Capitalist Tools

Forbes

Posted December 20, 2007 by Jessica Kitchin, Steve Forbes

Forbes magazine. Forbes on Fox. “Forbes for President.” You know the name, and you probably recognize the face that nowadays goes with it—that of Malcolm Stevenson Forbes, Jr. But “Steve” Forbes, 60, the current head of the family, is a piker when it comes to fame and flamboyance. You should have seen his old man.

Malcolm S. Forbes built the magazine founded by his father, Bertie Charles Forbes, into a publishing force and (with its ad slogan, “Capitalist Tool”) a household name. Malcolm, a Princeton grad (and later a big-time benefactor), served in the state legislature and ran for governor of New Jersey before taking over as editor and publisher of Forbes after the death of his older brother, Bruce, in 1964. Malcolm loved the spotlight, and his extravagant lifestyle was tailor-made for the media. He reveled in his extensive collections of art, Faberge eggs, Harley-Davidson motorcycles, and yachts. He gave lavish parties at his New Jersey estate, entertaining glitterati including actress Elizabeth Taylor. He was an enthusiast, in short; and his passion for hot-air ballooning well symbolized his up-up-and-away brio.

Steve, who became editor-in-chief after Malcolm’s death in 1990, and is also CEO of Forbes, Inc., is a more political animal than his father. Also a Princeton grad, Steve was appointed chairman of the Board for International Broadcasting by presidents Ronald Reagan and George H.W. Bush, and in 1996 and 2000 vied for the Republican presidential nomination.

These days, Steve is a regular commentator on Fox News Channel’s Forbes on Fox. Altogether, his bi-weekly magazine’s reach, including Forbes Asia and eight local language editions, extends to almost five million print readers worldwide. Unflamboyant and more of an info-geek than Malcolm, Steve invests his money in mostly conservative causes, such as George W. Bush’s 2004 campaign and Olympia J. Snowe’s (R-Maine) 1994 House run. Earlier this year, he signed on as an adviser to Rudy Giuliani’s presidential campaign.

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