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Bill Gates Is Not World's Second-richest Person

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Bill Gates has been dethroned as the world's second-richest person, by Bernard Arnault, CEO of the Paris-based luxury goods conglomerate, LVMH Moet Hennessy Louis Vuitton.

According to the Bloomberg Billionaires Index, Arnault's net worth rose to $108 billion, which is $1 billion more than that of Gates.

The 70-year-old self-made Billionaire controls nearly half of LMVH, which sells a wide range of luxury products, including Louis Vuitton leather goods, TAG Heuer watches and Dom Perignon champagne.

Not since the inception of the list in 2012 has the Microsoft co-founder ever been removed from the 2nd position. Reports said were it not for the donations made to charity through the Bill & Melinda Gates Foundation launched in 2000, Bill Gates would have dethroned Amazon CEO, Jeff Bezos ($124 bln) as the richest person.

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