We recently compiled a report on the 30 Wealthiest People in Italy and in this article we will look at the richest person.
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.
The Wealthiest Person in Italy
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.
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The Wealthiest Person in Italy
1. Giovanni Ferrero
Net Worth as of July 9, 2024: $43.3 Billion
Giovanni Ferrero is the richest person in Italy with a net worth of $43.3 billion. He is the chairman of Ferrero SPA. The confectionery company is popular for its Nutella spread and Kinder chocolates. He worked as the co-CEO with his brother, who died in 2011. While he resigned from his position as CEO in 2017, he remained executive chairman. He is the 30th richest man in the world.
Curious to learn about other wealthy individuals in Italy? Check out our report on the 30 Wealthiest People in Italy.
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