head of both Argentinean companies; he is 58 and lives in San Isidro, a suburb of Buenos Aires, while also owning a vacation home in Uruguay. The older brother Gianfelice 61, is president of Humanitas, a health care company based in Italy, where he continues to reside.
- Silvio Berloscuni
At one time included in the top three richest Italians, Silvio Berloscuni’s material fortunes seemed to have shared the slide of his political fortunes too. As of March 2012, Berloscuni’s net worth was estimated at a $5.9 billion making him the sixth richest person in Italy. The source of his wealth is Fininvest, which has interests in media, life insurance, movie production and soccer team A.C. Milan.
Berloscuni has always lived an interesting life – he started out singing in cruise ships and eventually went on to build a vast media empire. The height of his fortunes was when he became the Prime Minster of the country in 1994, a feat which he went on to repeat another three times. During the eighteen years of his political domination, he was accused of embezzlement, fraud and bribery, but he was never convicted until the tax evasion case of 2011. He also went on trial on charges that he hired an underage prostitute and later tried to pull strings to get her out of jail when she was accused of theft. The former Italian Prime Minister was eventually forced to resign in November 2011 amid scandals, gaffes and a crumbling economy. In October 2012, he had corruption charges thrown out of Italian court thanks to a statute of limitations, but he still faces separate charges for sex with a minor and tax fraud. Berloscuni though continues to deny all allegations.
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