After opening a small but undoubtedly important business, a young entrepreneur cherishes one humble dream – to see his face on the cover of Forbes, and his name in the rankings of the most successful, wealthiest and the most powerful people of this world. How did this business magazine gain such success?
The monthly magazine Forbes, which provides an overview of finance and economics, is published by the American company Forbes Incorporated. This company also owns Wall Paper, Newsweek and other prined media. The chief editor of the magazine is Steve Forbes, who was the president of the company until the end of 2010. The magazine’s motto is “The capitalist tool”.
Forbes publishes news, interesting journalistic investigations, business sectors reviews, histories of the best enterprises, ratings of the most successful businessmen, sportsmen, performers (for a certain period). Now more than 5 million people read this journal. Forbes is the second largest business journal in the USA (according to the number of readers), the first is Business Week.
Foundation and early history
The magazine Forbes was founded in 1917 by Bertie Charles Forbes, who comes from Scotland. The name of the first edition was “Doers and Doings”. Several years later, Forbes has become one of the most popular finance journals in the US.
In 1947 the founder of magazine, Bertie Forbes, died, and his son became the vice-president of Forbes Incorporated. He tried to increase his father’s capital, but put his own political ambitions above the publishing business.
In the 1960s Forbes has become one of the most influential periodicals. Jim Michaels was the chief editor at that time. Experts say that the editorial policy of Forbes influenced greatly on the modern business journalism in that period. Other media often published flattering articles about different business structures, but Forbes conducted unbiased investigations.
In 1981, Ronald Reagan became the US president. During his reign the country experienced a rapid economic rise. In those days Forbes played an important role in social and political life, promoting its concept of national patriotic capitalism.
Forbes in the 1990s
In 1990s Malcolm Forbes died and his son, Steve Forbes, took the post of the CEO. He inherited a fortune of $ 1.4 billion and 35% of Forbes Incorporated total capital. He also received 51% of the voting shares. Stephen Forbes took over the family business. But, like his father, he tried to satisfy their own political ambitions. In 2000, while participating in the presidential campaign, he sold Forbes shares and reduced his stake to 50%.
During Steve Forbes’s editorship, the magazine started to highlight a wider spectrum of topics; issues in the Japanese and Portuguese languages appeared, covering a large audience in Asia and Latin America. In the 1990s Forbes used to publish highly informative analysis of the new online businesses, thus standing out over other business magazines. In addition, the periodical promoted the idea of income tax unification. Now this idea is applied in most countries.
No one knows the exact data on the turnover of Forbes Inc. and Steve Forbes’s income. Several years ago his capital was estimated at $ 400 million (excluding $ 1.4 billion, which he inherited from his father). Every year, Forbes pays himself about $ 1.2 million. Of course, it is not all his income.
Over recent years Forbes has become even more popular, influential and quoted. According to the amount of advertising, the magazine is considered to be a world leader in the media industry.