Malcolm Forbes (1919 - 1990) was born in New York City. After receiving a Bronze Star and a Purple Heart for his bravery at the Battle of Aachen in World War II, he joined his family's publishing business. He won the Republican nomination for Governor of New Jersey in 1957, but was defeated in the election by Democrat Robert Meyner.

In 1957 he also became editor and publisher of Forbes, a then-floundering business magazine founded by his father 40 years before. Circulation and profits soared, making him a multimillionaire. He became known for his extravagant parties and colorful hobbies, from hot-air ballooning to collecting Faberg eggs.

He and his wife Roberta had five children. His son, Malcolm Jr. (known as Steve), became President and CEO of Forbes, Inc. in 1990. In 1996, Steve Forbes ran unsuccessfully for the Republican nomination for president.

"Diamonds are nothing more than chunks of coal that stuck to their jobs."

"Education's purpose is to replace an empty mind with an open one."

"Failure is success if we learn from it."

"When you cease to dream you cease to live."

"It's more fun to arrive a conclusion than to justify it."

"People who matter are most aware that everyone else does too."

"Too many people overvalue what they are not and undervalue what they are."

"The more sympathy you give, the less you need."

"To measure the man, measure his heart."