Françoise Bettencourt Meyers, an heiress and entrepreneur from L'Oréal, has become the first woman to accumulate a wealth of $100 billion.
In a report by The Guardian, Frenchwoman Bettencourt Meyers surpassed the mark on Thursday, December 28, as a result of an increase in the value of the cosmetics business that her mother Liliane Bettencourt, who was the wealthiest woman in the world until she died in 2017, left her.
The L'Oréal Heiress
Grandfather of Bettencourt Meyers, Eugène Schueller, established L'Oréal in 1909 to produce and sell a hair dye he had developed.
It began as a little business in the northwestern Paris district of Clichy, in the Hauts-de-Seine area, but has since expanded into a multinational behemoth, with a stock market valuation of €241 billion ($266 billion) in Paris.
The brand's motto, "Because I'm worth it," has been used often by celebrities and supermodels in advertisements, including Cindy Crawford, Beyoncé, and Pénelope Cruz.
Despite fast growth in the decade before the pandemic, L'Oréal saw a decline in sales as fewer individuals used their cosmetics while under lockdown due to the health crisis. Following that, there was a quick recovery as people spent money on luxury goods.
The company's product and geographic diversification demonstrate resiliency, according to Consumer Edge Research analyst Brett Cooper, who predicts that the stock might gain another 12% over the next year, as reported by Deccan Herald.
Bettencourt Meyers, 70, and her family continue to control 35% of the company's stock, making them the biggest shareholders. This has contributed to a $28.6 billion increase in her fortune, bringing it to $100 billion, as per the Bloomberg Billionaires Index.
Other Wealthiest Personalities
At a time when the cost of living crisis hit nations all over the globe, billionaires saw their wealth rise substantially, including Bettencourt Meyers.
Twelve of the 50 wealthiest persons in the world had their fortune decrease in 2023, while the others saw it increase but not adjusted for inflation. Not only that, but 77% of the top 500 saw their wealth increase, with some seeing amounts that are hard to grasp.
Bettencourt Meyers is ranked 12th on a list that is dominated by males and primarily Americans, with Elon Musk, inventor of Tesla and SpaceX, at the top.
The value of X (formerly Twitter) has dropped since Musk purchased it, but the skyrocketing share price of his electric vehicle business has more than made up for it, bringing his net wealth to $232 billion.
There was another high-ranking Frenchman besides Bettencourt Meyers. The success of Bernard Arnault's LVMH (Moët Hennessy Louis Vuitton) firm contributed $16.9 billion to the luxury goods tycoon's already substantial wealth of $179 billion in 2023.
