Mars Family Net Worth 2022: Family Dynasty In The United States, Position #3 In Wealth

Mars Family Net Worth 2022: The Mars family is the family that owns the confectionery company that bears their name and is known simply as Mars, Inc. The family was dubbed the richest family in America by Fortune magazine in 1988 since eclipsed by the Walton family.

Jacqueline Mars is a well-known heiress and investor in the United States. She is the granddaughter of Frank C. Mars, one of the founders of the American confectionery firm Mars, Incorporated, and the daughter of Audrey Ruth and Forrest Mars, Sr., who founded the company. Check Out Brad Pitt’s Net Worth 2022

Who Are the Members of Mars?

Stephen Badger, the current chairman of Mars, has two sisters, Alexandra B. Airth and Christa M. Badger, from his mother’s previous marriage to David Badger. Because Jacqueline is so secretive, not much is known about her family.

Forrest Mars Jr.’s four daughters, Marijke, Pamela, Valerie, and Victoria, inherited 8% of the company after his death in 2016. Forrest Mars Jr. All had roles in the family firm, and eventually, all made it onto the board of directors.

This indicates that the company is owned by and managed by multiple generations of the same family. Linda, Frank, and Michael Mars are John’s offspring. It is assumed that they will inherit their share of the business and wealth. However, it is not always easy to find out what is happening.

Although the business is somewhat more transparent than in the past, it is nonetheless notoriously secretive due to years of training. While some billionaires, like Richard Branson and Mark Cuban, relish the spotlight, the Mars family would instead remain incognito.

How The Mars Family Became One Of The Wealthiest Families On The Planet With A Combined Net Worth of $90 Billion: https://t.co/3DVy7a89A6 pic.twitter.com/YPzKeNuxbE

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How Did Mars Family Started Confectionery Company?

About 111 years ago, in 1911, Franklin Mars created Mars Inc. In his early years, Mars watched his mother make chocolate candy and learned from her how to create the perfect coating. He spent his early years in the Twin Cities.

Using his expertise in the confectionery industry, Joseph and his second wife, Ethel founded the Mars Candy Factory in Tacoma, Washington, in 1911. The pair produced and wholesaled some new treats but ran into competition from more prominent, established chocolate manufacturers.

He eventually conceded defeat, but he was determined to try again, so he and his wife relocated to Minneapolis and revived the Mars Candy Company. On their second try, they successfully sold a batch of brand-new candy.

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Forrest Mars, Mars’s son with his first wife Veronica, recommended they try something new after the company had been around for twelve years. Forrest proposed they create a unique candy bar flavor by fusing the trendy milkshake of the moment with candy. After Frank approved the concept, the Milky Way bar was made.

It was marketed as “chocolate malted milk in a candy bar,” It was a smashing success. Shortly after its introduction, it outsold all of its other candies combined. Soon after that, in 1930, Snickers bars were introduced, followed by the advent of The Three Musketeers in 1932.

Is Mars Still Family Owned?

While the Mars family still holds majority ownership of the corporation, Forrest Sr. was renowned as a modest man who made his children earn their money so they would not become arrogant. Upon his death in 1999, his three children, Forrest Jr., Jacqueline, and John, inherited the business.

John (born in 1935) and Jacqueline (born in 1939) is the business’s current co-owners. However, they do not play any managerial roles. Jacqueline, on the other hand, enjoys all the trappings of a billionaire by dividing her time between many large mansions.

To this day, her son Stephen Badger serves as chairman of the board for the company the family founded. For nearly a century, the company and family skillfully hid behind their globally recognized brands.

However, the business is now taking steps toward greater openness. Although the company’s Virginia headquarters have come a long way from being humorously called “the Kremlin,” they still have a ways to go before they can win over the internet-savvy members of Generation Z.

What Is the Richest Candy Company?

In 2020, Mars Wrigley will have generated $20 billion in net sales, making it the largest candy manufacturer in the world by far. Statista puts its nearest competitors, Ferrero Group, Mondelez International, Meiji Co., and Hersey Co., at $13.57 billion, $11.47 billion, $10.08 billion, and $8.07 billion, respectively.

It’s no surprise that the Mars family has amassed such a fortune, as they have maintained their grip on the candy industry for decades. This industry is worth over $200 billion. More than that, projections put it at $290.7 billion by 2028, up from a projected $217 billion in 2020.

The Sweets and Snacks Expo is the place to be if you want to make a name for yourself in the snack food business. Although Mars is off-limits to investors, companies including Hershey Co (NYSE:HSY), Tootsie Roll Industries (NYSE:TR), and Mondelez International (NASDAQ:MDLZ) will be present at the world’s largest candy convention (NASDAQ:MDLZ).

Mars Family Net Worth 2022

The Mars family is among the richest in the country, with a total net worth of $94 billion. Mars Inc., which bears the family’s surname, owns many different kinds of candy. There is a consensus that this firm is the largest manufacturer of sweets in the world. The corporation is estimated to make about $27.5 billion in revenue annually.

Mars, Inc. is the industry standard in sweets, producing popular treats like the Milky Way bar and M&Ms, among other brands. In addition to being the industry standard in candy production, this firm also makes widely popular pet food brands, including Whiskas and Pedigree.

The Mars family has kept a low public profile, but members Jacqueline (now 71), John (now 74), and Forrest (now 79) Mars are well-known celebrities. Although they have maintained a quiet profile in the business, they made news in 2008 when they and Warren Buffett purchased the Wrigley chewing gum company for $23 billion.