American business leader, owner-publisher of Forbes magazine, and promoter of capitalism known for his opulent lifestyle and lively self-promotion.

After graduating from Princeton University (A.B., 1941) Forbes served in the U.S. Army during World War II. He entered New Jersey politics in 1949 and served in the state senate (1951–58); his 1957 campaign for governor was unsuccessful. Meanwhile his father died in 1954 and Forbes became publisher and editor in chief of Forbes. Under his direction the glossy business magazine grew from a circulation of 100,000 to 720,000; he also founded Nation's Heritage magazine and Egg, a journal for art lovers. His other business interests included property developments in California, Maine, and Fiji.

Forbes' other properties included a château in France, a mansion in London, an island in the South Seas, a palace in Tangier, Morocco, and collections of motorcycles, Fabergé imperial Easter eggs, and Oriental paintings. In one of his hobbies, hot air ballooning, he set six world records. On his last birthday he created a controversy by giving a $2 million party, for which he flew approximately 1,000 guests to Tangier. His fortune was estimated at between $400 million and $1 billion.