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Bernard Arnault Moves Higher On The Rich List

Microsoft CEO Bill Gates is no longer the second richest individual in the world. As it turns out, the title now belongs to French fashion and business mogul Bernard Arnault.

Arnault is the CEO of luxury goods manufacturer LVMH Moët Hennessy – Louis Vuitton SE. He overtook Gates on Tuesday, according to data from the Bloomberg Billionaires Index. The Index was created about seven years ago, and this marks the first time Gates falls lower than spot 2.

The Index showed that Arnault now has a $108 billion net worth. The Frenchman became one of only two people in the centibillionaires club last month, and he has risen steadily since then.

On the flip side, Gates maintains a net worth of $107 billion. The billionaires list published by Forbes also shows the two men trading positions.

Jeff Bezos, CEO of ecommerce giant Amazon Inc., retains top spot with $125 billion in net worth.

Jeff Bezos is still the richest man

Under Arnault, LVMH has grown into a luxury behemoth. It currently controls brands such as Givenchy, Christian Dior, Louis Vuitton, Hennessy, and more. It also owns Champagne brand Dom Pérignon and beauty retailer Sephora.

Earlier this year, Arnault made several headlines after he announced a €200 million ($224 million) commitment towards the rebuilding project of the Notre Dame Cathedral in Paris.

Gates has also been massively involved in philanthropy. Bloomberg notes that is charitable giving is the only reason why he doesn’t rank top on the list. So far, the tech genius has donated over $35 billion, mostly through the Bill and Melinda Gates Foundation.

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