We hear a lot about the wealthiest men in the world, but who is the richest woman and how did she make her fortune?
According to Bloomberg, the richest woman in the world is Francoise Bettencourt Meyers, with a total net worth of $90 billion. She is the granddaughter of Eugene Schueller, the founder of L'Oréal, and inherited her fortune from her mother, Liliane Bettencourt.
Who is Francoise Bettencourt Meyers?
Francoise Bettencourt Meyers's wealth comes from her stake in L'Oréal - the world's largest cosmetics company by market capitalization.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
She inherited her stake in L'Oréal from her mother, Liliane Bettencourt the daughter of Eugene Schueller, the company’s founder.
Liliane Bettencourt passed away in 2017 and left her fortune to Francoise.
Francoise serves as the chairwoman of the company's board and has a significant influence on the company’s day-to-day operations. She’s pushed the company to modernize its image, advocating for improved sustainability and social responsibility targets, helping L'Oréal change with the times and maintain its position as a leader in the cosmetics industry.
As well as acting as the chairwoman of L'Oréal’s board, Francoise and her husband, Jean-Pierre Meyers founded the Bettencourt Meyers Family Foundation, which supports environmental, social justice, and human rights initiatives.
How the richest woman in the world earned her fortune
L'Oréal has a rich history dating back over a century.
Founded in 1909 by French chemist Eugène Schueller, the company originally produced hair dye, but it expanded rapidly into different product categories under the stewardship of its founder into the cosmetics market. Soon, the business was making a range of beauty products as well as hair products.
The company grew rapidly in Europe and then expanded internationally in the 1950s, opening offices in the United States and other countries worldwide.
One of the key factors that contributed to L'Oréal's success is its commitment to research and development. Its commitment to growth and development has long been recognized as industry-leading, and many analysts have touted this as the reason the group has maintained its position as a market leader over the years.
L'Oréal’s history is intertwined with its innovation. In 1963, the company launched its first shampoo specifically designed for coloured hair, and in 1973, it introduced the first hair colour product that didn't require a separate shampoo. These might seem like small changes today, but at the time they were revolutionary.
In the final few decades of the 1990s, L'Oréal continued to expand its product line and reach, focusing on research and development as well as acquisitions.
The firm expanded its product offerings to include skincare, makeup, and fragrances, and it also acquired several other brands to diversify its portfolio further. Some of the most well-known brands in the L'Oréal family include Maybelline, Garnier, Lancôme, and Kiehl's.
L'Oréal is dealing well with market challenges
Despite its success, L'Oréal has faced its share of challenges. Recently, L'Oréal has been dealing with criticism for using animal testing in China, which requires some types of cosmetics to be tested on animals.
Even though the group has made huge strides in eliminating animal testing from most of its manufacturing processes, PETA notes the firm has “refused to adopt a company-wide policy against tests on animals for both its ingredients and finished products,” mainly due to its exposure to China.
The company has set ambitious goals to reduce its environmental impact and promote responsible sourcing practices.
As part of its Sharing Beauty With All sustainable development programme, launched in 2014, the group laid out concrete improvement targets for reducing its environmental impact.
CO2 emissions at its plants and distribution centres fell 81% between 2005 and 2020 even though output has risen by nearly a third.
And it plans to go further by reaching carbon neutrality at all sites by 2025 (a goal it’s already hit in some markets). L'Oréal also wants to reduce greenhouse gas emissions by 50% per finished product by 2030 by tackling “direct and indirect impacts,” such as supplier business and consumer use.
-
The 30 house price hotspotsWhile we have seen house prices sliding, these sought-after locations have seen prices jump by at least 5% over the previous 12 months
-
Working parents will be entitled to 15 hours free childcare for two-year-olds from next year
The government has extended free childcare hours to working parents of two-year olds but it won’t be automatic so make sure you don’t miss out
-
UK wages grow at a record pace
The latest UK wages data will add pressure on the BoE to push interest rates even higher.
-
Trapped in a time of zombie government
It’s not just companies that are eking out an existence, says Max King. The state is in the twilight zone too.
-
America is in deep denial over debt
The downgrade in America’s credit rating was much criticised by the US government, says Alex Rankine. But was it a long time coming?
-
UK economy avoids stagnation with surprise growth
Gross domestic product increased by 0.2% in the second quarter and by 0.5% in June
-
Bank of England raises interest rates to 5.25%
The Bank has hiked rates from 5% to 5.25%, marking the 14th increase in a row. We explain what it means for savers and homeowners - and whether more rate rises are on the horizon
-
UK wage growth hits a record high
Stubborn inflation fuels wage growth, hitting a 20-year record high. But unemployment jumps
-
UK inflation remains at 8.7% ‒ what it means for your money
Inflation was unmoved at 8.7% in the 12 months to May. What does this ‘sticky’ rate of inflation mean for your money?
-
VICE bankruptcy: how did it happen?
Was the VICE bankruptcy inevitable? We look into how the once multibillion-dollar came crashing down.
