This archive report was first published on 21 July 2019.
July 21, 2019
French billionaire Bernard Arnault has taken the title of the world's second-richest person, surpassing Microsoft co-founder Bill Gates, according to the Bloomberg Billionaires Index.
Arnault, the CEO of luxury goods maker LVMH Moët Hennessy – Louis Vuitton SE, overtook Gates on Tuesday, marking the first time since the index was created seven years ago that Gates has dropped out of the top two.
Arnault's net worth is estimated at around Ksh11 trillion ($108 billion), having added Ksh4 trillion ($39 billion) to his fortune in the past year. Gates, on the other hand, is worth Ksh11 trillion ($107 billion).
Arnault has built LVMH into a global luxury powerhouse that controls brands such as Louis Vuitton, Christian Dior, and Givenchy. The company is also home to Champagne brand Dom Pérignon and beauty retailer Sephora.
Earlier this year, Arnault made headlines when he committed Ksh23 trillion ($224 million) to the rebuilding of Paris' Notre Dame cathedral.
According to Bloomberg, Gates would still rank first if not for his philanthropic giving, having donated over Ksh4 trillion ($35 billion) to the Bill & Melinda Gates Foundation.
Amazon CEO Jeff Bezos holds the top spot on the Bloomberg list with an estimated net worth of Ksh13 trillion ($125 billion).
