Chanel heir just became Switzerland’s richest person

In its annual ranking of the country’s wealthiest people, Bilanz reported that Gérard Wertheimer—who lives in the Swiss city of Geneva—had overtaken the Kamprad family at the top of the rich list after 21 years.

The Kamprads are the billionaire founders of Swedish furniture giant Ikea.

According to Bilanz, Wertheimer has assets worth as much as 42 billion Swiss francs ($47.7 billion), having seen his wealth boosted by 9 billion francs in 2022 and another 3 billion francs so far this year.

The 72-year-old Wertheimer—who controls Chanel with his brother, Alain—has an estimated net worth of $44.8 billion, according to Bloomberg’s Billionaires Index. So far this year, the publication reports that his net worth is up by around 3.5%.

Alain Wertheimer, whose fortune is estimated to be the same as his brother’s, lives in New York City.

Switzerland is one of the wealthiest countries in the world, with GDP per capita massively outpacing major economies like the U.S., Japan, the U.K., Germany, and France.

A spokesperson for Wertheimer via Chanel did not respond to Fortune’s request for comment on his new wealth status in Switzerland. Back in the early 2000s, he told a New York Times reporter that the family—which endeavors to stay out of the spotlight—was “very discreet.”

The Wertheimer family

The brothers are the grandsons of Pierre Wertheimer, who became a business partner of the fashion giant’s namesake founder, Coco Chanel, in the 1920s when he and his brother set up Les Parfums Chanel. Chanel, which remains privately owned, is still a major player in the luxury goods space, producing haute couture, perfume, cosmetics, watches, jewelry and handbags.

The Wertheimers, a Jewish family, fled Paris in the 1940s when Nazi troops advanced on the French capital. During their absence from France, Coco Chanel reportedly tried to seize control of Les Parfums Chanel, telling German occupiers that as it was Jewish owned, she should be granted ownership rights. However, French industrialist Felix Amiot had agreed to hold the Wertheimers’ stake during the occupation, and passed it back to the family after the war.

The Wertheimers took full control of Chanel’s fashion and fragrance divisions in 1954, according to Bloomberg—in exchange for paying Coco Chanel’s bills and taxes for the rest of her life.

While the majority of Wertheimer’s wealth is derived from his stake in Chanel, he also owns assets including a Franco-American racehorse business, vineyards in France and California’s Napa Valley, and stakes in cosmetics brands Ulta Beauty and Olaplex.

Last year, Chanel raked in revenues of $17.2 billion—17% higher than a year earlier—after the French fashion house’s sales hit a record high. Revenue from Europe surged 30% higher from 2021, while Asia-Pacific revenues were 14% higher and the Americas boosted income by 9.5%.

The sales growth saw Chanel’s 2022 operating profit jump 6% higher to come in at $5.8 billion. However, as the privately held company only reports on its finances once a year, it is unclear whether sales have continued on an upward trajectory this year.

While luxury goods makers enjoyed a post-pandemic boom in demand, signs have begun to emerge that trend may be waning. Some of Chanel’s major rivals, such as LVMH and Kering, have seen a much more volatile road to pandemic recovery in recent months.

When Chanel announced its full year financial results in May, newly minted CEO Leena Nair said Chanel wanted to remain “a beacon of inspiration for the next 100 years,” and that the business was actively strategizing to “stay ahead of the curve.”

Earnings for last year signaled a major recovery from the pandemic, when Chanel took a major hit thanks to lockdowns and wavering demand. In 2020, at the height of the COVID-19 crisis, the company’s revenues dropped 18% year-on-year, while operating profit took a 41% hit.