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Malcolm Forbes
Summary
Malcolm Stevenson Forbes (August 19, 1919 – February 24, 1990) was an American entrepreneur and politician most prominently known as the publisher of Forbes magazine, founded by his father B. C. Forbes. He was known as an avid promoter of capitalism and free market economics and for an extravagant lifestyle, spending on parties, travel, and his collection of homes, yachts, aircraft, art, motorcycles, and Fabergé eggs.
Forbes was also active in politics. He served two terms as a member of the New Jersey Senate representing Somerset County and ran two campaigns for Governor of New Jersey. In 1953, he lost the Republican nomination to Paul L. Troast, who had the support of most of the party establishment. In 1957, he was nominated but lost to incumbent Governor Robert Meyner.
Forbes was born on August 19, 1919, in Englewood, New Jersey, the son of Adelaide Mary (Stevenson) and Scottish-born financial journalist and author B. C. Forbes. He graduated from The Lawrenceville School in 1937. In 1941 he received an A.B. from the School of Public and International Affairs, now Princeton School of Public and International Affairs, at Princeton University, with a 176-page senior thesis, "Weekly Newspapers - An Evaluation." Forbes enlisted in the Army in 1942 and served as a machine gunner in the 84th Infantry Division in Europe, rising to the rank of staff sergeant. Forbes received a thigh wound in combat, and received a Bronze Star and a Purple Heart.
After dabbling in politics, including service in the New Jersey Senate from 1951 to 1957 and an unsuccessful candidacy for Governor of New Jersey, he committed himself full time to the magazine by 1957, three years after his father's death. After the death of his brother Bruce Charles Forbes in 1964, he acquired sole control of the company.
The magazine grew steadily, and Forbes diversified his investments into real estate sales and other ventures. One of his last projects was the magazine Egg, which chronicled New York's nightlife. (The title had nothing to do with Forbes's famous Fabergé egg collection.
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