Jörg Bucherer, a prominent Lucerne watch dealer, left behind a substantial fortune estimated at 7 billion Swiss francs upon his passing. With no heirs, his wealth will support the Jörg G. Bucherer Foundation, which aims to fund diverse initiatives including art, tourism, and technology, while excluding humanities and certain performing arts. Governed by a board of close associates, the foundation will begin its funding activities in 2026, overseen by the Federal Foundation Supervisory Authority.
The Legacy of Jörg Bucherer: A New Era for Philanthropy
When Jörg Bucherer passed away a year ago, he left behind a staggering fortune valued at billions, with no direct heirs. The renowned Lucerne watch dealer was well-known for his high-end businesses gracing the prominent shopping avenues of Switzerland. Just before his demise, he sold his enterprises to the prestigious watch brand Rolex, significantly boosting his wealth, which is estimated to reach as high as 7 billion Swiss francs.
The Formation of the Jörg G. Bucherer Foundation
One question lingered for a long time: What would happen to his vast wealth? With no spouse or children, Bucherer was tasked with determining a succession plan. By early 2024, it was confirmed that the sole heir to his fortune would be a non-profit foundation bearing his name. The public announcement of the Jörg G. Bucherer Foundation sparked curiosity regarding its intended use of the funds.
Recently, the executor managing Bucherer’s estate provided insights into the foundation’s mission, revealing surprising elements. This decision mirrors the path taken by Rolex founder Hans Wilsdorf, who also entrusted his wealth to a foundation, creating the Fondation Hans Wilsdorf—one of Switzerland’s wealthiest charitable organizations, dispersing around 300 million annually for philanthropic causes.
Having interned with Wilsdorf at the young age of 20, shortly after losing his father, Bucherer regarded the Rolex founder as a pivotal influence in his life. With this billion-dollar legacy, the Jörg G. Bucherer Foundation is poised to emerge as one of the major Swiss foundations, potentially wielding significant influence in various sectors.
The foundation outlines its support for a diverse array of initiatives, including art projects, nursing homes, tourism, research, care for disabled children, and innovative technologies. It has also explicitly named specific endeavors, such as the renowned Lucerne Festival and advancements in genetic research, that align with its mission.
However, certain areas have been explicitly excluded from funding. Notably, the foundation will not support fields such as humanities, social sciences, medicine, psychology, and psychiatry. The performing arts, particularly theater, are also indirectly excluded despite the foundation’s mention of supporting performing activities like music and literature.
This is particularly significant since the Lucerne Theater has benefited from Bucherer’s support as its main sponsor for many years. Currently, the theater is seeking additional financial assistance for a new building project, projected to cost around 130 million Swiss francs. In response to inquiries, the Lucerne Theater clarified that the sponsorship from Bucherer AG does not relate to support from the private foundation.
The foundation’s operations are overseen by a trio of board members closely linked to Bucherer: Urs Mühlebach, a prominent Lucerne attorney serving as the foundation’s president; Sören Schwieterka, also a board member and attorney at Mühlebach’s firm; and Jessica De Ry, identified as Bucherer’s cousin. All board members volunteer their time, which, while common for non-profit foundations, carries an increased duty of care under the Swiss Foundation Code to prevent conflicts of interest.
Additionally, board members will have the opportunity to propose their own projects, a typical practice in Swiss foundations. However, these personal initiatives will be subject to rigorous scrutiny to ensure fairness, often necessitating oversight from independent third parties.
Supervision of the Jörg G. Bucherer Foundation will be managed by the Federal Foundation Supervisory Authority (ESA), which ensures that the foundation operates within the law and that its assets are allocated appropriately. The foundation’s financial assets will be overseen by Markus Wattinger, the former head of investments at Migros Bank, alongside an investment committee.
The foundation is set to be officially registered in January 2025, with funding activities anticipated to commence in 2026. An online portal will subsequently be established, enabling projects that resonate with the foundation’s mission to apply for support.