Luxury Heir Alleges His CHF11 Billion Hermès Fortune Has Vanished

An octogenarian heir to the Hermès luxury fortune, who sparked controversy last year over a plan to leave his money to his gardener, may not have much to give away after all. In the latest twist to the longstanding mystery surrounding Nicolas Puech’s billionaire status, a Swiss court this month threw out the 81-year-old’s allegations that his former wealth manager had a role in his fortune’s disappearance. Puech’s lawyers told the court he no longer owns the assets in question: about 6 million shares worth roughly $13 billion (CHF11.4 billion) in family-controlled Hermès International SCA. The stake would make him the single largest investor in the purveyor of Birkin handbags and colourful silk scarves founded in 1837. The company has since expanded into one of the biggest players in the global luxury industry and made the Hermès family Europe’s wealthiest. The clan, which counts more than 100 members, has a net worth of about $155 billion, according to the Bloomberg Billionaires ...