Produced by: Tarun Mishra Designed by: Mohsin Shaikh
Francoise Bettencourt Meyers has become the first woman to accumulate a substantial fortune of $100 billion, as reported by the Bloomberg Billionaires Index.
The surge in her wealth is closely tied to the unprecedented surge of L’Oréal SA shares, associated with the beauty products empire founded by her grandfather.
Francoise Bettencourt Meyers has also secured the 12th position among the world’s wealthiest individuals, positioning her just behind Mexico’s Carlos Slim in global wealth rankings.
Despite this financial accomplishment, her wealth remained less than that of Bernard Arnault, the founder of LVMH Moet Hennessy Louis Vuitton SE, who held the second spot globally with a substantial $179 billion fortune.
France's dominance in the luxury retail sector is evident through the rise of several ultra-rich families, including those behind Hermes International SCA and the Wertheimer brothers, proprietors of Chanel.
Francoise Bettencourt Meyers, aged 70, has played a pivotal role as the vice-chair of the board of L’Oréal, a company valued at €241 billion ($268 billion). Her family holds the single largest stake of 35%.
Renowned for her private and reclusive lifestyle, the heiress distanced herself from the social scenes associated with the wealthy. Notably, she devoted hours each day to playing the piano.
The heiress inherited her substantial wealth following the 2017 passing of her mother, Liliane Bettencourt. The inheritance followed a period marked by occasional contentiousness in their relationship.
L’Oréal, founded in 1909 by Bettencourt Meyers’ chemist grandfather, Eugene Schueller, showcased resilience during the pandemic. Despite initial challenges due to reduced makeup usage during lockdowns, the company rebounded as consumers indulged in luxury items, resulting in a remarkable 35% surge in shares during the year. Analysts projected a potential 12% rise in the company's stock over the next year, emphasizing its product and geographic diversity.