Bill Gates overtaken by Bernard Arnault on global rich list | CNN Business

Video Ad Feedback

How Amazon's Jeff Bezos spends his immense wealth

00:57 - Source: CNN Business

Top business news 16 videos

Video Ad Feedback

How Amazon's Jeff Bezos spends his immense wealth

00:57

Now playing

- Source: CNN Business

Video Ad Feedback

Costco is running out of gold bars to sell. Financial expert reacts

01:22

Now playing

- Source: CNN

Video Ad Feedback

The price of chocolate is soaring. Here's why

01:18

Now playing

- Source: CNN

Video Ad Feedback

As college cost passes $90K, 'the middle class is losing ground'

04:17

Now playing

- Source: CNN

Video Ad Feedback

'Million Dollar Listing LA' star reveals how clients are insuring homes amid rising rates

00:59

Now playing

- Source: CNN

Video Ad Feedback

Apple co-founder calls out 'hypocrisy' of politicians calling for TikTok ban

02:06

Now playing

- Source: CNN

FILE PHOTO: Former U.S. President Donald Trump attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, U.S., October 25, 2023. Dave Sanders/Pool via REUTERS/File Photo

Video Ad Feedback

Donald Trump may be on the verge of a massive financial win

02:52

Now playing

- Source: CNN

--FILE--Zhong Shanshan, Chairman of Nongfu Spring Co., Ltd., delivers a speech at a press conference in Beijing, China, May 6, 2013.

Shares of Chinese bottled water giant Nongfu Spring surged more than 85% in their debut on the Hong Kong stock market. The stock opened at 39.80 Hong Kong dollars per share ($5.14), more than 85% higher than its initial public offering price of 21.50 Hong Kong dollars ($2.77). *** Local Caption *** fachaoshi (Photo by Jiang Xin/ChinaImages/Sipa USA)

Video Ad Feedback

See why some Chinese people are boycotting a popular brand

02:10

Now playing

- Source: CNN

Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on January 3, 2024, in New York City. Wall Street stocks slumped to start Wednesday with all three major US indices in the red and key names such as Facebook parent Meta Platforms and Nvidia falling. (Photo by ANGELA WEISS / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

Video Ad Feedback

The stock market set a new record. Here's what that means for the economy

02:06

Now playing

- Source: CNN

Video Ad Feedback

Why you should think twice before buying a new phone

02:16

Now playing

- Source: CNN

ROCK HILL, SOUTH CAROLINA - FEBRUARY 23: Republican presidential candidate and former President Donald Trump speaks during a Get Out The Vote rally at Winthrop University on February 23, 2024 in Rock Hill, South Carolina. Former President Trump is campaigning in South Carolina ahead of the state's Republican presidential primary on February 24. (Photo by Win McNamee/Getty Images)

Video Ad Feedback

Real estate CEO says Trump could sell Mar-a-Lago 'quickly' to secure $464 million bond

01:10

Now playing

- Source: CNN

boeing ventas reporte ligera mejora venta entrega aviones cnn dinero_00011227.png

Video Ad Feedback

Boeing issues alert about pilot seats after mid-air nosedive

02:36

Now playing

- Source: CNN

A shopper carries bags as she leaves Macys department store in New York on Black Friday, November 27, 2020. - The coronavirus is clouding "Black Friday" much as it has overshadowed 2020 in general, but some leading experts still expect strong overall sales even as shopping patterns are altered. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images)

Video Ad Feedback

Macy's downsizing stores to reinvest in luxury retail

01:06

Now playing

- Source: CNN

Video Ad Feedback

How this new methane satellite will hold government and companies accountable

02:07

Now playing

- Source: CNN

Video Ad Feedback

CNN reporter tries Starbucks' unconventional new latte flavor

01:04

Now playing

- Source: CNN

Video Ad Feedback

'Shark Tank' star says Trump engaged in regular behavior for real estate development

01:24

Now playing

- Source: CNN

New Delhi CNN Business —

Bill Gates is no longer the world’s second-richest person. That title now belongs to French billionaire Bernard Arnault.

Arnault, the CEO of luxury goods maker LVMH (LVMHF), overtook Gates Tuesday on the Bloomberg Billionaires Index. It’s the first time since the index was created seven years ago that Gates has dropped out of the top two.

Arnault has a net worth of around $108 billion, according to the index, having added $39 billion to his fortune in the past year. Microsoft (MSFT) founder Gates is worth $107 billion.

The two men have also traded spots on another billionaires’ list published by Forbes.

Arnault has built LVMH into a global luxury powerhouse that controls brands such as Louis Vuitton, Christian Dior and Givenchy. It’s also the home of Champagne brand Dom Pérignon and beauty retailer Sephora.

The 70-year-old made headlines earlier this year when he committed €200 million ($224 million) to the rebuilding of Paris’ Notre Dame cathedral.

According to Bloomberg, Gates would still rank first if not for his philanthropic giving. The software guru has so far donated over $35 billion to the Bill & Melinda Gates Foundation.

Amazon (AMZN) CEO Jeff Bezos holds the top spot on the Bloomberg list with an estimated net worth of $125 billion.

— Correction: An earlier version of this story misstated when Bernard Arnault pledged the donation to rebuild Notre Dame.

CNN values your feedback

LVMH boss Bernard Arnault overtakes Bill Gates as world’s second-richest person

CNN Business Videos