The History of Forbes Magazine. Business Should Give Joy, Not Millions

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On May 14, 1880, in New Deer, a town in Scotland, the sixth child was born to tailor and shopkeeper Robert Forbes. The boy was named Bertie Charles - BC for short (his mother, Agnes Forbes, would go on to have four more children). Though the Forbes family descended from the Lords of Pitsligo, they lived modestly, and young Bertie worked as a cowherd and shoeshiner at age nine to support the household. Ambitious from an early age, he set his sights on journalism - specifically business journalism.

He began studying shorthand at just 13. A year later, he started working for the Dundee Courier while attending night classes at University College of Dundee. At 21, he became a correspondent in South Africa, reporting on the Boer War. In 1902, he took a job with the business paper Natal Mercury in Durban. But the headstrong young journalist wanted more - his own newspaper. That same year, he helped found the Rand Daily Mail in Johannesburg, a forward-thinking newspaper that included not only news but cartoons, illustrations, and entertainment content.

In 1904, Forbes moved to New York and began working with the Journal of Commerce. He rose quickly through the ranks. Recognizing his passion, skill, and dedication, in 1911 newspaper magnate William Randolph Hearst appointed him the chief financial and business columnist and gave him editorial control over the New York American.


As his professional career soared, Forbes also found personal success. He married Adelaide Stevenson, and the couple had five sons. At the time, BC Forbes was the highest-paid business journalist in America. His work appeared in nearly 100 publications across the country, but he still longed for American citizenship and a newspaper of his own. In 1917, both dreams came true. Forbes was 37 years old.

Forbes Magazine Is Born: Devoted Doers and Doings

World War I was still raging, and some advised him against launching a new publication, calling the idea crazy. But Forbes was resolute. His book Men Who Are Making America was a success, and his name was already well-known in the business world. Backed by strong connections and personal funds, he partnered with Walter Dray to create the biweekly Forbes Magazine with the subtitle Devoted Doers and Doings. By October, at Dray’s suggestion, the title became Forbes Magazines.

Their vision and mission were clear: the magazine would be

• about people and their actions,
• faithful to the facts,
• fair to its subjects,
• show the human face of business,
• accessible to even non-experts in business.

The first issue was released on September 15, 1917. It had 52 pages, an orange cover, and three-column formatting. A small-format publication, it included:

• profiles of American financiers including Charles Mitchell and the Rockefeller family,
• analyses and commentary by Forbes,
• articles on New York banking regulations and utilities,
• a Women in Business section led by Marian R. Glenn, one of two women in the newsroom,
• poetry,
• illustrations,
• a contest for the best employer.

BC Forbes, who financed the entire venture, became editor-in-chief. Walter Dray handled publishing and advertising for the BC Forbes Publishing Company, which they co-led. Their motto was: Business is meant to create happiness, not to accumulate millions, printed on the magazine’s final page.

This Is How the Modern Business Magazine Is Born - Officially

Within eight months, Forbes dominated the American business publishing market, doubling its circulation and profits. This growth allowed for a larger format, a permanent color cover, more illustrations, and a shift to two-column layout. The magazine was officially hailed as a modern business publication.

Forbes attracted not only readers but also writers. Over his long journalistic career, BC Forbes cultivated contacts not only in media but also in political, cultural, and academic spheres. When he asked someone to write, they almost never refused. Some contributors became regulars; others wrote occasionally. His close circle included Clement B. Asbury, an expert on the New York Stock Exchange; Paul Clay, a columnist; Edith M. Burtis, the second woman on staff who wrote about business and economics; and Maurice Freeman, a financial commentator and correspondent.

There were many prominent contributors, lending credibility to the topics covered. One of Forbes’s key achievements was giving space to women writers in business - rare at the time. Women like Louise Burton, Lilian Wolfe, and Nancy Fitzhugh Richey seized the opportunity.

Jokes for Businessmen and the Prosperous 1920s

In April 1918, the magazine was redesigned. The title became simply FORBES. The cover featured one large image and the title of the main article. Inside, the layout improved, with more photos, ads, and both written and cartoon jokes. A dedicated column titled To Give You a Laugh was introduced.


Three-column formatting returned. Rankings, charts, and tables expanded, while the page count dropped to 36. The end of World War I and its effects were the main themes of that year. In January 1919, a Boston office opened. Forbes had earned a reputation and solidified its place in the U.S. press, unmatched in the business category.

The 1920s were years of prosperity for the magazine. It had no serious rivals, and Forbes’s journalistic style drew readers eager to learn not just about stocks or new ventures, but also about the personal stories of successful people. BC Forbes pioneered this genre. His columns - Men Making Mark, Keys to Success, and Fact and Comment - grew in popularity. One of the longest-running sections was Thoughts on Life and Living, later renamed Thoughts on Life and Business, featuring life stories and American curiosities.

In June 1920, the cover was changed again. Images were dropped in favor of an editorial article. But after reader protests, the magazine brought back images and major headlines the following year.

In December 1922, Richard Spillane introduced the column Light and Shadows to explore “the highs and lows of the country today,” often with historical context. In 1924, a new summary section called Significant News launched, later renamed Forbes Time-Saving News Service. A promo for the section read:

Each month, a carefully prepared business map will present conditions in each state. At the beginning of each issue, a short business forecast by BC Forbes will appear. Suggestions for improving this time-saving service are welcome.

The editorial team grew, as did Forbes’s prestige. Interest in buying the only biweekly business magazine on the market increased. In 1928, publishing mogul William Randolph Hearst - still one of Forbes’s regular column clients - offered tens of millions of dollars for the magazine. But BC Forbes declined. Years later, he would wonder whether it had been the right decision...

The Great Depression and Rising Competition. Bankruptcy Loomed

By 1929, an economic crisis erupted worldwide - and inside the magazine itself. From 1930 to 1932, the company was sinking. After years of success, the global economic collapse brought Forbes to the brink of bankruptcy. Nearly 80% of advertisers withdrew. From 1,216 advertisers in previous years, only 269 remained in 1929. The newsroom survived on BC Forbes’s savings and his work for other newspapers. Besides the economic downturn, a media crisis emerged with the arrival of two major competitors: Business Week (September 1929) and Fortune (1930).

To save the company and its jobs, they introduced the Scotch Week - every fourth week without pay. This meant a 25% salary cut, which everyone accepted to keep their jobs. To reduce costs, they cut the number of pages and limited content to essentials, using fewer photos. BC Forbes himself did not take a salary for several years.

At this time (1934), the magazine had several domestic offices (Chicago, Detroit) and one in London. Forbes was also available in Canada. Starting in January 1934, the magazine was redesigned once again. It kept its 33-35-page count, but the title font and section headings were refreshed. The front page now included a table of contents and article previews.

In 1937, Bruce Charles Forbes, BC`s eldest son, joined the editorial team. His younger perspective on global economics and editorial management had a positive impact. The onset of World War II brought a surge of news tied to the military and defense industries. And since war makes money, Forbes had plenty to write about.


The final success of the comeback occurred in the late 1940s, when BC`s second son Malcolm Forbes - a World War II veteran - joined the team. Wounded in combat, he was discharged in 1945.

Malcolm Forbes Brings a Storm

If Bruce brought a fresh breeze to the company, Malcolm brought a full-blown draft. His projects led to new successes and put the magazine back at the top. Major initiatives included:

• hiring full-time staff dedicated solely to the magazine,
• launching the first supplement, the weekly newsletter The Forbes Investor, analyzing market trends from the previous week - a huge success,
• founding the Forbes Investors Advisory Institute,
• publishing the quarterly American Heritage, focused on U.S. history (produced by Forbes until 2013),
• introducing an annual industry and company report (January 1949).

While BC Forbes supported women, collaborated with female journalists, and featured their work inside the magazine, the cover was reserved exclusively for men. That changed on May 15, 1943, when a group of women in factory uniforms and helmets appeared on the cover as part of M. Marshall’s article Will the Girls Come Marching Home? Group shots of women occasionally appeared after that, but a solo female image did not grace the cover until March 1974, when a model promoted a new fashion trend (no name given). The first woman identified by name on the cover was Madonna, who appeared in October 1990 as America’s Smartest Business Woman.

The changes of the 1940s boosted Forbes`s credibility as a reliable source of information for businesspeople, and its circulation reached 100,000 copies. In 1947, for the magazine`s 30th anniversary, it also celebrated a great return to the game. The magazine expanded again: more pages, ads, images, and graphics; extensive reports, analysis, and commentary. Forbes got its second wind.

The 1950s began with acclaim and success. The postwar period and early Cold War offered rich material for Forbes journalists. Content and presentation improved. Advertising gained focus, and mutual funds became a hot topic - with rankings introduced. The magazine’s sections were now organized:

• Finance,
• Fact and Comment,
• The Business Pipeline,
• Washington,
• New Ideas,
• The Economy,
• Market Outlook,
• Thoughts.

There were also analyses, profiles, and commentary. The Forbes family took pride in satisfying everyone involved: staff, advertisers, businesspeople, and readers.

Changing of the Guard. Marketing and Doubling Circulation

On May 6, 1954, the company faced a turning point. A week before his 74th birthday, Bertie Charles Forbes passed away. He had led the magazine for nearly 40 years - through the Depression, World War II, and the Cold War. He pioneered many business journalism projects. His sons took over: Bruce became company president, and Malcolm assumed editorial leadership and inherited his father’s columns.


Bruce ran the business for the next 10 years, focusing on marketing and operational improvements, which led to a doubling of circulation.

In 1954, James Michaels joined the Forbes team. At 33, he had worked for United Press in New Delhi and written a notable report on Gandhi’s death. His drive, experience, and unique writing style quickly stood out. By 1957, he was managing editor, and in 1961, he became editor-in-chief - even while Malcolm Forbes still held the same title. For the next three years, the two worked hand in hand. After Bruce Forbes died of cancer in 1964 and Malcolm took full control of the company, Michaels led the newsroom solo until 1999.

The 1960s and 1970s were golden decades for Forbes. Michaels and Malcolm Forbes, despite the latter’s extravagant lifestyle, worked hard for the magazine, its staff, and its readers. They dedicated significant attention to small investors and brought many innovations:

• short but substantial articles,
• original content,
• encouragement for journalists to express opinions,
• editorial independence from public sentiment,
• widespread magazine promotion.

While Malcolm used his wealth and hobbies to attract investors and advertisers, Michaels introduced new sections and investigative content. Business fraud became a recurring topic. He championed what we now call investigative journalism. He didn’t tolerate bad actors who defrauded investors, customers, or employees. He also declared war on trial lawyers exploiting clients - another first for Forbes. He exposed the schemes of the National Education Association. The magazine never followed fads. During the wave of mergers-for-profit, Forbes stood firm in criticism - famously challenging Litton Industries in January 1965, shocking the firm’s supporters. The issue’s cover featured a shattered mirror as a symbol.

Michaels was a strict but fair editor. He demanded a lot from his staff - and even more from himself. But it paid off. He often said: Forbes is “a drama critic” of business. A source that tells who’s doing well, who’s not - and why.

He built a nationally - and eventually globally - respected magazine. Forbes reached every corner of the U.S. and was read in Europe and Asia. Its first international edition launched in Japan (1992), followed by China a year later. At its peak, the magazine generated $84 million annually and was the second most profitable magazine in the country - behind Playboy.

Prophetic Articles in Forbes. And for Dessert - Rankings

Michaels was also a forward-thinking journalist. He wrote prophetic articles and interviewed people who at the time seemed eccentric. But over time, those scientists or businessmen were proven right. This was the case with Warren Buffett (1969), who predicted a stock crash and moved to cash; Jerry Flint (1980), who wrote about Chrysler’s survival; and the political lobbying power of Fannie Mae (1990). He even foresaw the problems of global warming (1989). His favorite section was Follow-Through, where he reflected on correctly drawn conclusions and also admitted to mistakes.

He was a great mentor and left behind a generation of business journalists. Open to innovation, Michaels quickly embraced computers and swapped his beloved typewriter for this new wonder of technology.

In 1982, at the initiative of Malcolm Forbes, the magazine launched its ranking of America’s wealthiest people. The first Forbes 400 list featured Daniel Keith Ludwig, owner of a shipping company, WWII tank manufacturer, and creator of the first supertanker, at the top - with a net worth of $2 billion. The list continues to be published every September. Other Forbes rankings followed. Among the most popular to this day is The World’s Billionaires, launched in 1987. At the time, the richest person in the world was Japanese tycoon Yoshiaki Tsutsumi, with $20 billion. In contrast, the 2021 top spot went to Elon Musk, with an estimated net worth of $219 billion.

Thanks to Forbes and Michaels, advertising revenue reached $150 million by the late 1980s. Two new supplements were introduced:

• Invention & Technology (1985),
• Egg, a magazine for collectors - especially of Fabergé eggs (1989).

Unfortunately, Malcolm did not live long enough to enjoy Egg, a project he personally created. He died of a heart attack on February 24, 1990. He lived extravagantly and indulged in many hobbies, but he was also a natural businessman, an excellent boss, and a generous person. Then-President George Bush said of him:

His publishing success reflected the great vitality of our nation and served to inform and inspire a generation of successful business leaders.


The entire company and magazine were inherited by Steve Forbes, Malcolm’s son. Steve had joined the magazine in 1970, began writing columns three years later, and by 1980 became president and COO. After his father’s death, he took on the roles of CEO and editor-in-chief, which he shared with James Michaels until 1999.

During this time, the two promoted a political agenda in the magazine:

• an economic policy built around a simplified flat income tax,
• individual retirement accounts,
• replacing employer health benefits with medical savings accounts,
• school vouchers,
• support for affirmative action (education for minorities and women).

These were also part of Steve’s political campaign platform when he ran for president (1996, 2000), during which time most editorial responsibilities fell to Michaels.

Forbes Cover? That’s Prestige

The 1990s brought more success for Forbes, both nationally and internationally. New editions and titles launched:

• The Magazine, a quarterly tech publication (1992)
• Forbes Global Business and Finance (1998)
• English-language international edition (1998)

The magazine soared in popularity. Politicians and celebrities vied for cover spots, seeing it as a badge of honor. Forbes outshined rivals (Fortune and Business Week) in terms of its influence in the business world. Its editors were present at major national events - and vice versa. At Forbes’s 75th anniversary celebration in 1992 at Radio City Music Hall, special guests included Presidents Ronald Reagan and Mikhail Gorbachev.

In 1996, journalist David Churbuck launched Forbes’s website. Its motto: Tools, not text. One of its tasks was to collect and regularly update data, directories, calculations, and lists published in Forbes.

Still, the magazine and website were two separate newsrooms - with different locations, staff, and reporting lines. They complemented but were not the same. Online journalists (not adored by their print colleagues) created many original projects.

The site quickly gained traction, attracting not only financiers and entrepreneurs but also everyday readers. This was especially true after the Stephen Glass scandal, when fake and fabricated stories were uncovered in The New Republic (1998). The site’s success was credited to Tim Forbes, one of the Forbes brothers, who foresaw the internet’s enormous potential.

In 1999, James Michaels left the editorial office but not Forbes. He started newsletters, organized investor meetings, and became a co-host and frequent commentator on the TV show FORBES on Fox (2000). For years, he served as a walking, talking ad for the magazine. He died in 2007 at age 86.

Forbes Goes Global

After Michaels’s departure, Steve Forbes appointed William Baldwin as editor-in-chief. The new millennium and digital technologies brought big changes to the Forbes family business. Steve embraced digitalization and gave Baldwin that mission.

Despite the internet’s rise, the print magazine remained strong - with a circulation of 850,000 copies. Plans to expand across Asia came true in 2005.

By the end of the decade, Forbes had 45 language editions. In addition to big ones like Forbes Japan, China, India, and Spain, there were also Forbes Africa, Australia, Russia, and Israel. In the U.S., alongside the flagship biweekly, Forbes New York was active.


Baldwin proved to be a skilled captain. Both the digital and print editions were profitable. Alongside Tim Forbes, he unified the two editorial teams. Though it began with a mutiny on deck in both departments, it ultimately became a high-quality hub for business professionals.

Baldwin has a special knack for spotting consumer-unfriendly details. He wrote candidly about investor pitfalls and hidden fees, making some financial institutions unhappy with the magazine. He is also a skilled analyst, contributing greatly to the magazine’s data and statistics section.

Global 2000 and The World`s Most Powerful Women

In 2003, Forbes replaced its ranking of the largest American companies, Forbes 500, with the Global 2000, which also includes international companies.

A year later, the magazine released its first list of the World’s 100 Most Powerful Women. In the inaugural edition, the top spot went to Condoleezza Rice, the U.S. National Security Advisor. She held the title again the following year, but three years later, German Chancellor Angela Merkel surpassed her, maintaining the top position for 14 years - except for 2010, when Michelle Obama took the lead. In 2021, the top spot went to novelist and philanthropist MacKenzie Scott.

Five years later, in 2009, Forbes introduced the World’s Most Powerful People ranking. It considered the amount of human and financial resources under each person’s control. Barack Obama topped the first edition.

That same year, Forbes released the first digital edition of the Forbes Travel Guide. The print version first appeared in 1958 and is the oldest travel guide in the U.S. It originally covered five western states and Canada. Over time, the guide expanded to cover the entire country. Today, nearly the entire world competes in Forbes’s “five-star” ratings, which now include hotels, spas, restaurants, and even airlines.

Like all major companies, the Forbes family business has sought partners and investors. In 2006, part of its shares were sold to investment group Elevation Partners. In 2010, Forbes acquired the news platform True/Slant. Its owner, Lewis D`Vorkin, joined as deputy editor and chief product officer, overseeing “all editorial areas.” This marked the start of Forbes’s “third life,” which not everyone welcomed.

The Third Life of Forbes

Between 2010 and 2011, the magazine underwent such major changes that many struggled to adapt. Unable to find common ground with the new leadership, editor-in-chief William Baldwin resigned in July 2010. That left D’Vorkin at the helm. His controversial methods caused discontent and a lack of editorial direction. Colleagues dubbed him Darth (after the dark characters in “Star Wars”) because he:

• threatened layoffs,
• treated articles as products,
• avoided communication with staff,
• focused on profit, blogs, and freelance contributors,
• promoted entrepreneurial journalism, treating journalists like contractors focused on finance,
• prompted the resignations of both Baldwin and Paul Maidment, editor-in-chief of the website.

These practices sparked controversy. Though both editors stepped down, they stayed with the magazine in different roles. For a year, Forbes had no formal editor-in-chief. Officially, Steve Forbes held the title, but D’Vorkin ran the show. It wasn’t until August 9, 2011, that Randall Lane took over the editorial leadership.


Tensions eased somewhat. Lane had worked at Forbes from 1991 to 1997 and understood the magazine’s culture. An experienced business journalist, he had previously led several magazines and served as editor-in-chief at Newsweek and Newsweek and The Daily Beast.

He was tasked with:

• overseeing editorial development,
• implementing fresh ideas,
• recruiting new talent,
• maintaining the magazine’s high standards,
• collaborating with the digital team.

He was warned he would report to Lewis D’Vorkin. The two seemed to find common ground, and Lane still holds the position as of 2022.

Forbes saw other changes too. In January 2010, it sold its Fifth Avenue headquarters in Manhattan. The relocation lasted nearly four years, and in 2014, a new base opened in Newport, Jersey City. That same year, Forbes Media - the magazine’s publisher - was put up for sale. A 51% stake was bought by Hong Kong-based investment group Integrated Whale Media Investments.

Some say Forbes’s independence has suffered, especially regarding China. Chinese contributors were dismissed (including Gordon Chang, a Communist Party critic), and critical articles were censored (e.g., Andreas Corr, February 2016). Chinese blogger Ray Kwong summarized: Forbes’s China coverage today is bleak and poor.

In November 2019, Forbes launched the streaming platform Forbes8 for aspiring entrepreneurs, offering guidance on achieving success. On August 26, 2021, Forbes announced plans to go public on the New York Stock Exchange. In February 2022, it established the Forbes Business Council, a platform for successful entrepreneurs and executives.

Today, Forbes is 105 years old and remains in strong shape. It publishes eight times a year, with a 2020 circulation of 657,215 copies. The Forbes family holds just 5% of the company, with the rest owned by Chinese investors - a controversial topic. Still, the magazine holds a top position in the business world. Known for its rankings, it operates with 2,800 journalists and reaches nearly 5 million readers. Its motto: Change the world.

Forbes Timeline:

• 1917, September 15 - First issue of Forbes
• 1918, April - Name shortened to Forbes Magazine; color cover and larger format introduced
• 1919, January - Boston office opened
• 1920-1928 - Prosperity: new sections, major revenues, and market expansion
• 1930-1932 - Economic and financial crisis at the magazine
• 1934, January - Recovery and magazine redesign
• 1943, May 15 - First women appear on the cover
• 1947 - First supplement: The Forbes Investor
• 1949, January - Forbes 500 corporate and industry ranking
• 1958 - Launch of Forbes Travel Guide
• 1982 - Richest Americans ranking
• 1985 - Invention & Technology edition launched
• 1987 - Global billionaires ranking: The World’s Billionaires
• 1989 - Egg magazine for collectors launched
• 1990, October - Madonna becomes the first named woman on the cover
• 1990 - First international edition (Japan)
• 1992 - The Magazine quarterly launched
• 1996 - forbes.com website launched
• 1998 - Forbes Global Business and Finance supplement
• 1998 - English-language international edition
• 2000 - Forbes on Fox TV show begins
• 2003 - Global 2000 company ranking launched
• 2004 - World’s 100 Most Powerful Women list debuts
• 2005 - Forbes enters the Asian market
• 2009 - The World’s Most Powerful People ranking introduced
• 2010 - Fifth Avenue office sold
• 2014 - 51% of Forbes sold to Integrated Whale Media Investments
• 2014 - New office opened in Jersey City
• 2019, November - Forbes8 streaming platform launched
• 2021, August 26 - Forbes goes public on the NYSE
• 2022 - Forbes Business Council founded

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