Bill Gates just got overtaken as the second-richest person in the world.
On Tuesday, Gates, 63, was knocked down a spot on the coveted Bloomberg Billionaires Index by Bernard Arnault, the CEO of LVMH, the world’s largest luxury-goods company.
According to the index, Arnault, 70, is currently worth $108 billion, which puts him just above Microsoft founder Gates, who ranks at No. 3 now with a net worth of $107 billion.
Arnault has been the majority shareholder of Christian Dior SE, which is the main holding company of LVMH, since a reported $13.1 billion buy out in 2017.
The powerhouse company has a long list of brands, including Louis Vuitton, Dior, Marc Jacobs, Céline, Thomas Pink, Moët & Chandon, Hennessy, Dom Pérignon, Bulgari, Fenty Beauty by Rihanna and Sephora.
Following the Notre Dame Cathedral fire in Paris, Arnault pledged $226 million to go towards the rebuilding, along with two more of France’s wealthiest families.
Although the French businessman has made a significant increase in his whopping net worth over the past year, the No. 1 spot remains untouched, belonging to Amazon CEO Jeff Bezos, 55, who has a $125 billion net worth, according to Bloomberg.
If not for his charitable donations, Gates would actually top the list, the outlet reports. 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.
Arnault is the richest billionaire in Europe, followed closest by No. 6 rank Amancio Ortega of Spain, the founder and former chairman of Inditex fashion group, which boasts the Zara chain.
Rounding out the top spots on the Bloomberg Billionaires Index are Berkshire Hathaway CEO Warren Buffett, 88 (at No. 4 with $83.9 billion net worth), plus Facebook CEO Mark Zuckerberg, 35, who ranks as the fifth-richest person thanks to a $79.5 billion net worth.