Liliane Bettencourt, the richest woman in the world, passed away at 94. She was wealthy enough to gift a friend an island in the Seychelles. [Courtesy of Pascal Ohlmann / Pixabay]
Liliane Bettencourt was the richest woman and 14th richest person in the world with net worth of $40 billion. The French heiress was the matriarch of the international beauty brand, L'OReal. she was one of the principal shareholders of L'Oreal even after she left the board in 2012.
Bettencourt was the only child of L'Oreal founder Eugene Schueller. She began working at her father's company as an apprentice since she was 15 years old. She inherited her father's fortune and L'Oreal in 1957 after he passed away. Even after the company went public, she remained the major stakeholder.
The heiress' only daughter, her husband, and grandson Jean-Victor Meyer who holds a position in L'Oreal Board of Directors are expected to inherit Bettencourt's fortune.
She had a public feud with her daughter, Francoise Bettencourt Meyer, in 2007 after the heiress befriended a photographer, Francoise-Marie Banier. She started showering Banier with gifts worth millions of dollars including Picasso paintings and an island in the Seychelles.
Meyer took a legal action after learning that Bettencourt was planning to adopt Banier. A judge ordered the heiress to be under the guardianship of her family since her health was declining. Bettencourt and her daughter reconciled in 2010.
Bettencourt passed away on Thursday at the age of 94. Her daughter has been holding a trust to handle Bettencourt's assets and her grandson Jean-Victor Meyer succeeded her as vice chairman of L'Oreal prior to her death.
Kwak, Min Jung = abiel@ajunews.com
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