Billionaire Michele Ferrero, who became Italy's richest man with a confectionary empire built on his popular Nutella spread, died on Saturday at the age of 89, Italian media said.

It was Mr Ferrero's father, a small-time pastry maker named Pietro Ferrero, who laid the groundwork for the recipe and famously added hazelnut to it to save money on chocolate.

But it was Michele Ferrero who turned the paste into the Nutella now known the world over.

The first pot of the addictive mix was made in Alba in north-west Italy in April 1964.

Ferrero now produces around 365,000 tonnes of Nutella every year in 11 factories around the world and has a market presence in 53 countries. The biggest market is Germany, followed by France and Italy.

The Ferrero group also makes Ferrero Rocher pralines, Tic Tac sweets, Mon Cheri and Kinder chocolates and employs more than 22,000 workers.

The group has an annual turnover of about $11 billion.

Forbes magazine described Mr Ferrero as "the richest candyman on the planet", putting him and his family in 30th place on their list of the world's wealthiest people, with a net worth of $30 billion.

Mr Ferrero was listed by Forbes as Italy's richest man in 2013.

His son Giovanni became chief executive of the Ferrero group after his older brother, Pietro - the chosen heir, died of a suspected heart attack while cycling in South Africa in 2011.

In late 2013, Giovanni denied suggestions the company had been approached by the Swiss-based multinational Nestle, saying Ferrero was not for sale. But industry insiders said he was less interested than his brother was in running the company.

Mr Ferrero senior was a man of few words who shunned publicity, turning a local business from the Piedmont region into a global giant.

He had a reputation as a forceful leader, but also as one who maintained generous working conditions and gave back to his community.

Until a few years ago, Mr Ferrero commuted by helicopter every day from his Monte Carlo villa to company headquarters in Alba to taste and help design new products.

He never let outsiders buy into the company, which his father set up in 1946.

The group toyed with the idea of making a bid for British rival Cadbury a few years ago.

AFP/Reuters