For the first time in the seven-year history of the Bloomberg Billionaires Index, Bill Gates Microsoft Co-founder is not among the top two.
Luxury goods mogul Bernard Arnault has displaced Microsoft Co-Founder Bill Gates as the second wealthiest person in the world.
Gate was ranked third with a net worth of $107 Billion while the 70-year-old Bernard Arnault who currently is the chairman and chief executive of Louis Vuitton SE whose net worth stands at $180 billion came second.
Gates had held steady as the second-richest person the world — behind Amazon’s Jeff Bezos — for seven years.
But Arnault took Gates’ spot after LVMH stock surged on Tuesday, increasing his net worth to $107.6 billion.
The Frenchman’s total worth is now more than 3% of France’s economy.
He entered the luxury market in 1984 with an acquisition of a near-bankrupt French textile company that owned Christian Dior.
He later sold the company’s other businesses and used the money to buy a controlling stake in LVMH, which was at that point a merger between Louis Vuitton and champagne and cognac maker Moët Hennessy.
Amazon Founder and CEO Jeff Bezos ranks first with a net worth of $124 billion. In 2018, Bezos’ net worth touched $151 billion on the Bloomberg Billionaires Index.
At fourth place on the Bloomberg Billionaire Index was Warren Buffet, Chairman and CEO of Berkshire Hathaway, with a net worth of $81.9 billion. The Omaha, Nebraska-based company owns Geico, Clayton Homes and Dairy Queen, and has stakes in Coca-Cola and American Express.
Next on the list is Mark Zuckerberg, Co-founder and CEO of social media giant Facebookwith a net worth of $78.7 billion. According to an April 2019 stock exchange filing, a majority of Zuckerberg’s fortune is derived from a 13 percent stake in Facebook.
At sixth place is Amancio Ortega with a net worth of $66.2 billion, who owns 59 percent of Inditex, the world’s largest clothing retailer.