Chairwoman and co-owner of Russia's second largest airline, Natalia Fileva, has died after a private aircraft she was in crashed near Frankfurt on Sunday.

Fileva, 55, was the major shareholder in airline company S7, a member of global Oneworld airlines alliance, and one of the richest women in Russia, whose wealth was estimated by Forbes at $600 million.

The Epic-Lt, a single-engined turboprop aircraft designed for private flights, crashed while landing at Egelsbach airport, S7, also known as Siberia Airlines, said in a statement.

A police spokesman in the central German state of Hesse said a six-seater aircraft with two passengers and a pilot on board was en route from France when it came down near Egelsbach and caught fire.

The private aircraft was flying from Cannes in France and disappeared from radars at 1322 GMT, according to data from a flight tracker Flighradar24.