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When you hear people talk about “old money”, what comes to mind should be heirs, heiresses, inherited companies or inherited real estate. Like every other thing in life, there’s also some sort of hierarchy in “old money”, this is because some “old monies” are greater than others; you know, just like wine, the older the money, the better it is for the heirs and heiresses. Such is the case of Jacqueline Mars, an heiress who inherited the biggest candy company in the world as a third-generation inheritance alongside her brothers and they have been able to maintain and exponentially grow their inherited empire to become one of the top five privately held companies in the US. Let’s find out how she maintained and grew her “old money” into a massive fortune after inheriting the Mars empire from her father.
Who is Jacqueline Mars?
Via Wikimedia Commons An American heiress who was born on October 10th, 1939 in Washington DC, United States of America. She was born as the only daughter of three children to Audrey Mars and Forrest Mars Sr, an American businessman who was famous for developing Milky Way, Mars, M & M, and Chocolate Candy bars; her grandfather was the famous Frank Clarence Mars, an American business magnate who founded Mars Inc., a company that was passed down to Jacqueline Mars’s father and then finally to her and her two brothers which makes it a third generation inheritance. Jacqueline Mars attended high school at Miss Hall’s school before she went on to obtain a degree in Anthropology in 1961 from Bryn Mawr College, she is still a Member of Bryn Mawr College's all-time swim team roster.
Progressive Old Money
Via Wikimedia Commons After graduation, Jacqueline Mars had a pause in her career to enable her to get married and raise a family. This was only until 1982 when she joined her father’s company as the president of the food product group. In 1999, her father passed away, leaving behind Mars Inc. to Jacqueline Mars and her two brothers. For some people, there are lots of fond memories surrounding some candies that made up their childhood. You know, like Skittles, Orbit, Twix, Sneakers, M & M, Mars, Bounty, Maltesers, etc, these candies are produced by Mars Inc. the company Jacqueline Mars and her brothers inherited and developed into an even bigger private business in the United States of America.
Flaunting their wealth wasn’t exactly how she and her brothers were raised. Her father raised them in a frugal way, he raised them to be humble and hardworking despite being heirs and heiresses to one of the biggest candy-producing companies. Jacqueline Mars and her brothers owe their billionaire status to Mars Inc. as each of them holds an equal amount of shares in the company. Combined, the Mars family is worth over $94 billion, and annually, Mars Inc. rakes in about $45 billion which makes them the 3rd richest family in America.
Jacqueline Mars and Her Input to Mars Inc.
Via Wikimedia CommonsAccording to private filings, Jacqueline Mars, also referred to as the Chocolate Queen, and her brothers also known as The Mars Family are the sole shareholders of Mars Inc. As a third-generation inheritance, every decision made on Mars Inc. had to be decided by Jacqueline Mars and her two brothers. In 2017, the Mars Family consisting of Jacqueline Mars and her two brothers purchased Doane Pet Care Company, this caused a significant increase in their earnings and earned them the position of one of the best U.S dry pet food. In 2008, Jacqueline Mars and her two brothers decided to buy out Wm. Wrigley Jr. Company in conjunction with Berkshire Hathaway Incorporated for $23 billion.
Jacqueline Mars and her brothers did put in the extra work that helped expand Mars Inc. into four segments around the globe; Mars Wrigley Confectionery which is headquartered in Chicago, Illinois, with U.S. headquarters in Hackettstown and Newark, New Jersey, Petcare with plants in Zaventem, Belgium; Poncitlán and Jalisco, Mexico; Querétaro, Mexico, Food located in Rancho Dominguez, California, and MARS Edge located in Germantown, Maryland. Jacqueline Mars is currently worth $53 billion, this is hugely based on her inheritance and this makes her the 18th richest person in America and 21st richest person in the world.
Jacqueline Mars’s Personal Life and Philanthropy
Via Wikimedia Commons Jacqueline Mars was once involved in a motor accident that took the life of one person and caused the miscarriage of another. She had confessed to sleeping off on the wheel and she pleaded guilty to the lawsuit and was charged with reckless driving. She is currently a trustee of the US Equestrian Team, she was also once an active board of directors for the Washington National Opera and the National Sporting Library and Fine Arts Museum. She is a philanthropist who contributes to several charitable causes using her Mars Foundation for such donations. Part of her philanthropy included the Australian Outback doctors and National Symphony Orchestra.
Mars is an absolute lover of horses and is a proud owner of a horse farm in Virginia that houses trained horses that have been used by Olympic Medalists. She maintains a lavish lifestyle, owns many of the most expensive cars in the world, and also splurges on wristwatches, clothes, and jewelry. However, due to how secretive the Mars family is, it is difficult to tell the exact number of shares Jacqueline holds in Mars Inc. but one of her sons is currently on the board of directors for Mars Inc. and despite that she’s now retired from Mars Inc., she is still retained as a strategic advisor to help direct the Mars empire.
Awards and Achievements
Via Wikimedia CommonsAs the princess of the Mars empire, Jacqueline Mars has sure made lots of achievements in life, part of these achievements include her Professional Riders Organization “As You Like it, Owners” award in 2011, her National Archives Foundation’s Heritage Award in 2011, her R. Bruce Duchossois Distinguished Trustee Award in 2015, her USA President’s Lifetime Achievement Award in 2021, and a one-time richest woman in America. This remarkable woman may have been handed a golden ticket in life, but she has sure lived well and contributed to the growth of her inheritance and even her society at large.
Sources: Wealthy Gorilla, CA Knowledge, and Celebrity Net Worth.
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