The End Of An Era: Silvio Berlusconi Dies at 86, Leaving $6.8-Billion Financial Empire

Four-time Italian prime minister and flamboyant divisive figurehead Silvio Berlusconi passed away on June 12, 2023 at the San Raffaele hospital in Milan. He was 86.

Starting from a construction business, Berlusconi built a financial empire with branches in numerous sectors, effectively achieving a net worth of US$6.8 billion as of June 2023. He was the third-wealthiest person in Italy.

As the dominant force in Italian politics for some two decades, Berlusconi was also extremely divisive. His political career will be remembered for the political disruption he caused, the tax controversies that surrounded him, and the difficult legislative battles he fought.

Significant Events

Berlusconi made his political debut in Italy in 1994, following the “Tangentopoli” scandal, which shook the country’s political establishment.

Berlusconi was able to garner support from the business sector, liberals, and conservatives alike, thus establishing a new center-right bloc in the Italian political arena — owing to his charming personality and entrepreneurial spirit.

His election as Italian Prime Minister in 1994 constituted a fundamental shift in the political landscape of the country, as he positioned himself as a successful entrepreneur capable of delivering economic prosperity to Italy. Berlusconi’s captivating message of prosperity and personal success resonated strongly with the Italian public, propelling him to power and making him the longest-serving Italian Prime Minister in the post-war era.

He served as Prime Minister in four governments from 1994 to 1995, 2001 to 2006 and 2008 to 2011. Berlusconi was forced to resign as Prime Minister of Italy in 2011 due to the ongoing crisis over the country’s sovereign debt, and he was never able to return to that position again.

Berlusconi And U.S. Presidents

Throughout his career, Silvio Berlusconi had the opportunity to meet with several US presidents, including George W. Bush, Barack Obama, and Donald Trump. Among them, his relationship with Donald Trump stood out, as Berlusconi expressed admiration for him and referred to him as his “friend.”

The two were also involved in a business partnership in the early 2000s about a real estate project known as the “Trump International Hotel and Tower” in New York City. However, the project faced legal and financial challenges, ultimately preventing its realization.

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Berlusconi & Putin

It is also known that Berlusconi and Russian President Vladimir Putin also had a friendly relationship.

The Italian leader had mentioned he received letters and gifts from Putin in the past, including bottles of vodka. Last year, after the outbreak of the war in Ukraine, Berlusconi also admitted that Putin was pushed into the war and wanted to put “decent people” in charge of Ukraine.

Legal Controversies

Throughout his political career, Berlusconi was embroiled in various domestic disputes and court challenges. He was convicted of tax evasion in 2013 and sentenced to four years in prison as well as a five-year ban from public service.

However, because of a general pardon, his sentence was reduced to one year of house detention or community service. In addition, he was found guilty in 2013 of paying an underage prostitute and abusing his privileges to cover it up, earning him a seven-year prison sentence and a lifetime ban from public office.

On July 18, 2014, an appeals court in Italy cleared him of the sex accusations.

A $6.8B Financial Empire To His Sons

Berlusconi’s wealth composition comprised a diverse portfolio of media holdings, sports clubs, real estate, and other investments, amounting to a total net worth of approximately $6.8 billion.

At the core of Berlusconi’s empire lies Fininvest, the family’s longstanding financial holding that governs three major publicly traded assets: Mediaset MDIUY (now Mfe, mediaforeurope), Mediolanum BNMDF, and Mondadori MDEPY. These holdings amount to a value of around $3.3 billion, complemented by an equally substantial real estate portfolio.

Berlusconi’s death marks the end of an era that shaped the political discourse and left an indelible mark on Italian society and economy.