The lucky offspring of the one percent stand to inherit their parents’ wealth one day, but not all of the ultra-rich have heirs to leave their fortunes to.
In that case, some millionaires and billionaires will donate their money to charity. But others will designate a much more unexpected beneficiary to inherit their assets.
For instance, one of the heirs to Hermès, a French luxury goods brand most known for its Birkin bags, is single and has no children. He’s planning to give half of his fortune to his former gardener and handyman.
The 80-year-old heir to the Hermès fortune, Nicolas Puech, wants to leave a large chunk of his wealth to the 51-year-old man who has worked for him for decades, maintaining his home and garden.
The man remains unnamed, but he is of Moroccan descent, married to a woman from Spain, and has two children.
Puech is a fifth-generation descendant of Thierry Hermès, who founded the fashion house in 1837 in Paris. The Hermès fortune is said to be valued at over $220 billion. Puech owns between five and six percent of Hermès capital, making him the largest individual shareholder.
His net worth is estimated to be between ten and eleven billion dollars, which puts him at the 161st richest person in the world. So, half of that amount is being passed down to his former gardener, who he also plans to adopt.
The man will also inherit property from Puech in Marrakesh, Morocco, and Montreux, Switzerland, worth $5.9 million.
Delving into Puech’s history with Hermès may explain the motivation behind the choice for his heir. In 2014, LVMH, a rival luxury goods brand, acquired 23 percent of Hermès, leading to conflict within the family. As a result, Puech left the company’s board.