German entrepreneur Hans Riegel has an estimated net worth of $2.9 billion as of March 2013. According to Forbes, he is the 32nd richest person in Germany and the 490th in the world.

Born Johannes Peter Riegel on March 10, 1923 in Bonn, Germany, he has amassed his estimated net worth of $2.9 billion when he took over and operated Haribo, the confectionery maker, since 1946. It was founded by Johannes “Hans” Riegel Sr. in 1920 and was based in Bonn. The name is an acronym for Hans Riegel, Bonn.

The company made the first gummy candy in 1922 after Hans Sr. made the first gummy bear. Despite the weak economy in Europe, the company has expanded its operations and took over many local sweet manufacturers in countries all over the world. Today, it is one of the biggest manufacturers of gummy and jelly sweets. Its product consisted mainly of Gummy Bears, Vademecum sugar-free gum, and Maoam fruit chewies as well as other jelly sweets and liquorice.

Considered the Gummy Bear billionaire, Riegel’s estimated fortune was up by an impressive $600 million in the past year due to increased sales. According to him, he was inspired to produce more candies after reading comic books and watching movies intended for children. With Haribo as a privately-held company, analysts have estimated its revenues at around $2.9 billion in 2011. Hans owns 50% of the company and still runs it and is in-charge of marketing. The remaining 50% is owned by his brother Paul’s heirs. Paul’s son, Hans Guido Riegel, is the head of production and technical questions. His two other sons, Hans Juergen Riegel and Hans Arndt Riegel, also sit on the supervisory board.