Published: Sat, July 20, 2019
Markets | By Otis Pena

Bill Gates just lost his ranking as the world's 2nd-richest person

Bill Gates just lost his ranking as the world's 2nd-richest person

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.

LVMH, Arnault's luxury-goods maker, advanced to a record on Tuesday and pushed his net worth to United States dollars 107.6 billion and ahead of Gates by more than USD 200 million.

5 Indians have made it to the list of top 100 richest people in world. Gates and his wife Melinda are estimated to have donated more than $35 billion through their various foundations.

Gates had held steady as the second-richest person in the world - behind Amazon's Jeff Bezos - for seven years. Arnault and his families are the bulk owners of Christian Dior and LVMH, mother or father of such brands as Louis Vuitton, Celine, Fendi, Moët, Hennessy, Dom Pérignon, and others.

Bernard Arnault has taken the second place, as Gates now occupies the third place.

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Gates is now worth $107 billion, but there's a caveat: Were it not for his philanthropic giving, he'd still be No. 1. He got into the luxury game in 1984 when he bought a textile company that owned Christian Dior, and four years later he bought a controlling stake in LVMH. According to the Bloomberg Billionaires Index, he has added $39 billion to his wealth in the last one year.

LVMH is the world's biggest luxury and fashion company which Mr Arnault has built up steadily in rivalry with Francois Pinault's Kering group.

Ranking 14th on the Index and highest among Indians is Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd (RIL) with a net worth of $51.3 billion. In May, the company partnered with the popular American singer Rihanna to launch a new fashion brand called Fenty.

Arnault and his household are amongst luxurious titans who pledged better than US$650 million in April for the reconstruction of Notre Dame Cathedral after fire ravaged the landmark church.

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