1281292 - 11759070 - 1

30 Wealthiest People in Italy

Published on July 10, 2024 at 7:09 pm by Maleha Afzal in Business, Economy, News

Page 1 of 5

In this article, we will take a look at the 30 wealthiest people in Italy. We will also discuss the Italian economy and some of the major industries.

Is Italy Becoming Europe’s Economic Powerhouse?

Italy ranks 21st on our list of the best countries to live and work in 2024 based on our data from the happiest workers in the world and the countries with the best quality of life for expats. Italy, a pivotal member of the G7, the eurozone, and the OECD, is the third-largest economy in the Eurozone, preceding France and Germany.

The Italian economy has grown by 3.8% since 2019, twice as much as the French and five times the German Economy. On April 3, DW reported that the Italian economy expanded by 0.6% in the previous quarter, while the German economy contracted by 0.3% during the same period. OECD expects the German economy to grow by 0.3% only, whereas, the Italian economy is expected to expand by 0.7% this year. Additionally, the FTSE MIB benchmark index, consisting of 40 companies surged by 28% last year, more than any of European stock markets.

On the flip side, the IMF has delivered warnings to Italy on high public debt, urging stricter fiscal policies. Experts believe that most of Italy’s growth comes from loose fiscal policies, that have led to debt accumulation. On May 21, Euro News reported that the IMF urged Italy to establish stricter fiscal adjustments for long-term economic growth and debt management. The IMF expects Italy’s public debt to reach 140% of GDP in 2024 and is projected to increase hereafter. IMF suggests that Italy should aim to achieve a surplus of 3% of GDP by the fiscal year 2025/26. Moreover, housing subsidies and inflation compensation measures must be eliminated to offset the probability of long-term economic decline.

The Green Energy Industry in Italy

Italy is the third largest producer of renewables in Europe. According to a report by Enel, more than a third of the electricity produced in Italy comes from green energy sources such as hydroelectric, solo photovoltaic, bioenergy, wind, and geothermal power. On January 23, Euro News added that Italy’s solar and wind energy sources produced a high level of energy last year. Wind farms generated almost 23.4 Terawatt hours (TWh) of energy and solar panels reached an estimated 30.6 Terawatt hours. Renewable sources, including hydroelectric power, were able to meet 37% of electricity demand, up by 31% in 2022. By 2030, the company plans to meet 70% of its electricity demand using renewable sources. To achieve this goal, Italy needs to increase its wind and solar production by 17% a year.

Enel SpA (OTC:ENLAY) is a leading green energy company founded in 1962 in Italy. The company is operational in more than 30 countries from across the globe. The company drove innovations in power grids by producing and expanding high-voltage grids. These grids were able to bridge transmission systems between southern and northern Italy. By the 1970s, almost 99% of the country had access to electricity, thanks to the company’s efforts. In the early 1970s, Enel SpA (OTC:ENLAY) began venturing into other sources of energy such as nuclear and renewable. In the 1990s, the company was demanded to reduce its production capacity by 50% to make room for other competitors, and in 1999, the company went public. In 2008, the company launched Enel Green Power, now one of the world leaders in renewable energy. By 2027, the company plans to close its last coal-fired plant to achieve zero CO2 emissions by 2040.

On June 25, Enel SpA (OTC:ENLAY) reported that the company now completed the development of the largest operating solar farm in Trino, Italy. The project was headed by Enel Green Power using photovoltaic plant equipment. The solar farm has an installed capacity of 87 megawatts that will produce almost 130-gigawatt hours of energy per year. It will meet the green energy needs of almost 47,00 households and prevent the emission of 56,000 tons of CO2.

Enel SpA (OTC:ENLAY) is one of the world’s largest private renewable energy operators with almost 53.6 gigawatts of renewable energy capacity. This equals 63.3% of the entire generation capacity. It has 72.7 million customers that are connected to its grids, of which 45.8 million are connected through its active smart meters. To facilitate the electrification of consumption, the company has installed more than 22,600 public charging points for electronic mobility. Overall, Enel SpA (OTC:ENLAY) logged EUR 92.88 billion in 2023, a decline of 33.6% from the previous year. While the company’s revenue declined by almost 34% it reduced its cost of goods sold, direct expenses, by 49% and reported a gross profit margin of 36% and a net margin of 4%.

Now that we have studied the Italian economy, let’s take a look at the 30 wealthiest people in Italy. You can also read our piece on the wealthiest people in Chile.

Pixabay/Public Domain

Our Methodology

To compile our list of the 30 wealthiest people in Italy, we utilized the real time billionaires data from Forbes and ranked the wealthiest people in Italy in ascending order of their net worths, as of July 9.

At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

30 Wealthiest People in Italy

30. Giuliana Benetton

Net Worth as of July 9, 2024: $3.3 Billion

Giuliana Benetton is one of the wealthiest people in Italy. She and her three brothers founded Benetton Group in 1965. Two of her brothers died in 2018. Their shares were passed down to their children.

29. Isabella Seràgnoli

Net Worth as of July 9, 2024: $3.3 Billion

Isabella Seràgnoli ranks 29th on our list. She is the only shareholder of Coesia, a packaging firm operating in multiple industries. The company was originally a motorcycle production firm but was later taken over by her father in 1923. It transitioned into a packaging firm in the 1950s.

28. Alessandra Garavoglia

Net Worth as of July 9, 2024: $3.4 Billion

Alessandra Garavoglia is a director on the board of Campari Group. She inherited her stake in the company from her parents. She owns a 24% stake in the company.

27. Remo Ruffini

Net Worth as of July 9, 2024: $3.4 Billion

Remo Ruffini ranks 27th on our list of the wealthiest people in Italy. He is the chairman and CEO of Moncler, a luxury sportswear company. He started his journey at the company as a creative director. He owns a 24% stake in Moncler.

26. Brunello Cucinelli

Net Worth as of July 9, 2024: $3.6 Billion

Brunello Cucinelli and his family have an estimated net worth of $3.6 billion. The designer started his own luxury fashion brand in 1978. The company went public in 2012 and was listed on the Italian Stock Exchange.

25. Luca Garavoglia

Net Worth as of July 9, 2024: $3.8 Billion

Luca Garavoglia ranks 25th on our list of the wealthiest people in Italy with a net worth of $3.8 billion. He is the chairman of Campari Group, one of the most prominent beverage companies in the world. He inherited the stake from his parents and now owns almost 27% of the company.

24. Renzo Rosso

Net Worth as of July 9, 2024: $3.9 Billion

Renzo Rosso and his family have a combined net worth of $3.9 billion. He is the founder of Diesel and is the president of OTB Group which owns Maison Margiela, Marni, Viktor & Rolf, and Jil Sander.

23. Paolo Ardoino

Net Worth as of July 9, 2024: $3.9 Billion

Paolo Ardoino is one of the wealthiest people in Italy with a net worth of $3.9 billion. He is the CEO of Tether, a crypto firm. He has a 20% stake in the company.