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# 194 Paolo Rocca $8.26B

Random fact: The Techint empire has its roots in pre-World War II Italy.

Overview

Rocca is chairman and chief executive of Tenaris, a maker of oil and gas pipes with revenue of $7.7 billion in 2018. The Luxembourg-based company is part of Techint, the Rocca family's Argentina-based industrial conglomerate. Techint is also involved in steel-products manufacturing, construction and health care.

As of :
Last change +$11.3M ( +0.1%)
YTD change +$1.17B ( +16.6%)
Industry Commodities
Biggest asset TEN IM Equity
Citizenship Italy
Age 67
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Paolo Rocca's net worth of $8.26B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

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of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Rocca's wealth is derived from Techint, an Italo-Argentine industrial conglomerate founded by his grandfather, Agostino Rocca, in 1945. Rocca controls Techint with his brother Gianfelice and aunt Anna. The family-owned business controls two publicly traded steel units, Tenaris and Ternium, as well as closely held oil producer Tecpetrol, industrial-machinery maker Tenova, contractor Techint Engineering & Construction and hospital operator Humanitas.

The family controls Techint through Luxembourg-based holding company San Faustin. According to a February 2011 filing with the U.S. Securities and Exchange Commission, 52 percent of San Faustin's voting shares and 40 percent of its total capital are controlled by RP STAK, a foundation incorporated in the Netherlands. Though the filings say no individual or group controls RP STAK, a person with knowledge of the foundation told Bloomberg News in July 2012 that it's controlled by the Roccas. No charitable purposes are mentioned in RP STAK's articles of association.

Paolo Rocca is the chairman of RP STAK's voting committee and credited with the fortune. The other members of the committee are his brother, cousins Roberto and Enrico Bonatti (sons of his aunt Anna), nephew Lodovico and two non-relatives. The same people sit on the board of San Faustin. Until his death in 2003, Roberto Rocca -- Paolo's father and son of founder Agostino -- was listed as controller of RP STAK's British Virgin Islands-based predecessor, Rocca & Partners SA.

The value of his cash investments is based on an analysis of dividends, insider transactions, taxes and market performance.

Stefania Argento, a spokeswoman for Tenaris, declined to comment on Rocca's net worth.

Biography

Birthdate: 10/14/1952
Family: Unmarried, No children

Born in Milan in 1895, grandfather Agostino Rocca fought in the Italian army in World War I. After working in steel and engineering firms, he joined Mussolini's government in the wake of the Great Depression to help oversee the reconstruction of Italy's industry. His role shoring up companies and rejiggering them as defense contractors during the 1930s earned him the title of "inventor of Italy's steel industry," according to Italian newspaper Corriere della Sera. He broke with Mussolini before the end of World War II.

He founded Techint in Milan in 1945 to bid for engineering contracts around the world. Joined by his brother Enrico and a few minority partners, Agostino's focus soon turned to Latin America where he built pipelines and steel factories in Argentina and Mexico. Upon his death in 1978, he passed the reins to his son, Roberto, who earned a doctorate in metallurgical engineering from the Massachusetts Institute of Technology. Roberto continued Techint's expansion into infrastructure, industrial-machinery and oil throughout Latin America and northern Africa over the decades that followed.

Roberto died in 2003, leaving control of the business to his two sons, Paolo and Gianfelice, as well as Enrico and Roberto Bonatti, the sons of his twin sister Anna. His oldest son, Agostino, died in an airplane accident in 2001. Paolo took charge of the family's steel operations in Buenos Aires, while Gianfelice turned his attentions to developing a hospital business in Milan. Roberto Bonatti now leads their Argentine oil producer, Tecpetrol. Enrico is president of Techint Construction & Engineering, still based in the city where the empire was born.

Milestones
  • 1922 Agostino Rocca's twin children, Roberto and Anna, are born.
  • 1945 Roberto's son Agostino is born; Techint is founded in Milan.
  • 1949 Techint completes construction of a gas pipeline in Argentina.
  • 1950 Roberto earns doctorate from MIT.
  • 1952 Paolo Rocca, the last of Roberto's three sons, is born.
  • 1954 Family builds two seamless tube plants, in Argentina and Mexico.
  • 1978 Patriarch Agostino Rocca dies, passing reins to Roberto.
  • 2003 Roberto Rocca dies; Paolo assumes the helm of Techint.
  • 2006 Ternium, which combines Techint's steelmaking units, holds IPO.
  • 2011 Brazilian steelmaker Usiminas bought by Ternium for $2.5 billion.