THE WHAT? Bilanz magazine has crowned Gerard Wertheimer as Switzerland’s richest resident thanks to the growing popularity of luxury labels post-pandemic, which pushed the Chanel heir’s wealth to an estimated US$47.6 billion.

THE DETAILS According to a report published by Fashion Network, the French fashion brand enjoyed record sales of fashion, fragrance and jewelry.

THE WHY? Fashion Network revealed that Wertheimer toppled Ikea owner, the Kamprad family from the top spot they’ve traditionally occupied on the Swizz wealth charts.