Billionaire Philanthropist's Wish: Leaving Fortune to his Dedicated Gardener
Descendant of Europe's wealthiest family initiates adoption process to leave at least half of his €12 billion fortune to loyal gardener
A wealthy European heir is said to be in the process of legally adopting his middle-aged gardener and plans to leave him at least half of his $13 billion fortune. Nicolas Puech, 80, who comes from a long line of the Hermes luxury goods company founder, is seeking to cancel a contract that would have left his fortune to the Isocrates Foundation and instead make his employee a legal heir.
Earlier this month, Swiss newspapers Tribune de Geneve and 24 heures reported the news. The charitable foundation is objecting to Puech's proposal to sever ties, which it claims to have only recently learned about. In a statement shared with CNN, the organization stated, "From a legal standpoint, a unilateral termination of the inheritance contract appears null and baseless. The foundation has therefore objected to the contract termination, while also being open to discussions with its founder."
Swiss media reports about Puech's "desire to adopt his employee" were not judged or commented on by the charity, as they believe it is up to the relevant authorities to decide on the matter. CNN has reached out to the billionaire's lawyer for a statement.
The Isocrates Foundation, founded by Puech in 2011 and financially supported by him, focuses on backing public interest journalism and civil society organizations aiming for a "healthy digital public space," as stated on its website.
The inheritance contract between the foundation and Puech, who is not known to have children, reportedly stipulates that his shares in Hermes will go to the foundation, unless he becomes a father. In that case, his child would be entitled to a portion of the inheritance, with at least 50% going to a son.
Puech is said to own 5.7% of Hermes, a company famous for its silk scarves and leather handbags. The demand for luxury goods following the pandemic has led to Hermes being valued at nearly â¬211 billion ($230.8 billion), making Puech's stake worth approximately â¬12 billion.
In 2016, Hermes ceased disclosing Puechs stake but had previously listed him as holding a 5.8% stake in its 2015 annual report. The most recent report now shows "other members of the Hermes family group" as holding a 5.7% share in the firm. According to a recent annual Bloomberg ranking, the Hermes family is the world's third wealthiest.
