Bill Gates is now the world's third-richest person.
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Bill Gates has been ousted from his long-held spot as the world's second-richest person, Bloomberg reported on Tuesday.

Bernard Arnault, the CEO of LVMH, whose shares surged on Tuesday, is now more than $200 million richer than Gates, according to the Bloomberg Billionaires Index. It's the first time in the index's seven-year history that Gates has ranked below No. 2, Bloomberg reported.

Arnault now has a net worth of $108 billion, compared with Gates' $107 billion, according to Bloomberg.

Forbes was more conservative in its estimate of the French billionaire's fortune, ranking him behind both Gates and Warren Buffett with a net worth of $103 billion.

According to Bloomberg, Arnault's fortune stems from his 97.4% stake in Christian Dior, which also owns 41% of LVMH, the parent company of Louis Vuitton, Givenchy, Fendi, and Celine.

Gates, who made his fortune cofounding Microsoft, still owns about 1.3% of the software maker, Bloomberg reported.

Business Insider previously reported that Arnault's net worth has had a meteoric rise as the luxury-goods sector booms amid increased demand in China. Other French billionaires, including Kering's Francois-Henri Pinault and L'Oréal's Francoise Bettencourt Meyers, have benefited as well, but none as much as Arnault.

In March, Arnault overtook Buffett as the world's third-richest person, Business Insider reported. And in June, Arnault became the third-ever centibillionaire, with a personal fortune over $100 billion.

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