Giovanni Ferrero: Net Worth Of The Richest Italian
| Estimated Net Worth | $45.87 billion 39.89 billion euro |
| Date of Birth | September 21, 1964 (59 years old) |
| Born in | Farigliano, Italy |
| Nationality | Italian |
| Marital Status | Married to Paola Rossi |
| Occupation | Entrepreneur |
| Children | 2 |
How rich is Giovanni Ferrero?
Names like Nutella, Kinder Chocolate, Duplo, Raffaello – sweet tooths light up at these names. The products associated with them are manufactured and distributed by the same company: Ferrero. Its CEO is Giovanni Ferrero, the grandson of the Ferrero founder.
He was the CEO of the company from 1997 to 2017, during which Ferrero expanded significantly and acquired, for example, the confectionery division of Nestlé. Giovanni Ferrero’s estimated net worth is ($45.87 billion)
39.89 billion euros.
Net Worth of Giovanni Ferrero
For twenty years, Giovanni Ferrero served as CEO of Ferrero, the company founded by his grandfather Pietro in 1946. Since 2015, he has been the chairman of the company, which generates billions in revenue annually with products like Nutella, Hanuta, and Kinder Chocolate. In the fiscal year 2020, the company’s revenue reached 12.5 billion euros.
It’s no surprise then that Giovanni Ferrero is the richest citizen of Italy. In just one year, from April 2020 to April 2021, he increased his net worth from 20.9 to 30 billion euros. With this fortune, he ranks among the top 50 richest people in the world.
Emergence of a Global Corporation
Giovanni Ferrero is the son of Michele Ferrero. Michele’s father, Pietro Ferrero, created the widely beloved hazelnut spread Nutella in 1946. He established the company Ferrero S.p.A. to distribute it. Later, the company introduced well-known products such as Ferrero Rocher, Kinder Chocolate, Nutella, Hanuta, Duplo, Giotto, Yogurette, as well as Raffaello and Tic Tac.
However, Pietro Ferrero did not live to see this success, as he passed away in 1949. His widow initially took over the business, and shortly thereafter, his son Michele Ferrero assumed control. Michele’s first son, Pietro, was born in 1963, followed by Giovanni a year later.
Entry into the Family Business
Giovanni Ferrero attended a European school in Brussels from 1975 onwards. After completing his studies, he moved to Annville, Pennsylvania, USA, where he began studying marketing at Lebanon Valley College. Following his education, he joined his family’s company, initially working in Belgium on the Tic Tac brand. He later became the manager of operations in Germany, gaining insights into developments in Brazil, Argentina, Mexico, and the USA. In 1992, he was appointed head of Ferrero’s international operations, with an office in Brussels.
Sole Responsibility
In 1997, Michele Ferrero stepped down as CEO of the family business and became chairman of the board. He entrusted the day-to-day operations to his sons. Giovanni took charge of the creative decisions of the company, while Pietro led product development and logistics. In April 2011, Pietro passed away in South Africa, making Giovanni the sole CEO. Four years later, his father also passed away, and Giovanni assumed his role as chairman of the board.
In his dual role, he drove various acquisitions, including that of the Turkish hazelnut processor Oltan. In 2016, Giovanni Ferrero established CTH Invest in Belgium and handed over its management to his wife, Paola Rossi. Through CTH, Ferrero acquired additional companies, including the Belgian bakery manufacturer Delacre. The acquired companies are managed under the direction of companies owned by Ferrero. For tax reasons, the headquarters of the family business is now located in Luxembourg.
Ferrero’s Day-to-Day Operations
In September 2017, Giovanni Ferrero handed over the CEO position to Lapo Civiletti—the first CEO in the company’s history who is not from the family. In January 2018, Ferrero acquired Nestlé’s confectionery business in the United States for approximately 2.3 billion euros. In June 2021, the purchase of the British Burton’s Biscuit Company followed for around 425 million euros, again through CTH. Giovanni Ferrero continues to serve as the chairman of Ferrero’s board.
Giovanni Ferrero also occasionally appears as an author. Since 1990, he has published eight books. Some are economic treatises, but most are novels.
