Count Volpi developed utilities, which had brought electricity to Venice, northeastern Italy and the Balkans by 1903.

As the Kingdom of Italy's Minister of Finance from 1925 until 1928, Volpi successfully negotiated Italy's World War I debt repayment with the United States[4] and with the United Kingdom,[5] pegged the value of the lira to the value of gold, and implemented free trade policies.

His son is the former automobile racing manager and Formula One team owner Giovanni Volpi (b.

[10] He was removed from this position and expelled from the Grand Council of Fascism after he opposed the continuing of the war and Italy's alliance with Hitler.

His illness prevented him from appearing before the judges, but, thanks to the Togliatti amnesty he was acquitted of all charges, after a life spent at the top of the Fascist Party.