French billionaire Bernard Arnault has taken over Bill Gates as world’s second-richest person.
Arnault who is the CEO of luxury goods maker LVMH (LVMHF), overtook Gates on the Bloomberg Billionaires Index on Tuesday and It’s the first time in seven years since the index was created that Gates dropped out of the top two.
According to the index ,Arnault’s net worth is around $108 billion, having added $39 billion to his fortune in the past year while Bill Gates is worth $107 billion.
The two men have also traded spots on another billionaires’ list published by Forbes.
LVMH was built into a global luxury powerhouse that controls brands such as Louis Vuitton, Christian Dior and Givenchyand it’s also the home of Champagne brand Dom Pérignon and beauty retailer Sephora.
The CEO of LVMH made headlines earlier this year when he committed €200 million ($224 million) to the rebuilding of Paris’ Notre Dame cathedral.