News Desk |
French billionaire Bernard Arnault toppled Microsoft founder Bill Gates in the list of richest people in the world. Arnault overtook Gates at the second spot in the Bloomberg Billionaires Index.
It’s the first time in seven years since the index was created that Gates has dropped out of the top two. The net value of Bernard Arnault is estimated to be around $108 billion, adding $39 billion to his fortune in the past year. According to the index, the net worth of Bill Gates stands at around $107 billion.
The Microsoft co-founder dropped to the third spot in the list. The net difference between the wealth of the Arnault and Gates stands at $200 million.
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Arnault has built LVMH into a global luxury powerhouse that runs brands such as Louis Vuitton, Christian Dior, and Givenchy. It also owns a Champagne brand called Dom Pérignon and beauty retailer Sephora.
LVMH posted a record profit and sales last year, and in May, the French Luxury giant made headlines when Rihanna announced to launch her new fashion brand, Fenty, with LVMH. The 70-year-old Arnault also pledged $650 million for the construction of the Paris’ Notre Damis Cathedral after a fire ripped through the historic church.
The Bloomberg states that Bill Gates can retain his second stop if he holds back his mighty philanthropic giving. So far he has recently donated $35 million to his welfare organization, Bill and Melinda Gates Foundation.
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Arnault controls almost half of the Paris-based LVMH through a family holding company and also owns a 97% stake in Christian Dior; the fashion house founded three years before his birth in 1949.