Forbes was born on August 19, 1919 in Brooklyn, New York. He studied at the Princeton University. He became a New Jersey Senator from 1951 to 1957. He ran for New Jersey Governor but lost. He focused on Forbes magazine full time in 1957 after losing his gubernatorial bid. His brother Bruce Charles died in 1964 and Forbes acquired full control of the magazine company.
The magazine showed significant growth with Forbes at the helm. He thought of diversifying into real estate and other business ventures. Among his most recent projects included the Egg magazine which contained chronicles of nightlife in New York.
Forbes’ lifestyle was quite lavish. He owned a private Boeing 727 trijet, a number of yachts, Harley-Davidson motorbikes, an art collection, specially-shaped hot air balloons and a few historical documents. He was famous for supporting local musicians in New York City’s Wednesday night Cat Club in the 1960s.
In the celebration of his 70th birthday, Forbes hosted the party in the Palais Menduob in Tangier, Morrocco. He spent $2.5 million to charter a Concorde, a Boeing 747 jet, and a DC-8 to transport 800 people from New York and London.
Forbes was a motorcycle enthusiast. He founded the Capitalist Tool, a motorcycle club. He regularly stayed in his New Jersey estate where the club organized its tours. He gave a Harley-Davidson Purple Passion to Elizabeth Taylor. He lobbied for the passing of a legislation that would allow motorcycles in New Jersey’s Garden State Parkway. In 1999, Forbes was inducted into the Motorcycle Hall of Fame and into the New Jersey Hall of Fame in 2008.
In 1990, Forbes died of heart attack. His death ushered rumors about Forbes’ sexual preferences. OutWeek magazine published “The Secret Gay Life of Malcolm Forbes” in its headline following the death of Forbes.