Liliane Bettencourt was the L’Oréal heiress and once became the richest woman in the world. Details about fortune, husband, and daughter explored.
A new Netflix documentary series The Billionaire, the Butler, and the Boyfriend was made available on the streaming platform in November 2023.
The docuseries takes an in-depth look at a conflict between the world’s wealthiest woman and her daughter spirals into a national scandal.
This is the story of Liliane Bettencourt who was a socialite, heiress, businesswoman, and at the time of her death, the richest woman in the world.
Her huge fortune landed her in one of France’s biggest scandals.
Here’s everything we know about the life and death of the late wealthy woman.
Who was Liliane Bettencourt?
Liliane Bettencourt (real name: Liliane Henriette Charlotte Bettencourt) was a French heiress, socialite, and businesswoman. She was one of the principal shareholders of L’Oréal.
She was born on October 21, 1922, in Paris, France.
Her parents were Eugène Schueller (father) and Louise Madeleine Berthe (mother).
She was an only child to her mom and dad.
Her dad, Schueller, was the founder of L’Oréal, one of the world’s largest cosmetics, beauty, and personal care companies.
In 1957, shortly after her father’s death, Bettencourt inherited the L’Oréal fortune and became L’Oréal’s principal shareholder.
She managed to own a majority stake in the company even after L’Oréal went public in 1963.
In 1987, Bettencourt met François-Marie Banier, a young French artist and photographer, when he photographed her for the French magazine Egoïste.
Despite a 25-year age gap, the two became close friends, and she gifted him nearly $2 billion in cash, life insurance policies, and artwork over two decades.
Bettencourt’s daughter, Françoise, filed a criminal complaint against Banier in 2007.
She accused him of abus de faiblesse, the exploitation of a physical or psychological weakness for personal gain, against Bettencourt.
The trial was delayed until the fall of 2010, when tape recordings made by Bettencourt’s butler, Pascal Bonnefoy, became public.
Bettencourt’s butler made the tapes, which contained over 21 hours of conversation between Bettencourt, Banier, and others in her circle because he suspected Bettencourt was suffering from Alzheimer’s disease and was being swindled out of her fortune.
The tapes allegedly revealed that Bettencourt had made Banier her sole heir, excluding her L’Oréal shares which had already been signed over to her daughter and two grandsons.
By December 2010, Bettencourt had cut off contact with Banier, removed him from her will, and reconciled, albeit temporarily, with her daughter.
In 2015, Banier was sentenced to two and half years in prison and ordered to pay Bettencourt over $150 million in damages.
Banier later appealed and reduced his charges to a $375 thousand fine along with a suspended jail sentence.
By 2019, a judge dismissed any remaining charges and fines against Banier.
Banier is still a working artist, most recently showcasing his latest exhibition, Writings & Pictures, in New York City’s Miguel Abreu Gallery in 2023.
Bettencourt passed away on September 21, 2017, at the age of 94.
What was Liliane Bettencourt’s net worth?
In 2017, Liliane Bettencourt was the wealthiest woman on earth and even competed with some of the richest men on the real-time billionaires list.
She was the richest person in France and was also the 14th richest person in the world.
Her net worth was estimated at US$44.3 billion when she died.
About how Liliane Bettencourt got rich, she made her money from the inheritance of her father’s wealth. Bettencourt’s inheritance made her the largest individual shareholder of L’Oréal S.A. The company went on to expand beyond the L’Oréal brand by acquiring the luxury beauty brand Lancôme, the American cosmetics company Helena Rubinstein, and the American fashion retailer Ralph Lauren, among others, growing her wealth and making her one of the richest women in the world.
In 1987 she and her family established the Fondation Bettencourt Schueller, a charity organization devoted to humanitarian, medical, and cultural initiatives. In 1995 she joined L’Oréal’s board of directors.
In the early 2000s, Bettencourt reportedly lost over $22 million due to Bernard Madoff’s Ponzi scheme.
Bettencourt’s fortune was also scrutinized after details of her tape recordings, shared by her butler, revealed that Bettencourt and her financial advisor allegedly kept a substantial amount of her wealth in Swiss bank accounts to avoid paying taxes.
Bettencourt’s billions were also involved in several political scandals.
She allegedly would give conservative French politicians envelopes stuffed with $150 thousand in cash at her mansion.
Bettencourt’s former accountant, Claire Thibout, claimed that an envelope was given by Bettencourt to French budget minister Éric Woerth in March 2007 for Nicolas Sarkozy’s presidential campaign.
French law limits political donations to €7,500 (about $8,030) for political parties and €4,600 (about $4,925) for individuals.
Sarkozy and Woerth denied all allegations.
Was Liliane Bettencourt married?
In 1950, she married André Bettencourt, a French politician who eventually became deputy chairman of L’Oréal.
André had been a member of La Cagoule, a violent fascist-leaning and anti-communist group, before and into the Second World War.
He then joined an anti-German Resistance late in the war.
Bettencourt and André had one daughter, Françoise, born in 1953.
Françoise is a member of the L’Oréal board of directors along with her husband, Jean-Pierre Meyers.
André died on November 19, 2007, at the age of 88.
How can I watch The Billionaire, The Butler, and the Boyfriend?
The Billionaire, The Butler, and the Boyfriend is a documentary series now streaming on Netflix.
The French docuseries has three episodes, all released on November 8, 2023.
The series delves into the 2007 scandal involving Bettencourt, her daughter Françoise, and photographer François-Marie Banier.
Netflix users can watch the show on their smartphone, tablet, smart TV, laptop, or streaming device.
Netflix plans range from $6.99 to $22.99 a month.
The streaming giant doesn’t offer free trials, but users can cancel or change their monthly plan at any time.