Chanel heir Gerard Wertheimer became the richest Swiss resident after the post-pandemic boom in luxury goods boosted his wealth to as much as 42 billion Swiss francs ($47.6 billion) last year, according to Bilanz magazine.

Wertheimer, who controls the Parisian fashion house that makes Chanel No. 5 perfume, is resident in Geneva. A record year for fashion, perfume and jewelry sales boosted Wertheimer’s wealth above that of the Ikea-founding Kamprad family for the first time, Bilanz said in its annual publication of the 300 richest people in Switzerland.

Bloomberg estimated Wertheimer’s net worth at $44.8 billion as of June 27, 2023. The closely held luxury goods group, which was founded by fashion designer Coco Chanel in 1910, had revenue of $17.2 billion in 2022. Other assets include three vineyards and racehorses in France.

The family wealth stems from ownership of Chanel, a maker of $900 sunglasses, $7,200 handbags and $15,000 J12 watches. The family also has several external investments including stocks, real estate, credit and private equity.