Billionaire Michele Ferrero died on 14 February 2015 in Monte Carlo, Monaco following a prolonged illness. He was 89.
Michele Ferrero was Italy’s richest man and the owner of a global chocolate and confectionery empire that was built on the popular Nutella spread.
It was Ferrero’s father Pietro Ferrero who laid the groundwork for the Nutella recipe by adding hazelnut to the mix to save money on cocoa. But it was Michele Ferrero who turned the paste into the Nutella now known across the world.
Ferrero group now produces around 365000 tonnes of Nutella every year in 11 factories around the world. The biggest market of Nutella is in Germany followed by France and Italy.
Other confectionary and chocolate brands that are produced by Ferrero Group include Mon Cheri, Kinder Chocolate, Ferrero Rocher, Tic Tacs and Kinder Eggs.
According to Forbes, Ferrero and his family were estimated to hold Italy’s biggest fortune at 23.4 billion US dollars, making him the 30th richest man in the world.