The journey to billionaire status of late Italian Prime Minister Silvio Berlusconi

It is not yet clear how Mr Berlusconi's fortune, which includes ownership of some of Italy's most prominent companies, including football club AC Milan, will be divided among his five children.

Billionaire, former Italian Prime Minister Silvio Berlusconi. Photo: TC

Bloomberg reported that Mr. Berlusconi's net worth was about $7.6 billion as of Monday. So how did the late Italian prime minister make his money?

Media mogul

He entered politics at the age of 57, serving four times as Prime Minister of Italy. However, he had already amassed a huge fortune as a real estate developer in the late 1960s, before becoming a media mogul.

In the 1970s, he founded the cable television company Telemilano and acquired two other cable television channels in Italy.

In 1978, these channels were merged into his holding company, Fininvest. Through Fininvest, Mr. Berlusconi acquired large stakes in several major European media companies, as well as in the football club AC Milan.

Mr Berlusconi owned 61.3% of Fininvest at the end of 2021. Fininvest is the largest shareholder in MediaForEurope with a 48% stake. The broadcaster has a market capitalisation of around €1.6 billion and operates commercial TV channels in Italy and Spain. Fininvest also holds a 53% stake in Mondadori, Italy's largest book and magazine publisher.

Fininvest sold AC Milan for €740m in 2017 after 31 years of ownership. In a tweet on Monday, the club said it was “deeply saddened” by Mr Berlusconi’s passing.

Legal controversy

He has also faced political criticism over his business dealings. During his nearly two decades in politics, he has been tried on at least 17 counts of embezzlement, tax fraud and bribery, although he has always denied wrongdoing.

In 2012, a Milan court convicted the former Italian leader of tax evasion. Prosecutors found that Mr. Berlusconi, along with executives at Mediaset, had bought television rights to films and then sold them at inflated prices. The scheme allowed those involved to avoid paying huge tax bills.

Mr Berlusconi has five children from two marriages, all of whom hold significant stakes in Fininvest. His eldest child, Marina, 56, has run the company since 2005 and is widely seen as the most likely to take control of her father's business empire.

His other son, Pier Silvio, 53, is chief executive of MediaForEurope. Shares in the company jumped 10% on Monday, before cooling in the late afternoon as investors anticipated potential changes to the company’s ownership following Mr Berlusconi’s death.

Marina and Pier Silvio each hold 7.7% of Fininvest, while Mr Berlusconi's three remaining children own a total of 21.4% of the company.

Quoc Thien (according to AFP, Reuters)

Source: https://www.congluan.vn/hanh-trinh-tro-thanh-ty-phu-cua-co-thu-tuong-y-silvio-berlusconi-post251413.html