TOP Richest inventor MICHELE FERRERO

MICHELE FERRERO  $20.4 BILLION

Michele Ferrero, who built his father's sweets company into a global candy empire best known for its Nutella chocolate hazelnut spread, passed away in February 2015 at age 89. Ferrero Group products also include Kinder, Ferrero Rocher and Tic-Tac. Michele's father Pietro got his start during World War II in northern Italy, where he set up a lab to supply his wife's pastry shop. Faced with rationed cocoa, he used the region's plentiful hazelnuts to create a spread that would eventually become Nutella. In 1949 Pietro died, briefly leaving the company in his brother's hands before son Michele took over. Starting in 1957, Michele aggressively targeted overseas markets while developing new brands and products. The following decades saw Ferrero grow across Europe, South America, Asia, and Australia, while he focused on new products such as the Ferrero Rocher hazelnut chocolates. In 1987, Michele made his sons Pietro and Giovanni co-CEOs. In 2011, Pietro, a cycling enthusiast, died suddenly during a bicycle training ride in South Africa. Giovanni, a published novelist, stepped into the role of chief executive full time.

If this isn’t telling about our values as a society then nothing is. But this is one we can be proud of...chocolate. The magic of chocolate has never been more clearly defined than in the net worth of Michele Ferrero: over $20 billion.

Though Ferrero has many brands, including Ferrero Rocher, Tic Tac, and Kinder chocolate, among  the most notable, and iconic, of his inventions is the Nutella brand. Who knew so many people wanted chocolate for breakfast? Ferrero recognized a niche for spreadable chocolate and the addition of hazelnut proved to a perfect mix. When you reach for your toast and chocolate spread in the morning, thank Ferrero for making it possible! Although, given his net worth, perhaps we've thanked him enough