It was Ferrero's father, a smalltime pastry maker named Pietro Ferrero, who laid the groundwork for the recipe and famously added hazelnut to it to save money on chocolate.
But it was Michele Ferrero who turned the paste into the Nutella now known the world over.
The first pot of the addictive mix was made in Alba in northwest Italy in April 1964.
Ferrero now produces around 365,000 tonnes of Nutella every year in 11 factories around the world. The biggest market is Germany, followed by France and Italy.
The Ferrero group also makes Ferrero Rocher, Mon Cheri and Kinder chocolates and employs more than 22,000 workers. The group has an annual turnover of more than €8 billion ($9 billion).
Ferrero and his family were estimated by Forbes to hold Italy's biggest fortune at $20.4 billion in 2013.
Ferrero's son Giovanni became chief executive of the Ferrero group after his older brother Pietro died of a suspected heart attack while cycling in South Africa in 2011.