On the heels of the luxury industry boom, Chanel co-owner Gérard Wertheimer is now the richest person in Switzerland with a net worth of 41.5 billion Swiss francs ($47 billion), Bilanz Magazine reported in its yearly list of the country’s 300 richest people.

The luxury goods brand brought in $17.2 billion in sales last year, a 17% year-over-year increase, with profits reaching a record high $4.6 billion, according to the magazine. The booming success of the brand behind No. 5 perfume and little black dresses propelled Wertheimer’s net worth to as much as $47.6 billion. 

The 73-year-old businessman has a 49% stake in Chanel, while his brother, Alain, holds 51% of the French luxury retailer co-founded by their grandfather, Pierre Wertheimer, and Coco Chanel in 1910. Alain is worth a little more than his brother, according to Bilanz, but resides in New York.

Gérard, who resides in the canton of Geneva, and his brother are considered “the quietest billionaires in fashion” for their low-profile approach to the company and other events, according to Bilanz. The magazine details how the brothers ride public transportation to newly opened stores weeks after their glamorous grand openings, sit several rows back during fashion shows and rarely speak with the press. 

The global luxury industry had a blockbuster year in 2022 with a total revenue of approximately $1.5 trillion, according to Bain & Company. The market is on track for another record year this year, projected to reach $1.6 trillion in 2023, the consulting firm said earlier this month.

But there have also been signs of a potential slowdown. The Danish drugmaker behind blockbuster weight-loss drugs Wegovy and Ozempic, Novo Nordisk, surpassed French luxury goods giant LVMH as Europe’s most valuable company earlier this year.

Bain is also projecting a softer outlook for the global luxury goods market heading into 2024, with low- to mid-single-digit growth for this year. The market is also generating positive growth for 65% to 70% of brands this year, down from 95% in 2022, Bain found.