Giovanni Ferrero Net Worth: $23.4 billion
Giovanni Ferrero is an Italian businessman and CEO of the Ferrero SpA, a multinational confectionery company founded and owned by his father, Michele Ferrero. In 1975, he moved to Brussels, Belgium and later to the United States to study marketing. After completing his studies, Ferrero returned to Europe to work in the company. He became joint CEO of Ferrero SpA in 1997 together with his brother Pietro until Pietro’s untimely death in April 2011 in an accident in South Africa. Pietro was there for humanitarian reasons. From there on, Giovanni assumed entire leadership of the corporation. Giovanni Ferrero is also a published novelist of four books and has a total net worth of $23.4 billion.
How did Giovanni Ferrero make his money?
Ferrero is known to be reclusive, avoiding the press and rarely holding interviews. He upholds his father’s notion of keeping their lives private. The company is also known to be extremely secretive, with 38 trading companies, 18 factories, and over 21,500 employees who create 365,000 tons of Nutella alone each year. However, Ferrero has mentioned that he has no plans of selling the company to other confectionery giants, such as Nestle and Mars, Inc. He maintains that Ferrero SpA will continue to be a family company despite other family companies being overtaken by larger competitors. Ferrero SpA currently holds 7.7% of the global chocolate confectionery market share, with products such as Tic Tac, Nutella, Ferrero Rocher, and Kinder chocolate eggs.
Michele Ferrero passed away in February 14, 2015 in his home in Monte Carlo, Monaco. This made his son Giovanni Ferrero the richest person in Italy.