Malcolm Stevenson Forbes transformed the family publication into a prominent platform for capitalism and free market advocacy. Born in Englewood, New Jersey, in 1919, he navigated careers as a publisher, politician, and socialite while maintaining a lifestyle characterized by massive art acquisitions, private aircraft, and grand social gatherings that drew global attention to his media empire.
Military Service and Education
Before his business career, Forbes attended the Lawrenceville School and Princeton University, where he completed a senior thesis titled Weekly Newspapers - An Evaluation. In 1942, he entered the United States Army, serving as a machine gunner with the 84th Infantry Division in Europe. He earned a Bronze Star and a Purple Heart for his service, which concluded after he sustained a thigh wound in combat.
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Forbes served in the New Jersey Senate representing Somerset County from 1951 until 1958. During this tenure, he pursued the governorship twice. In 1953, he lost the Republican primary to Paul L. Troast. In 1957, he secured the Republican nomination but was defeated in the general election by the incumbent, Robert Meyner. He resigned from his senate seat on September 8, 1958, effectively ending his active political career.
Publishing and Business Growth
Taking control of his father's magazine, he oversaw steady expansion and diversified the company's investments into real estate. After the death of his brother, Bruce Charles Forbes, in 1964, he acquired sole control of the organization. He remained focused on the publication until his death in 1990. His contributions to the industry were recognized in 1989 when he received the Walter Cronkite Award for Excellence in Journalism.
Collecting and Social Profile
Forbes gained public attention for his eclectic collections, including over 365 works by Peter Carl Fabergé, hot air balloons, and Harley-Davidson motorcycles. His status as a socialite culminated in his 70th birthday celebration at the Mendoub Palace in Tangier, Morocco. The event, which cost an estimated $2.5 million, hosted 800 guests, including Elizabeth Taylor and Henry Kissinger, highlighting his penchant for opulent displays.
Fast facts
- Born: 1919, Englewood
- Died: 1990, Far Hills
- Education: Lawrenceville School; Princeton University
- Military Rank: Staff Sergeant
- Awards: Bronze Star Medal; Purple Heart
- Political Party: Republican
- Notable Recognition: New Jersey Hall of Fame, 2008
Questions readers ask
What was the significance of the Battle of the Billionaires?
It was a 1955 state legislative contest between Forbes and Charles W. Engelhard Jr., often cited as one of the most expensive state legislative races in history.
What did Forbes collect?
His collections included historical documents, over 365 works by Peter Carl Fabergé, Harley-Davidson motorcycles, and specially shaped hot air balloons.
Achievements
- Bronze Star Medal
