Milton Hershey Net Worth At Death – Salary, Income, Earnings

Milton Hershey Net Worth At Death

Milton Hershey had an estimated net worth of $100 million at death. He is American manufacturer and philanthropist who founded the Hershey Chocolate Corporation and popularized chocolate candy throughout much of the world. He earned the majority of his income from Hershey Chocolate Corporation.

Milton Hershey was born in Derry Township, Pennsylvania, on September 13, 1857, though some sources say he was born in Derry Church, Pennsylvania. Hershey was apprenticed at the age of 15 after an incomplete rural school education. Hershey established the Lancaster Caramel Co. after two failed attempts. In 1900, Hershey sold the company, concentrated on perfecting the chocolate bar formula, and began construction on what would become the world’s largest chocolate-manufacturing plant.

To calculate the net worth of Milton Hershey, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as loans and personal debt, are included in total liabilities.

Here’s the breakdown of his net worth:

Name: Milton Hershey
Net Worth: $100 million
Monthly Salary: $500 Thousand+
Annual Income: $8 million+
Source of Wealth: Businessperson

Early Years

Milton Snavely Hershey, the only surviving child of Veronica “Fanny” Snavely and Henry Hershey, was an entrepreneur. Born on a farm outside of Derry Church, Pennsylvania—a small farming community in the state’s central region—Hershey spent his childhood following his father, a dreamer who was always on the lookout for the next big opportunity. But Henry Hershey lacked the tenacity and work ethic to stick it out.

By 1867, Hershey’s father had largely removed himself from the family portrait. The circumstances surrounding his parents’ divorce are murky, but it’s widely assumed that Fanny, the daughter of a Mennonite clergyman, had grown tired of her husband’s failures.

With Hershey’s upbringing left to her, Fanny instilled in her son a love of hard work. Hershey, who had dropped out of school the previous year, expressed an interest in candy making at the age of 14 and began apprenticing with a master confectioner in Lancaster, Pennsylvania. Hershey borrowed $150 from his aunt four years later and opened his own candy shop in the heart of Philadelphia.

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Early Ventures

Hershey put his sweat and time into the company for five years. However, success eluded him. Finally, he closed his shop and headed west, eventually reuniting with his father in Denver, where he found work as a confectioner. It was there that he discovered caramel and how to make it with fresh milk.

But the Hershey entrepreneur wasn’t content to work for someone else, so he went out on his own again, first in Chicago and then in New York City. Hershey failed in both cases. In 1883, he returned to Lancaster and established the Lancaster Caramel Company, still believing he could build a successful candy company.

Success came quickly after. Hershey had a thriving business and was shipping his caramels all over the country within a few short years.

The Chocolate King

Hershey witnessed the art of chocolate making firsthand at the World’s Columbian Exposition in Chicago in 1893. He was immediately smitten. While his caramel business was flourishing, Hershey established the Hershey Chocolate Company.

His interest quickly shifted to milk chocolate, which is considered a delicacy and is largely the domain of the Swiss. Hershey was determined to develop a new formula that would allow him to mass-produce and distribute milk chocolate candy on a large scale.

He sold the Lancaster Caramel Company for an astounding $1 million in 1900. Three years later, he began construction on a massive and cutting-edge candy-making facility in Derry Church. It first opened its doors in 1905, charting a new path for Hershey and the candy industry.

Did you know that? Milton Hershey was almost on the Titanic during its final voyage, even putting down a $300 deposit, but a business emergency forced him to cancel his trip at the last minute.

Man of the People

The Hershey Chocolate Company quickly outperformed its founder’s previous venture in terms of success. His winning ideas included the Hershey Kiss in 1907, which he named after himself. In 1924, the trademark foil wrapper was introduced.

As the company grew and Hershey’s fortune grew, so did his vision for establishing a model community in his hometown. Hershey built schools, parks, churches, recreational facilities, and housing for his employees in the town that became known as Hershey, Pennsylvania. He even installed a trolley system for his employees.

For much of this philanthropy, he was accompanied by his wife, Catherine, whom he had married in 1898. Because they were unable to have children of their own, the Hersheys directed a large portion of their giving to causes that benefited children. The couple founded the Hershey Industrial School, a facility for orphaned boys, in 1909. It has since become a destination for both boys and girls, and is now known as the Milton Hershey School.

Three years after Catherine’s untimely death, Hershey transferred much of his wealth to the Hershey Trust, which funds the Hershey School.

Hershey’s philanthropy continued even as the economy deteriorated and he approached the end of his life. During the Great Depression of the 1930s, Hershey ignited a mini-boom in his town to keep men working. He directed the construction of a large hotel, a community building, and new Hershey Company offices.

During World War II, Hershey supported the country’s military efforts by supplying troops with Ration D Bars and the better-tasting Tropical Chocolate Bars.

Those who knew Hershey were not surprised by his generosity. Shy and reserved, Hershey’s demeanor was markedly different from that of many of America’s other business titans. Despite the fact that he rarely wrote or read and had been forced to drop out of school, Hershey was determined to ensure that those around him received a good education. His show of wealth was modest, if not downright frugal. His house and the community he’d helped to build meant the world to him. When it came time to build his own house, he made sure the Hershey Company headquarters was visible.

Final Years

Following the death of his wife Catherine, Hershey never remarried and was said to travel with a picture of his late wife. In keeping with the work ethic instilled in him by his mother, Hershey worked well into his 80s. On October 13, 1945, he died in Hershey, Pennsylvania.

His legacy as a businessman and philanthropist lives on. With brands such as Almond Joy, Mounds, Cadbury, Reese’s, and Twizzlers, the Hershey Chocolate Company has endured as one of the world’s great candy makers.

Similarly, the Milton Hershey School now serves approximately 1,900 students per year, and the M.S. Hershey Foundation, founded in 1935, funds educational and cultural activities for Hershey residents.

Further Reading

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