French billionaire Bernard Arnault, the CEO of luxury goods maker LVMH, has overtaken Bill Gates as the world's second richest person, according to the Bloomberg Billionaires Index.
Arnault, 70, has a net worth of around 108 billion U.S. dollars, while Gates, the co-founder of Microsoft, now is valued at 107 billion dollars.
This is the first time Gates has dropped out of the top two since the index was created seven years ago. Occupying the top spot is Amazon founder Jeff Bezos, who has a net worth of around 124 billion dollars.
According to Bloomberg, Arnault's fortune increased 39 billion dollars in 2018, the largest individual gain on the 500-member index.
His LVMH, the world's largest maker of luxury goods, reaped more than 53 billion dollars in revenue in 2018. The luxury brand conglomerate is made up of 70 companies, including Christian Dior, Louis Vuitton, Dom Perignon Champagne, TAG Heuer, and Rimowa.
