By Alexandra Whittaker
Sep 21, 2017 @ 3:15 pm

The richest woman in the world has died at age 94.

Billionaire Liliane Bettencourt was the heir to the L'Oreal cosmetics empire, though she left the company board in 2012, and passed away Wednesday night in her home, her daughter Françoise Bettencourt Meyers said in a statement to the U.K.'s The Guardian. She had a net worth of $44.7 billion at the time of her passing, as estimated by Forbes, which made her the wealthiest woman and the 13th richest person in the world. Her father, Eugène Schueller, founded a company in 1909 which ultimately turned into the L'Oreal group. Bettencourt was his only child.

In a statement to the BBC, L'Oreal chairman and CEO Jean-Paul Agon confirmed her death and offered condolences.

"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," Agon wrote. "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."

Our thoughts are with Bettencourt's friends and family.