By By Owen Weldon Feb 15, 2015 in Business Monaco - The richest man in Italy, and the creator of Nutella, a chocolate spread, died just two months short of his 90th birthday. Ferrero's privately-owned company is not only famous for Forbes According to Pietro, Ferrero's father, started to make Nutella back when cocoa was rationed during the second World War, and in 1949, the year Pietro died, Michele took over the business. In 1968, Ferrero developed Kinder, and a year later he developed Tic Tacs and then in 1982 he developed Ferrero Rocher. Ferrero eventually handed over the responsibilities of running the company to his two sons, Giovanni and Pietro, but in 2011 Giovanni became the sole CEO after his brother died of cardiac arrest. Ferrero leaves behind Giovanni, as well as his wife, Maria Franca. Ferrero battled with illness for months, and he died on Saturday at his home in Monaco.Ferrero's privately-owned company is not only famous for Nutella , but also for Ferrero Rocher chocolates, Tic Tac sweets and Kinder Eggs.Forbes ranked his family as number 30 on the list of richest billionaires with a fortune of around $23 billion.According to Independent , the president of Italy, Sergio Mattarella, praised Ferrero and described him as always being ahead of his time, which was due to his tenacious work and his reserved character.Pietro, Ferrero's father, started to make Nutella back when cocoa was rationed during the second World War, and in 1949, the year Pietro died, Michele took over the business.In 1968, Ferrero developed Kinder, and a year later he developed Tic Tacs and then in 1982 he developed Ferrero Rocher.Ferrero eventually handed over the responsibilities of running the company to his two sons, Giovanni and Pietro, but in 2011 Giovanni became the sole CEO after his brother died of cardiac arrest.Ferrero leaves behind Giovanni, as well as his wife, Maria Franca. More about Nutella, Dies, nutella creator, Michele ferrero More news from Nutella Dies nutella creator Michele ferrero