Rome: Billionaire Michele Ferrero, who became Italy's richest man with a confectionary empire built on his popular Nutella spread, has died aged 89.

Ferrero had been battling illness for several months. He died in Monte Carlo on Saturday.

Michele Ferrero's fortune was built on sales of Nutella, a chocolate and hazelnut spread that has long been marketed as part of a healthy and active lifestyle. Credit:Reuters

"I have learnt with emotion of the passing of Michele Ferrero, a true entrepreneur, known and loved in Italy and abroad," Italian President Sergio Mattarella said in a statement.

"Ferrero was a leading light in Italian business for many years, always managing to stay on trend thanks to his innovative products and his tenacious and cautious work. Italy remembers him with gratitude."