What Is Giovanni Ferrero's Net Worth?
Giovanni Ferrero is an Italian businessman who has a net worth of $41 billion. Giovanni Ferrero is the richest person in Italy. Giovanni earned his net worth thanks to his ownership of the Ferraro Group, the world's second-largest chocolate company. The company was founded by Giovanni's grandfather, Pietro, and was headed for many years by his father, Michele Ferrero. Giovanni was originally supposed to inherit the company with his brother upon his father's death. Tragically, his brother died in a biking accident in 2011. Their father died in 2015.
The Ferrero Group boasts an impressive array of beloved candy brands in its portfolio. While it's best known for iconic treats like Ferrero Rocher, Nutella, and the Kinder line of products, Ferrero's reach extends far beyond these household names. The company owns refreshing Tic Tacs and the British chocolatier Thorntons. In a significant move that reshaped the confectionery landscape, Ferrero acquired several popular American brands from Nestlé in 2018, including Butterfinger, Crunch, Baby Ruth, and 100 Grand. This acquisition also brought playful candies like Nerds, SweeTarts, Laffy Taffy, and Gobstopper under the Ferrero umbrella, solidifying the company's position as a major player in the global candy market.
Early Years
Giovanni Ferrero was born on September 21, 1964, in Farigliano, Italy. He is the son of chocolate manufacturer and billionaire businessman Michele Ferraro and his wife, Maria Fissolo.
After receiving his initial education in Europe, Giovanni relocated to America and attended Lebanon Valley College, a private university in Annville, Pennsylvania, where he studied marketing. Upon graduation, he moved back to Italy to work at his family's company, Ferrero International. Giovanni and his brother Pietro became joint chief executive officers of the company in 1997, while their father served as executive chairman. When Pietro died in 2011 at the age of 47, as the result of a heart attack suffered while bicycling in South Africa, Giovanni became the sole CEO of the company. When Michele died in 2015, Giovanni took over the operation of the entire company.
History
Giovanni's grandfather, 42-year-old Pietro Ferrero, was an Italian confectionery and chocolatier who opened a large pastry shop in 1940. On May 14, 1946, he founded Ferrero International, a manufacturer of chocolate and confections, in Alba, Italy. As the years went on and the price of cocoa rose, he desired to create a confection of sorts that contained less cocoa than those he had been manufacturing. Due to the abundance of hazelnuts, Pietro decided to incorporate them with sugar, cream, and a small amount of cocoa to produce what he called SuperCrema. The name was later changed to Nutella. One-quarter of the world's hazelnut supply is now used in the manufacture of Nutella cocoa spread. After Pietro's death in 1949, the company was taken over by his only son, Michele Ferrero, who met his wife, Maria, there as she worked as the company's interpreter.
Employee Support
In 1983, Ferrero International established the Ferrero Foundation in Alba, Italy. The foundation promotes activities in the areas of art, science, history, and literature by organizing conventions, seminars, and exhibitions in an effort to support the company's retirees through social and cultural programs. Embodying the motto "Work, Create, Donate," the foundation also provides national and international study scholarships to the children of current and retired employees, and healthcare service to seniors and retirees. Giovanni's mother, Maria, is chairperson of the foundation, and the family has been outspoken regarding their dedication to supporting their workforce beyond the workplace.
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A Billion Dollar Candy Industry
Today, Ferrero International is the second-biggest chocolate and confectionery company in the world, with 18 factories and over 47,000 employees. The family is very secretive about its business and does not hold conferences or allow tours of the facilities.
In 2014, Ferrero International acquired the largest hazelnut supplier in the world. In 2015, they acquired the British chocolate manufacturing company Thorntons Limited.
In 2016, Ferrero International purchased the British biscuit brands Delacre and DeliChoc and, the following year, the American chocolate manufacturer Fannie May Confection Brands and the American candy manufacturer Ferrara Candy Company.
In 2018, Ferrero International acquired Nestle's American confectionary business. In 2019, they bought several brands owned by the Kellogg's Company, including Famous Amos and Keebler. In 2020, Ferrero International purchased an interest in the Kelsen Group Danish Bakers and acquired the British biscuit manufacturer Fox's Biscuits as well as the English cereal company Eat Natural.
In 2021, Ferrero International bought the British biscuit manufacturer Burton's Biscuit Company. In 2022, they acquired the Irish protein bar manufacturer Fulfil Nutrition along with Wells Enterprises, an American ice cream manufacturer. In 2023, they bought the Italian bakery company Fresystem SPA.
Ferrero International presently controls the manufacture of the most iconic candy in the world, including Tic Tacs, Ferrero Rocher chocolates, Kinder chocolates, Almond Joy, Butterfinger, Snickers, Bazooka Gum, Pez, and Mike & Ike. It also owns the items manufactured under the names of Betty Crocker, Cadbury, Godiva, Hershey's and Ghirardelli. Ownership of over 35 famous brands sold in over 170 countries, contributes annually to the billionaire status of Giovanni Ferrero.
Ferrero International did $18 billion in sales in 2023.
(ANDREAS SOLARO/AFP via Getty Images)
Social & Environmental Concerns
The Ferrero family asserts that they are dedicated to quality, excellence, heritage and a commitment to the planet. They take part in responsible sourcing of their ingredients to ensure a supply chain that is fair, sustainable and transparent.
During the coronavirus outbreak, Giovanni and his mother donated 10 million euros to the Italian government's national emergency commission to help fight the illness. Giovanni has also donated money to many charities and foundations focused on education and health.
Personal Life
Ferrero is married to Paola Rossi. They have two sons and reside in Bercham, a municipality of Brussels in Belgium.
