Another significant milestone for the heiress and for France's growing fashion and cosmetics industries came when Francoise Bettencourt Meyers became the first woman to accumulate a USD 100 billion fortune. As per the Bloomberg Billionaires Index, her net worth increased to $100.1 billion on Thursday, December 28. The achievement coincided with a record high in the stock price of L'Oreal SA, her grandfather's beauty goods firm, which was poised for its greatest year since 1998. She is just slightly richer than Carlos Slim of Mexico as the 12th richest person in the world.

In spite of this increase, Bettencourt Meyers' wealth remains far smaller than that of his French colleague Bernard Arnault, the creator of the luxury goods retailer LVMH Moet Hennessy Louis Vuitton SE, who is now ranked second in the world with $179 billion. Francoise Bettencourt Meyers, the World's Richest Woman, is Bolstering Her Family's Business Empire.

A number of other affluent families have emerged as a result of France's increasing dominance in the luxury retail sector. These include the Wertheimer brothers, who control Chanel, and the family that owns Hermes International SCA, which has acquired the greatest family wealth in Europe.

With a stake of about 35%, Bettencourt Meyers, 70, is the sole largest stakeholder of L'Oreal, a global firm valued at 241 billion pounds ($268 billion). She is also the vice-chair of the board of directors. Jean-Victor and Nicolas Meyers, her sons, are also filmmakers. Eugene Schueller, the chemist grandfather of Bettencourt Meyers, started the company in 1909 to manufacture and market a hair colour he had created. For many years, it was managed by executives from outside the family. International Women's Day 2019: Francoise Bettencourt Meyers, Abigail Johnson, Know 5 Richest Women in The World And Their Net Worth.

Bettencourt Meyers avoids the glamorous social life that many of the world's affluent pursue in favour of a solitary life. In addition to writing two books, a five-volume Bible study and a genealogy of the Greek gods, she is well-known for her hours-long daily piano playing sessions.

(The above story first appeared on LatestLY on Dec 29, 2023 04:49 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).