Francoise Bettencourt Meyers, the heiress to the L’Oréal beauty products empire, has achieved the historic milestone of amassing a $100 billion fortune, making her the first woman to reach this financial pinnacle. The surge in her wealth is attributed to the record-high performance of shares in L’Oréal SA, the multinational beauty products company founded by her grandfather. The family holds nearly a 35% stake in the company, making them the single largest shareholders.
At the age of 70, Bettencourt Meyers serves as the vice-chair of L’Oréal’s board, continuing the legacy initiated by her chemist grandfather, Eugene Schueller, in 1909. While her $100 billion fortune is a remarkable achievement, it is surpassed by the immense wealth of her compatriot Bernard Arnault, founder of LVMH Moet Hennessy Louis Vuitton SE, who holds the second position globally with $179.4 billion.
France has a significant presence in the luxury retail sector, giving rise to several ultra-rich families, including those behind Hermès International SCA and Chanel. Bettencourt Meyers, known for maintaining a notably private life, has eschewed the glamorous social scene coveted by many affluent individuals. Apart from her role at L’Oréal, she has authored comprehensive studies, including a five-volume study of the Bible and a genealogy of the Greek gods. She is also recognized for her dedication to playing the piano for hours every day.
After her mother, Liliane Bettencourt, passed away in 2017, Bettencourt Meyers became the only heir to her considerable fortune. She and her mother had a tense relationship. A butler’s covert recordings of the family quarrel are included in the new Netflix documentary “L’Affaire Bettencourt,” which explores the family’s history and includes a legal battle turned political scandal.
Despite difficulties during the epidemic, including a decline in the beauty sector as a result of lockdowns, L’Oréal quickly recovered as customers splashed out on upscale goods, resulting in a 35% increase in the company’s shares this year.
