The French billionaire, Bernard Arnault is now the world’s second-richest person overtaking Bill Gates. Arnault, the CEO of luxury goods maker LVMH (LVMHF) overtook Gates on Tuesday on the Bloomberg Billionaires Index, making it the first time since the index was created seven years ago that Gates will drop out of the top two.
Arnault added $39 billion to his fortune in the past year and now with a net worth of around $108 billion, according to the index. Bill Gates, Microsoft founder is worth $107 billion.
The two men have also traded spots on another billionaires’ list published by Forbes. Arnault has built LVMH into a global luxury powerhouse that controls brands such as Louis Vuitton, Christian Dior and Givenchy. It is also home to beauty retailer, Sephora and Champagne brand, Dom Perignon.
Arnault, 70, made headlines earlier this year when he committed 200 million euros ($225 million) to the rebuilding of Paris’ Notre Dame Cathedral.
According to Bloomberg, Gates would still rank first, if not for his philanthropic giving. He has so far donated over $35 billion to the Bill and Melinda Gates Foundation.
Jeff Bezos, Amazon CEO holds the top spot on the Bloomberg list with an estimated net worth of $125 billion.