• Bernard Arnault has overtaken Bill Gates as the world's second-richest person.
• Arnault made his fortune running LVMH, a French luxury conglomerate. Business Insider previously reported that the luxury-goods sector has boomed in 2019, thanks to increased demand in China.
• According to Bloomberg, Arnault has a net worth of $108 billion.
Bill Gates has been ousted from his long-held spot as the world's second-richest person, Bloomberg reported on Tuesday.
Bernard Arnault, the CEO of LVMH, whose shares surged on Tuesday, is now more than $200 million richer than Gates, according to the Bloomberg Billionaires Index. It's the first time in the index's seven-year history that Gates has ranked below No. 2, Bloomberg reported.
Arnault now has a net worth of $108 billion, compared with Gates' $107 billion, according to Bloomberg.
Forbes was more conservative in its estimate of the French billionaire's fortune, ranking him behind both Gates and Warren Buffett with a net worth of $103 billion.
According to Bloomberg, Arnault's fortune stems from his 97.4% stake in Christian Dior, which also owns 41% of LVMH, the parent company of Louis Vuitton, Givenchy, Fendi, and Celine.
Gates, who made his fortune cofounding Microsoft, still owns about 1.3% of the software maker, Bloomberg reported.
Business Insider previously reportedthat Arnault's net worth has had a meteoric rise as the luxury-goods sector booms amid increased demand in China. Other French billionaires, including Kering'sFrancois-Henri Pinault and L'Oréal'sFrancoise Bettencourt Meyers, have benefited as well, but none as much as Arnault.
In March, Arnault overtook Buffett as the world's third-richest person, Business Insider reported. And in June, Arnault became the third-ever centibillionaire, with a personal fortune over $100 billion.
Compiled by Olalekan Adeleye