On the 15th of September 1917, a financial columnist named B. C. Forbes and his partner Walter Drey launched a publication with a name that would eventually become synonymous with wealth and power, yet its original title was far more humble: Forbes: Devoted to Doers and Doings. The magazine was born from a partnership where Forbes provided the capital and the name, while Drey contributed the necessary publishing expertise to get the presses moving. This was not merely a business venture but a mission to document the activities of those who built industries, a stark contrast to the gossip-heavy publications of the era. B. C. Forbes, who had previously written for the Hearst papers, took the role of editor-in-chief and held the position until his death in 1954, establishing a legacy of hands-on journalism that prioritized the practical achievements of the American business class over abstract theory. The early years of the magazine were defined by this focus on the tangible work of commerce, setting a tone that would persist even as the publication evolved into a global powerhouse.
The Forbes Dynasty
When B. C. Forbes died in 1954, the reins of the company passed to his eldest son, Bruce Charles Forbes, who served as president until his own death in 1964. Bruce was not a flamboyant figure like his younger brother would become, but his strengths lay in the quiet, unglamorous work of streamlining operations and developing marketing strategies that nearly doubled the magazine's circulation during his decade of leadership. Upon Bruce's death, the mantle fell to Malcolm Forbes, a man who would transform the magazine from a serious business periodical into a spectacle of excess and celebrity. Malcolm, who served as president and chief executive officer from 1964 until his death in 1990, was known for his eccentric personality, his love of collecting rare items, and his willingness to spend lavishly on the magazine's image. Under his direction, Forbes became a cultural touchstone, famous for its lists and rankings that captured the public imagination, including the Forbes 400 list of the richest Americans and the 30 Under 30 list that highlighted young achievers. The family's grip on the company remained unbroken for decades, with the Forbes name serving as both a brand and a dynasty that shaped the narrative of American wealth for nearly a century.The Digital Pivot
In 1996, David Churbuck launched the website forbess.com, a move that would eventually redefine the magazine's reach and reputation. The site quickly gained notoriety for uncovering the journalistic fraud of Stephen Glass in The New Republic in 1998, an exposé that brought significant attention to the emerging world of internet journalism. By 2010, the website had become a central player in media narratives, exposing hoaxes such as the California runaway Prius and challenging the media premise of Toyota's sudden unintended acceleration. However, the transition to the digital age brought its own controversies, particularly with the introduction of a contributor network that allowed over 2,500 freelancers to publish articles directly on the site. This system, which paid contributors based on traffic, led to accusations of pay-to-play journalism and the repackaging of public relations material as news. Critics like Damon Kiesow of the University of Missouri School of Journalism argued that the business model changed Forbes' reputation from a respectable business publication to a content farm, while Harvard University's Nieman Lab later deemed the platform a haven for scams and bad journalism. Despite these criticisms, the site claimed to be the world's most widely visited business website in 2006, reaching more than 27 million unique visitors each month and generating an estimated $70 million to $80 million in annual revenue.