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The 84-year-old has made his fortune not only in fashion, but also in accessories, perfumes, makeup, sportswear, interior design, real estate, restaurants, hotels, and even chocolate.
Here's a look at how Armani makes and spends his billions.
Giorgio Armani, the co-founder and sole owner of fashion house Armani, is worth $8.8 billion, according to Forbes.
His empire also spans industries that include accessories, perfume, makeup, interior design, real estate, restaurants, and hotels. The business mogul brought in $2.7 billion in revenue in 2017, according to Bloomberg, which looked at filings with Italy's business register.
The 84-year-old spends part of his fortune on multiple private homes all over the world, from Italy to the South of France to the Caribbean island of Antigua. He also owns a 213-foot luxury superyacht.
Armani was born in the northern Italian town of Piacenza in 1934 and later attended medical school at Piacenza University for two years before leaving for his military service.
While on leave from the military, Armani got a job as a window dresser at Milan department store La Rinoscente, where he worked up to a buyer position, marking his first foray into fashion.
He launched Armani Hotels & Resorts in 2005, which operates luxury hotels in Dubai and Milan, Italy. In 2016, the Dubai location was named the most luxurious hotel in the world.
The hotel's nightclub, Armani/Privé, is a stylish hotspot that stays open until 3:00 a.m. and "embodies the essence of the Armani brand," according to the website.
Armani’s design skills extend to vehicles as well. In 2003, he collaborated with Mercedes-Benz to design a sleek sports car, the Mercedes-Benz CLK. Only 100 of the cars were sold.
Armani travels all around the world for fashion shows and other events relating to his brands.
Armani sometimes travels via his private jet, on which George Clooney and David and Victoria Beckham reportedly once got a ride from LA to New York for the 2008 Met Gala.
He's often seen in Milan for fashion week and other events.
In March 2005, he traveled to Japan to attend a preview of the Giorgio Armani exhibition that displayed 30 years of his work, including original sketches and costumes.
Armani spends part of his $8.8 billion fortune on private residences around the world, from Italy to Saint Tropez, France, to the Caribbean island of Antigua.
One of Armani's homes sit on the little-known Italian island of Pantelleria.
Armani reportedly spends six weeks each summer with friends sailing his yacht from Saint Tropez around Mediterranean islands that include Ibiza, Formentera, and Sardinia, and then ending up at Pantelleria.
Armani certainly seems to enjoy sunny islands. He's reportedly a regular visitor to the Greek island of Patmos, which draws VIPs from all over the world because of its peacefulness, according to CNN.
"I arrived with my family from Piacenza in the aftermath of World War II," Armani told Gourmet Traveler. "I studied here, made friends, started working. I built my life here... Today I feel completely Milanese. I love the city very dearly."
In honor of the 40th anniversary of Armani's fashion house, Scorsese wrote a "love letter" to Armani in Vanity Fair, calling him "my old friend, whom I love and admire."
"I have several little heirs," Armani said in the interview, referring to his two nieces, his nephew, and his long-time assistant Pantaleo Dell’Orco. "(These are) people who could do good things following up on my path."
