Silvio Berlusconi, Italy’s longest-serving prime minister since the second world war, was a billionaire who had investments in everything from property and banking to the media and football. His death, at the age of 86, raises questions over the fate of an empire that was closely entwined with a political career that spanned almost three decades.
Berlusconi had an estimated fortune of $7.4bn (£5.8bn) as of April 2023, according to the Bloomberg Billionaires Index. But he left no indication, at least not publicly, of who would take over his empire after his death.
Still, it is believed he wanted to avoid the kind of hereditary dispute that has befallen other super-rich Italian families, such as the Agnellis, the founders of Fiat, and so it is expected his wealth will be divided equally between his offspring.
Berlusconi had two children – Marina and Pier Silvio – with his first wife, Carla Elvira Dall’Oglio, and three – Barbara, Eleonora and Luigi – with his second wife, Veronica Lario.
“There are those who believe they want to liquidate the assets, take the cash and run,” said Francesco Galietti, the founder of Policy Sonar, a consultancy in Rome. “And those who think the opposite. One thing for sure is that they will need time to sit down and consider their options.”
Marina, who chairs Fininvest, the family holding company, and the publisher Mondadori, is poised to be the one calling the shots. Pier Silvio is deputy chairman of the TV company, Mediaset, while the three younger siblings hold stakes in Fininvest but do not have major roles in their father’s businesses.
Berlusconi’s vast wealth includes the AC Monza football club, properties, yachts and artworks, but the main asset is Mediaset, Italy’s largest commercial broadcaster and vehicle for his domination of the national debate.
His heirs will be keen to shield the company from a hostile takeover, akin to that attempted by Vivendi in France in 2016, and so maintaining good relations with Giorgia Meloni’s government, of which Berlusconi’s Forza Italia party is a junior member, will be crucial.
“There will be tit for tat with Meloni,” said Galietti. “The Berlusconi family will throw a [financial] lifeline to an already dead political party, and in return Meloni will have to shield Mediaset from hostile attacks.”
The siblings will also be keen to ensure Forza Italia remains compact, and in government, for their business interests to be safeguarded.
“They did not agree with their father when he collapsed the government of Mario Draghi last year,” said Lorenzo Castellani, a politics professor at Luiss University in Rome. “For the businesses, they have always wanted to be in government, and this government in particular. A good rapport with Meloni can offer guarantees for whichever path they take.”
With Mediaset, it could be that the family will choose to sell it within the next few years if deemed to be the more profitable route. “In that scenario, there could be friction with the government as we know that Mediaset is favourable towards this government,” added Castellani.
A source close to Berlusconi who saw him 10 days before he died, when he tied up his will, said “everyone had been taken care off”, including Berlusconi’s ex-wives.
Another key protagonist is Marta Fascina, the 33-year-old partner of Berlusconi and a Forza Italia deputy. It is thought that his offspring agreed to Fascina being left money in his will in exchange for him not marrying her (the pair held a “symbolic” marriage last year).
“They wouldn’t have wanted a messy divorce like the one with Veronica Lario,” said Castellani.
However, in an indication of positive relations, Martina and Fascina held hands at Berlusconi’s funeral on Wednesday.
“Fascina is a grieving quasi-widow who, in public, the family is holding up – she hasn’t been dropped,” said Galietti. “But I doubt her clout will be the same as we move forward.”
