Nicolas Puech, the 80-year-old descendant of Thierry Hermès—who founded French luxury giant Hermes International SCA in 1837—has decided to leave half of his fortune to his former gardener, setting off a public spat with the foundation his family created.

According to Swiss media reports, Puech has initiated the legal process of adopting his former 50-year-old unnamed gardener and plans to leave him half of his 12 billion euros (£10.3 billion) fortune.

The family emerged this month as the world’s third wealthiest in Bloomberg’s annual ranking of family fortunes.

<h2>Nothing much revealed about the unnamed heir&nbsp;</h2>

Nothing much has been revealed about this gardener, except that the man is of Moroccan origins and is married with two children. Local media reports state that Puech refers to them as his “children” and “adopted son”.

However, the decision has been vehemently opposed by the Isocrates Foundation—which has a board of six including Puech as president—which has announced that it will “oppose” its founder’s decision to cancel the inheritance contract.

It is believed that Puech owns about 5.7 per cent of Hermès’ shares.

<h2>Trust opposes move</h2>

On Tuesday (Dec 19), the foundation said that it “isn’t in a position to judge the process or context” of the reports that Puech wished to adopt his former employee.

“From a legal standpoint, the abrupt and unilateral annulment of a succession agreement appears void and unfounded,” the foundation said in a statement.

“The foundation has opposed this move while leaving the door open to discussion with its founder and president.”

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The foundation was referring to a 2011 agreement it had with Puech, who has no children, to fund “the protection and promotion of public debate”.

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The foundation said it was established to fund and support “public interest journalism and media organisations committed to strengthening the field of investigative journalism” and civil society organisations “working towards responsible digitalisation and a healthy digital public space”.

It added that as a Switzerland-based charity, it is “under the authority and surveillance of Swiss Federal supervisory board for foundations”.

The move by Puech adds another twist to the long-running saga of the Hermes descendant, who alleged to have betrayed his family when he failed to join dozens of relatives, led by his brother Bertrand Puech, in pooling their Hermes shares to tighten control over the firm and repel Louis Vuitton Moët Hennessy, which had stealthily acquired a stake.&nbsp;

Nicolas Puech, the 80-year-old descendant of Thierry Hermès—who founded French luxury giant Hermes International SCA in 1837—has decided to leave half of his fortune to his former gardener, setting off a public spat with the foundation his family created.

Nicolas Puech, the 80-year-old descendant of Thierry Hermès—who founded French luxury giant Hermes International SCA in 1837—has decided to leave half of his fortune to his former gardener, setting off a public spat with the foundation his family created. According to Swiss media reports, Puech has initiated the legal process of adopting his former 50-year-old unnamed gardener and plans to leave him half of his 12 billion euros (£10.3 billion) fortune. The family emerged this month as the world’s third wealthiest in Bloomberg’s annual ranking of family fortunes. Nothing much revealed about the unnamed heir Nothing much has been revealed about this gardener, except that the man is of Moroccan origins and is married with two children. Local media reports state that Puech refers to them as his “children” and “adopted son”. However, the decision has been vehemently opposed by the Isocrates Foundation—which has a board of six including Puech as president—which has announced that it will “oppose” its founder’s decision to cancel the inheritance contract. It is believed that Puech owns about 5.7 per cent of Hermès’ shares. Trust opposes move On Tuesday (Dec 19), the foundation said that it “isn’t in a position to judge the process or context” of the reports that Puech wished to adopt his former employee. “From a legal standpoint, the abrupt and unilateral annulment of a succession agreement appears void and unfounded,” the foundation said in a statement. “The foundation has opposed this move while leaving the door open to discussion with its founder and president.” Also read | US authorities start closing bridges with Mexico to contain surge in immigration The foundation was referring to a 2011 agreement it had with Puech, who has no children, to fund “the protection and promotion of public debate”. Also read | Trump barred from Colorado ballot for role in January 6 attack on US Capitol The foundation said it was established to fund and support “public interest journalism and media organisations committed to strengthening the field of investigative journalism” and civil society organisations “working towards responsible digitalisation and a healthy digital public space”. It added that as a Switzerland-based charity, it is “under the authority and surveillance of Swiss Federal supervisory board for foundations”. The move by Puech adds another twist to the long-running saga of the Hermes descendant, who alleged to have betrayed his family when he failed to join dozens of relatives, led by his brother Bertrand Puech, in pooling their Hermes shares to tighten control over the firm and repel Louis Vuitton Moët Hennessy, which had stealthily acquired a stake.

Hermès heir decides to leave half of its fortune to his ex-gardener

A new report has revealed that the world's richest people lost a cumulative $10 trillion in 2022, primarily due to energy, economic and geopolitical conditions. London-based Knight Frank's wealth report zeroed in on 218,000 people, also classed as 'ultra-high net worth individuals' (UHNWIs) to arrive at the figure.

A new report has revealed that the world's richest people lost a cumulative $10 trillion in 2022, primarily due to energy, economic and geopolitical conditions. London-based Knight Frank's wealth report zeroed in on 218,000 people, also classed as 'ultra-high net worth individuals' (UHNWIs) to arrive at the figure. The report, one of the biggest to access the decline in the fortunes of the filthy-rich stated that these individuals saw a dip of 10 per cent in their fortunes from the combined $101.5 trillion in 2021 to $91.4 trillion in 2022. “The fall in wealth is unsurprising given the dramatic pivot in monetary policy that culminated in the worst performance for the traditional blended portfolio since the 1930s,” said Liam Bailey, Knight Frank’s head of research. Read more: Over 200 millionaires make fervent call to world leaders to tax ultra-rich The sharp dip can also be attributed to policymakers across the globe raising interest rates to combat elevated inflation in the backdrop of a slowdown in economies. The researchers added that the Ukraine crisis also contributed to the dip as the disruption in supply chain affected nearly every industry. “The Ukraine crisis fuelled the European energy crunch and supercharged already surging inflation. As a result, 2022 saw one of the sharpest upward movements in global interest rates in history, leading to economic conditions that Collins English dictionary neatly dubbed the ‘permacrisis’," added Bailey. Read more: Shell makes $40 billion profit in 2022, highest in its 115 years of existence The report found that only four UHNWIs had increased the size of their fortune last year, despite the overwhelming trend remaining negative. However, one interesting development stood out from the rest. The report found that ultra-luxury properties changed hands much more frequently. Homes above $25 million changed hands 43 times in London and New York - two of the most coveted cities by the uber-rich. (With inputs from agencies) WATCH WION LIVE HERE:

World's richest individuals lost a collective $10 trillion in 2022: Report

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