Ferrari is not owned by a single person or a parent car manufacturer like most other luxury brands. Instead, Ferrari N.V. is an independent, publicly traded company. Since its historic spin-off from Fiat Chrysler Automobiles (FCA) in 2016, the "Prancing Horse" has operated with its own board, its own finances, and a unique ownership structure that ensures the legacy of its founder remains central to its future.

The ownership of Ferrari is divided among three primary groups: Exor N.V. (controlled by the Agnelli family), Piero Ferrari (the son of Enzo Ferrari), and the general investing public. While thousands of people own shares of the company on the New York Stock Exchange and Euronext Milan under the ticker symbol "RACE," the strategic direction of the company is firmly held by a coalition of long-term stakeholders.

The Immediate Answer to Who Owns Ferrari

If you are looking for the simplified breakdown of who owns Ferrari as of early 2025, the distribution is as follows:

  • Public Shareholders (approx. 68.19% of common shares): The majority of Ferrari's equity is held by institutional investors—such as BlackRock, Vanguard, and Baillie Gifford—and individual retail investors worldwide.
  • Exor N.V. (approx. 21.20% of common shares): This is the largest single shareholder. Exor is the diversified holding company of the Agnelli family, the historic industrial dynasty of Italy.
  • Piero Ferrari (approx. 10.61% of common shares): The only living son of founder Enzo Ferrari retains a significant stake through a trust, ensuring the family name stays attached to the business.

However, equity percentage does not equal control. Due to Ferrari’s unique corporate governance and "Loyalty Voting Program," the voting power—and thus the actual "ownership" in terms of decision-making—is much more concentrated.

The Power of the Agnelli Family via Exor N.V.

To understand who truly controls Ferrari, one must look at Exor N.V. Based in the Netherlands for legal and tax purposes, Exor is one of Europe’s most powerful investment firms. It is chaired by John Elkann, the great-great-grandson of Fiat founder Giovanni Agnelli.

While Exor holds roughly 21% of the common shares, its voting power is significantly higher, often cited at over 32% (and sometimes higher depending on the participation in the loyalty program). This discrepancy exists because Ferrari rewards long-term shareholders with "Special Voting Shares." If an investor holds their shares for an uninterrupted period of at least three years, they can receive multiple voting rights for each share held.

Exor uses this mechanism to maintain a dominant influence over the Board of Directors. Under the leadership of John Elkann, who serves as Ferrari’s Executive Chairman, Exor has guided the brand through its transition from a subsidiary of a mass-market automaker to a global luxury powerhouse. This ownership allows Ferrari to maintain its Italian heritage while operating with the financial discipline of a modern multinational corporation.

Piero Ferrari and the Guardian of the Legacy

Piero Ferrari’s involvement is perhaps the most symbolic aspect of the company’s ownership structure. Unlike many family-founded companies where descendants eventually sell their stakes, Piero has remained steadfast. His 10% stake is more than just a financial asset; it represents the biological and spiritual link to Enzo Ferrari’s original vision of 1947.

In late 2022, Piero Ferrari established a family trust to manage his shares, a move designed to ensure that his stake remains unified and influential for future generations of his family. By participating in the Loyalty Voting Program, Piero’s voting power is approximately 16.09%, making him the second most powerful individual in the company’s hierarchy.

The relationship between Exor (the Agnellis) and Piero Ferrari is formalized through a shareholders' agreement. This agreement coordinates their voting behavior on key issues, effectively creating a unified block that controls nearly 50% of all voting rights. This ensures that no hostile takeover can occur and that the company’s long-term strategy—prioritizing exclusivity over volume—remains unchanged.

The Public and Institutional Investors

The remaining 68% of common shares are traded on public markets. This makes Ferrari a "public company" in the truest sense. However, the "Public" is not a monolith. It is composed of:

Institutional Giants

Major asset managers like BlackRock and Vanguard hold significant portions of the public float. These institutions generally support the current management as long as the financial returns remain industry-leading. Ferrari’s high profit margins—often exceeding 25%—make it a favorite for "growth and income" portfolios.

Retail Investors

Enthusiasts and small-scale investors can buy "RACE" shares. While a single share doesn't grant much influence, the collective demand from the public keeps Ferrari’s market capitalization among the highest in the automotive world, often rivaling giants like Volkswagen or Ford despite Ferrari producing only a fraction of their vehicle volume.

Why Ferrari Is Not Owned by Stellantis

A common misconception in the automotive world is that Ferrari is part of Stellantis. This error stems from the fact that Fiat once owned a majority of Ferrari, and Fiat eventually became part of Fiat Chrysler, which then merged with the PSA Group to form Stellantis in 2021.

Here is the clarification:

  1. 1969–2014: Ferrari was a subsidiary of Fiat S.p.A. (later FCA).
  2. 2015: FCA announced it would spin off Ferrari to its own shareholders to unlock the brand's value as a luxury entity.
  3. 2016: The spin-off was completed. Ferrari became a standalone company, Ferrari N.V.
  4. 2021: When Stellantis was formed, Ferrari was already independent.

While John Elkann is the Chairman of both Stellantis and Ferrari, and Exor is the largest shareholder in both, the two companies are legally and operationally separate. They do not share platforms, engines, or financial balance sheets. This independence is crucial for Ferrari’s brand image, as it prevents the "dilution" of the brand that might occur if it were viewed simply as a division of a mass-market car company.

The Strategic Governance: Who Runs the Day-to-Day?

While the owners provide the capital and high-level direction, the day-to-day operations are handled by the Board of Directors and the executive team.

  • John Elkann (Executive Chairman): As the head of Exor, he represents the controlling interest. He is deeply involved in major strategic shifts, such as the entry into the SUV market with the Purosangue and the transition toward electrification.
  • Benedetto Vigna (CEO): Appointed in 2021, Vigna came from a background in the semiconductor industry (STMicroelectronics). His appointment was a clear signal that Ferrari’s owners believe the future of the brand lies in high-tech electronics, software, and battery technology, rather than just traditional mechanical engineering.

The board also includes independent directors with diverse backgrounds in luxury fashion (Delphine Arnault of LVMH), technology (Eddy Cue of Apple), and finance. This mix of "owners" and "experts" ensures that the company remains competitive in the evolving luxury landscape.

How the Loyalty Voting Program Works

The most critical technical aspect of Ferrari’s ownership is the Loyalty Voting Program. This is a mechanism permitted under Dutch law (where Ferrari N.V. is incorporated).

Under this system:

  • A shareholder registers their shares in a special loyalty register.
  • If they hold those shares for three years without selling or transferring them, they are entitled to "Special Voting Shares" in addition to their common shares.
  • These special shares give the holder extra votes at the annual general meeting.

For Exor and Piero Ferrari, this has been a masterstroke. It allows them to maintain a "blocking minority" or even a "de facto majority" on certain votes without having to spend billions of dollars to buy more than 50% of the actual equity. It incentivizes long-term holding and protects the company from the short-term pressures of "activist investors" who might want to increase production volumes at the expense of exclusivity.

The Economic Value of Ownership

Owning a piece of Ferrari has proven to be one of the most successful investments in the automotive sector. Since its IPO at approximately $52 per share in 2015, the stock price has surged multiple times over.

The owners benefit from a business model that is unique in the car industry:

  1. Fixed Scarcity: Ferrari intentionally produces fewer cars than the market demands. This keeps resale values high and ensures that every car sold is highly profitable.
  2. Brand Power: Ferrari’s brand is frequently ranked as the world’s strongest by agencies like Brand Finance. This allows them to sell everything from $2,000 watches to $500,000 cars with massive markups.
  3. Predictable Revenue: Most Ferrari models are sold out years in advance. This gives the owners and shareholders a level of financial stability that companies like Ford or GM can only dream of.

Summary of the Current Ownership Structure

To recap the "Who is the owner of Ferrari" query:

Ferrari is a public company (Ferrari N.V.) governed by a group of core stakeholders who utilize a loyalty voting system to maintain control. The "owners" are a blend of Italian industrial royalty, the founder’s direct lineage, and global financial institutions.

Shareholder Group Estimated Equity (%) Estimated Voting Rights (%)
Exor N.V. (Agnelli Family) ~21% - 24% ~32% - 36%
Piero Ferrari ~10% ~15% - 16%
Public / Institutional ~66% - 69% ~48% - 52%

Conclusion

The ownership of Ferrari is a sophisticated balance between public market liquidity and private family control. While anyone with a brokerage account can technically "own" a piece of the Prancing Horse, the true power resides in the hands of the Agnelli family and Piero Ferrari. This structure has been carefully crafted to ensure that as Ferrari enters the era of electric supercars and digital luxury, it does so without losing the "soul" that Enzo Ferrari created in Maranello over 80 years ago. By remaining independent of a larger automotive conglomerate, Ferrari continues to be a unique entity in the world—a company that is as much a luxury lifestyle brand as it is a manufacturer of world-class racing machines.

Frequently Asked Questions (FAQ)

Does Fiat still own Ferrari?

No. Fiat Chrysler Automobiles (FCA) spun off Ferrari in 2016. While the same holding company (Exor) owns stakes in both Fiat's successor (Stellantis) and Ferrari, they are separate companies.

Can I buy shares in Ferrari?

Yes. Ferrari is traded on the New York Stock Exchange (NYSE) and the Borsa Italiana (Euronext Milan) under the ticker symbol "RACE."

Who is the largest individual shareholder of Ferrari?

Piero Ferrari is the largest individual shareholder, holding approximately 10% of the company’s equity. The largest corporate shareholder is Exor N.V.

Is Ferrari part of the Volkswagen Group?

No. This is a common confusion with Lamborghini, which is owned by the Volkswagen Group through its Audi subsidiary. Ferrari is entirely independent of Volkswagen.

Where is Ferrari's corporate headquarters?

While its production and soul remain in Maranello, Italy, the legal headquarters of Ferrari N.V. is located in Amsterdam, Netherlands. This is a common practice for international companies to facilitate specific corporate governance structures like the Loyalty Voting Program.