Bill Gates is no longer the second-richest person alive

Daniel Fowler
July 20, 2019

The newest claimant of the No 2 slot, according to Bloomberg's Billionaires Index, is the final man in the $100 billion club: Bernard Arnault, chairman and CEO of LVMH, worldwide media reported.

Amazon CEO Jeff Bezos is crowned as the world's richest person in the list despite an expensive divorce settlement with Mackenzie Bezos which made her the world's fourth-richest woman. Both he and wife Melinda Gates have donated over $35 billion to the Bill and Melinda Gates Foundation, which primarily functions to enhance healthcare and reduce extreme poverty, as well as expand access to information technology. It's the first time the Microsoft founder has fallen below second place at least in the seven year history that we've been ranking the richest people on the globe.

Apart from the brands that form its acronym, LVMH controls brands like Givenchy, Dom Pérignon (a champagne brand) and Sephora (beauty retailer).

In March, Arnault overtook Buffett as the world's third-richest person, Business Insider reported.

According to Bloomberg, Arnault's fortune increased 39 billion dollars in 2018, the largest individual gain on the 500-member index.

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That run ended Tuesday when the Microsoft Corp.co-founder dropped to No. 3 behind France's Bernard Arnault. Gates' net worth according to Forbes sites at around $103.7 billion.

According to Bloomberg, Gates would still rank first if not for his philanthropic giving.

Last month, Arnault joined the $100 billion club when LVMH shares climbed to a record 368.80 euros apiece. Arnault's family was one the billionaires who pledged $650 million in April for the reconstruction of Notre Dame Cathedral after the fire incident.

Arnault net worth is estimated at around $108 billion.

The French entrepreneur entered the luxury industry in 1984, when he bought Boussac, a textile empire in the midst of bankruptcy that owned Dior. Jeff Bezos Net Worth: Facts & Numbers That Will Blow Your Mind About The World's Richest Man.

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