Bill Gates just lost his ranking as the world's 2nd-richest person
- Bernard Arnault has overtaken Bill Gates as the world's second-richest person, Bloomberg reported on Tuesday.
- Arnault made his fortune running LVMH, a French luxury conglomerate. Business Insider previously reported that the luxury-goods sector has boomed in 2019, thanks to increased demand in China.
- According to Bloomberg, Arnault has a net worth of $108 billion.
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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.
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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