France's Bernard Arnault has replaced Microsoft Corporation co-founder Bill Gates as the second richest person on the planet, according to the Bloomberg Billionaire Index and Forbes’ list of the world’s billionaires.
Arnault, whose net worth is an estimated USD 108 billion, is the Chairman and CEO of LVMH, the parent company which controls fashion brands such as Louis Vuitton, Christian Dior and Givenchy.
He added a whopping USD 39 billion to his fortune in the past year.
Bill Gates, with an estimated net worth of USD 107 billion, has slipped to the third place in the index for the first time.
Bloomberg estimates he would have remained the richest man in the world if not for his philanthropic donations to the Bill and Melinda Gates Foundation, amounting to USD 35 billion.
Amazon’s Jeff Bezos retains the top spot with an estimated net worth of USD 125 billion.
Reliance Chairman Mukesh Ambani features in the list at the 13th position with a USD 51.8 billion net worth, while Azim Premji, former executive chairman of Wipro, holds the 48th position, with a net worth of 20.5 billion.
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