The man who made billions from Nutella has died

Italy’s richest person remembered

Michele Ferrero, dubbed the “richest candyman on the planet” died on Saturday aged 89.

The billionaire Italian businessman was worth at least $23.4bn according to Forbes – money he made as the creator of hazelnut phenomenon Nutella and its delicious cousin Ferrero Rocher.

The chocolate spread was invented in the 1940s by Michele’s father Pietro. The story goes the family experimented with local ingredients to make chocolate spread during and after the Second World War, when cocoa was rationed.

But it wasn’t until 1964 that the first batch of what we know now as Nutella was actually sold, and the company now makes 365,000 tonnes a year in 11 factories across the globe.

Since 1997, his company Ferrero, which also makes Tic Tacs and Kinder Eggs has been run by his two sons and currently has sales of about £6bn.

Michele Ferrero

Italy’s richest person, Ferrero, ranked 31st on the Bloomberg Billionaires Index as of February 2015.

Ferrero had suffered months of illness before he died at the grand age of 89.

We salute you Michele, creator of chocolate and double chins.

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