His parents were Pietro Ferrero and Piera Ferrero Cillario. After the death of his father in 1949, initially as head of the mother Piera Cillario the company Ferrero. She handed management of the company later to Michele Ferrero. Michele Ferrero built the business in the 1950s and 1960s and built further production outside Italy. In the 1970s and 1980s, he expanded the company's business on countries outside Europe.
1962 married Michele Ferrero, the Italian Maria Franca Fissolo. In 1997 he handed over the reins to his two sons Giovanni and Pietro Ferrero Ferrero junior. Pietro Ferrero died on April 18, 2011.
According to the magazine Forbes, the family of Michele Ferrero was with a fortune of 17 billion dollars in 2009 the richest family in the country before Leonardo Del Vecchio and Silvio Berlusconi.