- Initially-tapped by his brother Gianni to take over Fiat, a "coup" by banker Enrico Cuccia, who "installed" Cesare Romiti, scuttled those plans. After Romiti was ousted, Gianni announced his plan to groom Umberto's son, Giovanni, to take over Fiat. Tragically, Giovanni died in 1997 before he could take the helm. Umberto's twin sons, Giovanni's brothers, died shortly after birth.
- Father of Andrea Agnelli.
- Brother of Contessa Cristiana Brandolini, Giovanni Agnelli, Susanna Agnelli, and Maria Sole Agnelli. Uncle of Delfina Rattazzi, Edoardo Agnelli, Cristiano Rattazzi, Priscilla Rattazzi, Ruy Brandolini, and Lupo Rattazzi. Great-Uncle of John Elkann, Lapo Elkann, and Ginevra Elkann.
- His second wife was the cousin of his sister-in-law, Marella Agnelli.
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