Forbes reported earlier this year that Tesla and SpaceX CEO Elon Musk was dethroned as the world’s wealthiest person by Bernard Arnault. However, Musk regained the top spot only a few days ago. Françoise Bettencourt Meyers has been the most popular female artist for quite some time.

However, Arnault and Bettencourt Meyers have a similar bond: they are both the CEOs of major cosmetics conglomerates. Skincare, fragrance, makeup, and hair care all make up the “beauty sector,” which McKinsey & Company estimates to be worth around US$430 billion. The firm also anticipated the industry’s fast continuation, estimating annual growth of 6%.

10. Suh Kyung-bae (Amorepacific) – US$1.6 billionAs the chairman of Amorepacific, the largest cosmetic and skincare company in South Korea, Suh Kyung-bae, 60, became not only a billionaire but the second richest man in the country in 2015. Since then, he has always been among the top 10 wealthiest people in South Korea.

In 1997, Suh took over as CEO of Amorepacific, the cosmetics company his father had founded. He rehaulded the company, adding dozens of brands, including Amore Pacific, Innisfree, Etude, and Laneige. Amorepacific is now worth an estimated $4.7 billion, and its CEO is worth an additional $1.6 billion, according to Forbes.

9. Kim Kardashian (KKW Beauty) – US$1.7 billionReality TV star Kim Kardashian, 42, is also a super successful entrepreneur. She dominates the beauty scene and the fashion world alike with her KKW Beauty and Skims shapewear lines.

According to Celebrity Net Worth, Kardashian’s 2017 launch of KKW Beauty generated over US$100 million in gross sales. She sold a 20% ownership in the company in 2020 for US$200 million, valuing the business at US$1 billion at the time. According to Forbes, she shut it down in 2021 and instead released a nine-step luxury skincare line called SKKN By Kim the following year. According to the same source, she has a net worth of $1.7 billion at the present time.

8. Rihanna (Fenty Beauty) – US$1.7 billionSuperstar Rihanna, 35, became a billionaire in 2021, thanks to her Fenty Beauty empire in which she has a 50 per cent take, according to Forbes. That also makes her the richest female singer in the world with a net worth of US$1.7 billion, per Celebrity Net Worth.

When it debuted in 2017, Fenty Beauty by Rihanna in collaboration with luxury brand LVMH targeted women of all skin tones. According to Celebrity Net Worth, it grossed $100 million in its first two months. It is now valued around $1.4 billion. Rihanna also has a 30% stake in the $1 billion lingerie company Savage x Fenty.

7. Hou Juncheng (Proya) – US$2.2 billionHou Juncheng, 60, founded Proya in 2006 and turned the company into one of the top cosmetics groups in China. Proya focuses on skincare, make-up and beauty products for women aged 18 to 24 in small and medium cities. The company is known for its local and international signature brands such as Timage, Zwyer Caviar and Artemis.

With a wealth estimated at $1.2 billion in 2020, he made Forbes’ list of Chinese billionaires. In just over two years, he increased it by a factor of 1.9 to US$2.2 billion.

6. Antonio Luiz Seabra (Natura) – US$3 billionAntonio Luiz Seabra, 81, founded Natura in 1969. He made it the largest beauty brand in Brazil – and made himself a billionaire.

Natura, the current owner of The Body Shop, was first inspired by Avon’s door-to-door sales model, expanding from Brazil to other Latin American countries and then France. Later it bought Avon, making an annual combined gross revenue of over US$10 billion, according to Premier Beauty News.

Seabra also owns Bresco, a property rental firm focused on warehouses, offices and hotels. His businesses bring US$3 billion into his money bag, Celebrity Net Worth reports.

5. Michael and Wolfgang Herz (Beiersdorf) – US$13 billionBrothers Michael and Wolfgang Herz, 79 and 73, owe nearly half of Beiersdorf, the company behind popular brands like Nivea, Eucerin and Labello. They have a current net worth of US$6.5 billion each, according to Forbes.

Tchibo Holding is one of the major retail groups in Germany, and a significant source of revenue for them.

4. The Lauder family (Estée Lauder) – US$40 billionEstée Lauder and her husband Joseph founded the company in 1946, which has grown to become one of the leading names is the cosmetics business today with familiar lines like Clinique, Mac, La Mer and more. Their offspring have grown the brand even more to a combined fortune of US$40 billion, making them one of the five richest families in the US, per Celebrity Net Worth.

Leonard, Estée’s eldest son and now chairman emeritus at age 90, has been with the firm from its inception in 1958. More over half of the family’s wealth, estimated at US$21 billion, is in his hands. Leonard’s son William and Ronald’s daughters Aerin and Jane, both prominent figures in Estée Lauder, have inherited the family fortune. Ronald joined the firm considerably later. They are all between $2.5 and $4.5 billion in value.

3. Alain and Gerard Wertheimer (Chanel) – US$90 billionBrothers Alain and Gerard Wertheimer, 74 and 72, the co-owners of Chanel, are each worth US$45 billion, coming to US$90 billion together, according to Celebrity Net Worth.

The Wertheimer brothers are the heirs to the Chanel fortune and the grandchildren of Pierre Wertheimer, who bought out his early partner Gabrielle (Coco) Chanel, the company’s namesake. They also have three wineries in France and the Napa Valley of California, as well as a racehorse breeding operation.

2. Françoise Bettencourt Meyers (L’Oréal) – US$90 billionQueen of the beauty biz, Françoise Bettencourt Meyers herself, is the granddaughter of Eugène Schueller, the founder of L’Oréal. Her net worth of US$90 billion, per Celebrity Net Worth, has more than doubled since 2018, when she topped Forbes’ list of the richest newcomers on the billionaires list with US$42.2 billion.

The 70-year-old is the head of L’Oréal’s holding company and the heiress of Liliane Bettencourt, who was the world’s wealthiest woman until her death in 2017. She is wealthy since she and her family own 33% of the business.

1. Bernard Arnault (LVMH) – US$219 billionElon Musk’s formidable opponent who has beat him to the top of the list more than once in recent years, is none other than Bernard Arnault, the French big boss of giant luxury house LVMH, owner of over 70 fashion and beauty brands including top-tier ones like Louis Vuitton, Christian Dior, Fendi, Tiffany, Bulgari and Givenchy.

Arnault, as co-founder of LVMH, rules the fashion and cosmetics industries. Forbes reports that LVMH’s stock price has climbed 35% over the last year, and that the company’s profits have increased from $4 billion in 1989 to $86 billion last year. According to the same report, Arnault has a net worth of around $219 billion.