We live in an era of truly incredible wealth and vast inequality between the richest billionaires and everyday middle-class people. The 50 richest families in the world have a combined net worth of $1.2 trillion. Among these families, the Mars family stands out as the third richest American family, boasting an impressive net worth of $94 billion, a significant increase from $90 billion just two years ago. Renowned for their contributions to the candy industry, they are the masterminds behind beloved treats like Snickers, M&Ms, Skittles, Milky Way, 3 Musketeers, Mars Bar, Twix, and many more.
The secretive nature of the Mars family, coupled with their four generations of leadership, has contributed to their remarkable success. Mars, Inc. is not just a candy company; it ranks as the sixth-largest privately owned business in the U.S., generating worldwide sales exceeding $35 billion. This article delves into the history of the Mars family, their business ventures, and the strategies that have led them to such incredible wealth.
Mars, Inc. was founded 111 years ago in 1911 by Franklin "Frank" Mars. Growing up in Minneapolis, Minnesota, Frank learned the art of hand-dipping chocolate candies from his mother. He, along with his second wife, Ethel V. Mars, launched the Mars Candy Factory in Tacoma, Washington, but faced challenges due to competition from established firms. In 1920, they relocated back to Minneapolis, where they re-established their business, setting the stage for their future success.
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History of the Mars Family
The journey of the Mars family begins with Frank Mars, who started his candy-making venture in 1911. He was joined by his wife Ethel, and together they laid the foundation for a family business that would thrive for generations. Frank's passion for candy was evident from a young age, and his innovative ideas helped shape the candy market.
In 1923, Frank's son, Forrest Mars, introduced an idea for a new candy bar inspired by a popular milkshake. This led to the creation of the Milky Way bar, which quickly became a bestseller. Following this success, Snickers was introduced in 1930, and 3 Musketeers followed in 1932. This period marked the beginning of Mars Inc.'s rise as a powerhouse in the candy industry.
Founding and Expansion of Mars, Inc.
After facing challenges in Tacoma, the Mars family made a crucial decision to return to Minneapolis and re-establish their business. This move was pivotal, as it allowed them to regain their footing in a competitive market. Over the decades, Mars, Inc. expanded its product line and ventured into various segments beyond candy, including pet care and food products.
Today, the company is well-known not just for its iconic candies but also for brands like Uncle Ben's Rice and Pedigree dog food. Their ability to diversify and adapt to changing market conditions has played a significant role in their sustained success.
Secretive Nature and Leadership
The Mars family is known for its private nature, often avoiding the public eye and media scrutiny. They have maintained a strong, family-led business model that emphasizes frugality and caution. The leadership style of Forrest Mars, Sr. greatly influenced his children, instilling in them the values of discretion and integrity.
Forrest Mars, Sr. passed the reins to his sons, Forrest Jr. and John, who were eager to take the helm. Despite occasional tensions, the family managed to keep the business within the family, ensuring continuity and a legacy that spans over a century.
Current Ownership and Legacy
Today, the Mars company is entirely owned by John and Jacqueline Mars, representing the fourth generation of the family. Victoria Mars, the daughter of Forrest Jr., serves as the chairman of the company. Under her leadership, Mars, Inc. continues to thrive, with a focus on innovation and sustainability.
The Mars family remains committed to keeping the company within the family. Recent news highlighted their acquisition of Kind, Inc., showing their ambition to expand their portfolio further. Their legacy is not just defined by their wealth but by their contributions to society through various philanthropic efforts.
The story of the Mars family is a testament to the power of perseverance, innovation, and maintaining strong family values in business. As they navigate the challenges of the modern market, the Mars family continues to be a significant player in the global candy and food industries.
