In a remarkable turn of events, Gérard Wertheimer, the co-owner of Chanel and an avid investor in racehorses and wineries, has surpassed the Kamprad family to become the wealthiest individual in Switzerland, according to the annual ranking released by Swiss business publication Bilanz.

Wertheimer, who resides in Geneva, saw his fortune soar by an impressive 9 billion Swiss francs ($10.2 billion) in 2022, with an additional 3 billion francs ($3.4 billion) this year. His total assets are estimated to be as high as 42 billion Swiss francs ($47.7 billion).

The 72-year-old billionaire's wealth accumulation has propelled him to the top spot on the Swiss rich list after a staggering 21 years, overtaking the Kamprads, who are the billionaire founders of Swedish furniture giant Ikea.

Born into a family with a rich history in the fashion industry, Wertheimer controls Chanel alongside his brother, Alain, whose fortune is believed to parallel his own and resides in New York City. Bloomberg's Billionaires Index calculates both brothers' net worths at $44.8 billion each.

Chanel, the renowned privately owned luxury goods company, remains a major player in the industry, producing a range of exquisite products including haute couture, perfume, cosmetics, watches, jewelry, and handbags. Wertheimer's majority of wealth is derived from his stake in Chanel.

However, Wertheimer's investments go beyond the fashion realm. He possesses interests in a Franco-American racehorse business, vineyards located in France and California's Napa Valley, as well as stakes in cosmetics brand Ulta Beauty and hair care brand Olaplex.

The remarkable success of Chanel contributed to its record-breaking revenues of $17.2 billion in the previous year, surging by 17% compared to the previous year. Europe witnessed a significant 30% growth in revenue, followed by a 14% increase in the Asia-Pacific region and a 9.5% boost in the Americas.

Chanel's operating profit for 2022 also witnessed a 6% rise, reaching $5.8 billion, signaling a remarkable recovery from the pandemic-hit year of 2020. Last year's financial results solidified the company's efforts to rebound from the adverse effects of lockdowns and wavering demand.

Despite the luxury industry experiencing a post-pandemic demand boom, recent months have seen some volatility for major competitors such as LVMH and Kering. Chanel's newly appointed CEO, Leena Nair, stated the company's commitment to staying ahead of the curve and remaining an inspiration for the next century.

Wertheimer's newfound status as Switzerland's richest person further exemplifies the country's economic prowess. Switzerland boasts a GDP per capita that surpasses major economies such as the United States, Japan, the United Kingdom, Germany, and France.

As Wertheimer and his brother continue to manage their diverse array of investments and navigate the world of luxury fashion, their success story serves as a testament to the enduring power and prestige of the Chanel brand.