Microsoft founder Bill Gates is no longer the world’s second-richest person. That position has been taken over by French billionaire, Bernard Arnault, the chairman and chief executive officer of LVMH, Moët Hennessy – Louis Vuitton.

He was unseated on the Bloomberg Billionaires Index on Tuesday, 16th July 2019. According to the Index, this new record was established in its latest ranking. This is the first time since the index was established seven years ago that Bill Gates position would drop out of the top two.

Arnault’s present net worth was estimated at about $108 billion. It was reported that Arnault’s ownership of the Paris-based luxury-goods conglomerate LVMH helped to lift his net worth. LVMH parents such brands as Louis Vuitton, Celine, Fendi, Moët, Hennessy, Dom Pérignon and others. They include luxury brands in perfumes, watches, alcohol and clothing. Meanwhile, Bill Gates is worth $107 billion.

Ever since LVMH’s share price increased in 2019, so did Arnault’s worth. According to Bloomberg’s report, Bill Gates would have ranked number one. His philanthropic giveaways were stated as the reason Bernard Arnault had more room to soar higher. Bill Gates has so far donated over $35 billion to the Bill and Melinda Gates Foundation.

Bernard Arnault is a Frenchman who entered the luxury industry in 1984. Then he went on to buy other brands, such as Céline. In 1988, the 70-year-old became a major shareholder of LVMH.

Meanwhile, Jeff Bezos still retains first place as the world’s richest man.