The 78 year-old Lebanese-born entrepreneur and an engineering consultant, is the founder and chairman of the Swatch Group, which introduced the mass-produced Swatch watch in 1983. Mr. Swatch, as Hayek is often referred to, is considered one of Switzerland's 10 wealthiest people, and is ranked 292 among Forbes' list of the world's richest people.

Though he is chairman and owns 51% of the company, his son Nicholas Hayek Jr. heads the firm today and his daughter Nayla is also heavily involved in one of the world's largest maker of watches, which reported over US$3.5bn in sales last year.

The company's stable of luxury watch brands includes Omega, Blancpain and Breguet, Rado and Longines. Net profits at Swatch Group jumped 23.6% in the first half of the year to US$257.9m.