Creator of "Nutella" and head of Ferrero Rocher chocolates. Wealthiest person in Italy; said to be the "richest candy-man on the planet" according to Forbes Magazine. In 2014, Bloomberg estimated Ferrero's net worth above $26.5 billion. Mr. Ferrero was the son of Pietro and Piera Ferrero, and was born at Dogliani, located south of Turin. Pietro had opened a lab in Alba and created a product from gianduia, a type of hazelnut chocolate found in the area. When Michele took over the Ferrero Company after his father's death in 1949, he changed the formula of the product, and in 1964 named it Nutella. His company also created Tic Tac mints and Kinder chocolates between 1950 and 1970. In 1982, Ferrero Rocher products were sold in numerous countries in Europe. Nutella was first sold in the United States in 1983. He arranged for his employees to be picked up from the villages around Alba by buses that returned them to their homes at the end of their shifts. He gave them free medical care and other welfare services, including company outings. Ferrero’s workers have never gone on strike. He was a devout Catholic and visited Lourdes at least once a year. He had statues of the Virgin Mary placed in every Ferrero factory. Mr. Ferrero was suspicious of the effects of higher education, and had no formal schooling after high school. He fled Italy when the "Red Brigade" was kidnapping members of rich families, and never returned, due to the tax advantages he had by living in Monoco. In 1997, he turned over the day to day operations of the company to his sons, Pietro and Giovanni. In 2011, Pietro died in a cycling accident, and Giovanni became the CEO, although his father never really retired. Mr. Ferrero never gave newspaper interviews and refused to accept honorary degrees. The formula for Nutella is a very closely guarded secret.