Françoise Bettencourt Meyers, the 70-year-old granddaughter of L’Oréal founder Eugène Schueller, has ascended to the pinnacle of wealth as the world’s richest woman, according to the Bloomberg Billionaires Index.
Bettencourt Meyers boasts a net worth of approximately $100 billion, primarily attributed to her substantial stake in L’Oréal, the global cosmetics giant with 2023 sales amounting to $44 billion. This milestone marks her as the first woman to achieve such a formidable net worth.
Despite a year-to-date decrease of $658 million, Bettencourt Meyers maintains her position as the 14th richest individual globally, per the Bloomberg list.
A Legacy of Innovation
The foundation of L’Oréal traces back to 1909, when pharmacist Eugène Schueller established the company. Upon Schueller’s death in 1957, his daughter Liliane inherited the fortune and control of the company. Alongside her husband, French politician André Bettencourt, the Bettencourt family became renowned in France for their lavish social events.
However, Françoise Bettencourt Meyers preferred a more private life, indulging in her passions for piano and literature, as noted by Vanity Fair. Her intellectual pursuits have led to the publication of books on Greek mythology, Judaism, and Catholicism, including her 2008 work “Regard sur la Bible.”
Corporate Governance and Philanthropy
Holding a 35% stake in L’Oréal, Bettencourt Meyers has served as a director since 1997 and as vice-chair of the board since 2020. Following her mother Liliane’s death in 2017, she inherited a significant fortune, including valuable real estate such as a mansion in Neuilly-sur-Seine, a prestigious suburb of Paris, and another overlooking France’s Brittany coast.
Her husband, Jean-Pierre Meyers, is the CEO of Téthys, the family’s holding company. Their sons, Jean-Victor and Nicolas, are also involved in L’Oréal’s governance as board members.
In a significant milestone, Bettencourt Meyers became the first woman to reach a $100 billion fortune in 2023. Her family’s control of L’Oréal encompasses about a third of the company’s shares, which includes mass-market brands like Maybelline and high-end beauty companies such as Lancôme and Kiehl’s. L’Oréal also licenses beauty divisions for luxury fashion houses like Yves Saint Laurent and Valentino.
Commitment to Philanthropy
Bettencourt Meyers has allocated part of her wealth to philanthropic endeavors. In April 2019, she joined other French billionaires in pledging millions for the restoration of Notre Dame Cathedral after a devastating fire. She also presides over the Bettencourt Schueller Foundation, established in 1987, which supports research in the life sciences and arts projects. In 2023 alone, the foundation awarded grants totalling 68.6 million euros, approximately $74 million.
L’Oréal, founded by her grandfather, has seen its shares reach record highs in Paris, benefiting from a post-pandemic resurgence in beauty product sales.
Wealth and Influence
Despite her immense fortune, Bettencourt Meyers prefers a life of privacy, devoting several hours a day to playing the piano and authoring scholarly works, including a comprehensive study of the Bible and a genealogy of Greek gods.
Her rise to wealth came under complex circumstances, involving a legal dispute with her mother over financial exploitation concerns, which ultimately led to a court ruling in 2011 that awarded Françoise control over her mother’s wealth.
Renowned author Tom Sancton, in his book “The Bettencourt Affair,” describes Bettencourt Meyers as someone who “really lives inside her own cocoon,” focusing primarily on her family.