Where does the fortune of the Mars family come from?
The Mars family is an American family that owns the confectionery company Mars Inc., bearing their name. The family once was ranked as the richest family in the United States by Fortune magazine, in 1988. It has since been surpassed by the Walton family and the Koch family, currently ranking as the third richest family in America with an (combined) estimated net worth of 90 billion U.S. dollars.
How did the Mars family business develop?
Mars was founded by Franklin Mars in 1911 and quickly developed to a leading confectionery company. Their brands include Mars, Milky Way, M&M’s, Skittles, Snickers, Twix and Orbit Gum. But the company also is a big player in the pet food industry. In 1968 Mars bought the famous pet food producer “Kal Kan”, which was later renamed to “Pedigree” and “Whiskas”. By 1991 they accounted more than 60% of the petcare market for themselves. Today the company employs more than 75,000 employees worldwide and generates 37 billion U.S. dollars in revenues.
Is there a Mars family office?
The mars family behaves highly secret running their businesses, and so are their investment activities (if there are some). The family is known to reinvest most of its profits directly back into the company.
How does the Mars family office invest?
As stated before, the mars family does not clearly own a single family office because they’re reinvesting their profits back into the company. However, in 2017 the family invested 1 billion U.S. dollars to a sustainability program that will contribute to the UN’s sustainable development goals and the Paris Climate Agreement.
This article is part of our detailed report “The single family offices of the richest US families“
Picture Source: Sylvanus Urban