John Franklyn Mars (born October 15, 1935) is an American businessman and heir. He is the chairman of Mars, Inc. As of October 2022, Bloomberg Billionaires Index estimated his net worth at US$53 billion, ranking him the 21st-richest person in the world (tied with his sister Jacqueline).
The majority of Mars’s fortune derives from his one-third stake in McLean, Virginia-based Mars Inc., a closely held US candy, food and pet products company.
The analysis assumes the fortune was inherited equally by third-generation siblings Jacqueline, John and Forrest Jr. The third attributed to Forrest Jr was split equally among his four children after his death in 2016. The company declined to comment on the breakdown of individual shareholders.
The business is the world’s largest candy maker and best known for confections such as Snickers, M&Ms, Milky Way and Twix. With its purchase of Wrigley in 2008 for $23 billion, it commands more than half the US chewing-gum market, according to Euromonitor, and sells such brands as Big Red, Doublemint, Eclipse, Juicy Fruit and Orbit. Its other popular candies include Skittles, Starburst, Life Savers and Altoids. Its food brands include Ben’s Original and Suzi Wan, and pet food and care brands include Pedigree, Whiskas and Eukanuba.
Mars has annual sales of almost $50 billion, according to a Moody’s report from April 2023. It’s valued using the average enterprise value-to-sales and enterprise value-to-Ebitda multiples of three publicly traded peer companies: Hershey, Nestle and Mondelez International.
Mars acquired animal-hospital chain VCA Inc. for $7.6 billion in 2017 and snack-bar maker Kind in 2020. Both assets are included in Mars Inc.’s valuation.
Mars Inc has $17 billion in loans and other debt as of May 2023, according to Bloomberg data. The billionaire’s share of that debt is included as a liability.
Mars Inc.’s external spokeswoman Amy Weiss declined to comment on the valuation.
Biography
Early life
John Franklyn Mars was born on October 15, 1935. He is the son of Audrey Ruth (Meyer) and Forrest Mars, Sr., and grandson of Frank C. Mars, founders of the American candy company Mars, Incorporated. Mars graduated from the Hotchkiss School in Lakeville, Connecticut in 1953 and Yale University.
Education: Yale University
Grandfather Frank Mars, who was born in 1882, learned to hand-dip chocolate as a schoolboy. He began making and selling buttercream candies from his home in Tacoma, Washington, in 1911, and moved the business to Minneapolis in 1920, operating under the banner Nougat House. A long string of confectionery blockbusters followed, including Milky Way, Snickers and 3 Musketeers.
After his death in 1934, Frank’s only son, Forrest, took over the business and expanded into pet care with the purchase of Chappie canned dog food and, later, into packaged food with the addition of what would become Uncle Ben’s rice. Forrest stepped down from day-to-day management of the global food manufacturer in 1969, turning over control to his two sons, John and Forrest Jr., who died in 2016.
Along with sister Jacqueline, the billionaire continues to serve on the company’s board. John lives in Jackson Hole, Wyoming, with his wife Adrienne Bevis and their three children.
Career
As a member of the Mars family, his share of the company and other assets were worth US$10 billion in September 2010, making him the 52nd richest person in the world and the 26th richest person in America, according to Forbes. As of October 2012, Mars is listed as the 30th richest person in the world with an estimated net worth of 20.1 billion.
According to the Hurun Global Rich List 2015, he was 28th richest person in the world with a net worth of US$26 billion. In 2016, his net worth went up to $29 billion and the 19th richest person in the world.
In January 2017, he paid $7.7 billion for VCA, Inc, a pet care company.
Personal life
He married Adrienne Bevis in June 1958. They have three children: Linda Anne Mars born May 23, 1960 (age 63), Frank Edward Mars born March 13, 1963 (age 60), and Michael John Mars born November 22, 1967 (age 55).
He formerly lived in Fairfax County, Virginia but now resides in Jackson, Wyoming. In the 2010 to 2014 Forbes rankings of personal wealth, Mars was the highest ranked person whose photograph was unavailable to the magazine
In March 2015, Queen Elizabeth II awarded him an honorary knighthood at Windsor Castle.
Milestones
- 1904 Father Forrest Edward Mars is born in Wadena, Minnesota.
- 1911 Grandfather Frank C. Mars begins selling buttercream candy.
- 1929 Mars Inc. relocates to Chicago. Forrest Mars joins the business.
- 1930 Mars begins selling the Snickers bar.
- 1932 Forrest Mars moves to England to set up his own confectionery.
- 1935 John Franklyn Mars is born.
- 1957 Graduates from the Yale School of Engineering.
- 1969 Takes over management of Mars with Forrest Jr. after father retires.
- 2008 Mars acquires Wrigley for $23 billion.
