The principal founder of Microsoft, Bill Gates, is no longer the second richest man in the world, as he has been displaced by the luxury goods maker, Bernard Arnault.
For seven years, Bill Gates maintained the second position on the Bloomberg Billionaires Index and had never ranked lower than that.
Things have taken a different turn: Bill Gates lost out on the second position on Tuesday July 16, 2019, according to Bloomberg Billionaires Index. Bernard Arnault has taken the second place, as Gates now occupies the third place.
Big guy Arnault: According to Bloomberg, France’s richest person, Arnault added $39 billion to his wealth in 2019. This is the biggest individual gain compared to other billionaires on its ranking.
Displacing Bill Gates: The Chairman of LVMH Moët Hennessy – Louis Vuitton, displaced Bill Gates on the billionaires ranking by more than $200 million.
The 70-year-old Arnault joined the billionaires’ list last month when his wealth surpassed $100 billion for the first time. According to reports, Arnault’s, Gate’s and Bezos’ riches combined surpass the individual market values of almost every company in the S&P 500 Index, including Walmart Inc., Exxon Mobil Corp, and Walt Disney Co.
A good year for Arnault: It is a wonderful year for the business magnet as this year has seen his business raking in sales, from his Kering SA’s Francois Pinault and cosmetics heir Francoise Bettencourt Meyers, getting to a $57 billion combined.
About Arnault Bernard: Known as the richest man in France, Arnault is the Chairman of LVMH Moët Hennessy – Louis Vuitton, the highest maker of luxury goods in the world.
He controls half of LVMH which recorded 48.8 billion euros (55.3 billion) revenue in 2018. Arnault’s family was one the billionaires who pledged $650 million in April for the reconstruction of Notre Dame Cathedral after the fire incident.
He also owns about 97% stake in Christian Dior, after acquiring a textile group that owned Christian Dior.