Bill Gates is no longer the world’s second-richest person. That title now belongs to French billionaire Bernard Arnault.
Arnault, the CEO of luxury goods maker LVMH (LVMHF), overtook Gates Tuesday on the Bloomberg Billionaires Index. It’s the first time since the index was created seven years ago that Gates has dropped out of the top two.
Arnault has a net worth of around $108 billion, according to the index, having added $39 billion to his fortune in the past year. Microsoft (MSFT) founder Gates is worth $107 billion.
Read more at CNN.