Chanel heir Gerard Wertheimer has emerged as Switzerland’s wealthiest resident, thanks to a surge in luxury goods sales following the COVID-19 pandemic. According to Bilanz magazine, Wertheimer’s wealth skyrocketed to a mind-boggling 42 billion Swiss francs ($47.6 billion) in the previous year. As the proprietor of the legendary Chanel fashion house, responsible for the creation of the legendary Chanel No. 5 perfume, Wertheimer currently resides in Geneva. This extraordinary financial growth has propelled him ahead of the Kamprad family, the founders of Ikea, thus making him the richest person in Switzerland. The remarkable surge in sales of fashion, perfume, and jewelry played a significant role in this phenomenal accomplishment.
As of June 27, 2023, Bloomberg has estimated Wertheimer’s net worth to be $44.8 billion. The luxury goods conglomerate, established by fashion designer Coco Chanel in 1910, generated an astonishing revenue of $17.2 billion in the year 2022. Apart from his duties overseeing the fashion empire, Wertheimer also owns three vineyards and racehorses in France, further diversifying his vast portfolio of assets.
Wertheimer’s ascent to the position of Switzerland’s wealthiest individual underscores the enduring appeal and success of the Chanel brand. Despite the challenges brought about by the pandemic, the luxury goods industry has managed to flourish, attracting well-to-do consumers who continue to seek out exclusive and top-notch products. The surge in demand for Chanel’s products has made a remarkable contribution to Wertheimer’s unprecedented wealth, positioning him at the pinnacle of Switzerland’s wealthy elite.
Useful links:
1. Vogue Business – Chanel’s Profits Confirmed at $18.4bn
2. Forbes – The World’s Richest People 2023
