The heiress of the world’s biggest cosmetics brand, Liliane Bettencourt, has passed on at the age of 94.

Bettencourt is the daughter of the founder of the L’Oreal group,  Eugène Schueller.

At the time of her death was the richest woman and the fourteenth richest person in the world, with a net worth of US$44.3 billion, as of the 2017 version of “The World’s Billionaires.”

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In a statement, the company’s chairman and CEO Jean-Paul Agon said: “We all had a deep admiration for Liliane Bettencourt who has always watched over L’Oreal, the company and its employees, and who was very attached to its success and development.

“She personally contributed a lot to its success for very many years. A great woman of beauty has left us and we will never forget her.”

Ms Bettencourt’s assets, including her holding stake in the cosmetics company, were placed in a trust controlled by her daughter, Francoise Bettencourt-Meyers.

One of her two grandchildren, Jean-Victor Meyers, succeeded her on L’Oreal’s board as vice chairman, and was named to guard her personal affairs.