L’Oreal heiress, Liliane Bettencourt, the world’s richest woman is dead.

Bettencourt passed away in the early hours of Thursday after suffering from dementia at her old age.

The cosmetics giant’s principal shareholder died at the age of 94.

The sad news was shared by her daughter Francoise Bettencourt Meyersin.

“Liliane Bettencourt died last night at home.

“She would have been 95 on October 21. My mother left peacefully,” Mrs Bettencourt-Meyers said in a statement. According to Forbes magazine, Bettencourt was the 14th richest person in the world, with estimated net worth at $39.5 billion in March.