Bernard Arnault has replaced Bill Gates at the no.2 of the Billionaire Index. In the last 7 years of the list, Bill Gates has never ranked lower than number 2, and that run ended earlier this week.

Arnault is the CEO of LVMH or LVMHF, a luxury goods maker, he overtook Bill Gates on Tuesday on the Bloomberg Billionaires Index.

Arnault has a net worth of nearly $108 Billion USD, and according to the Bloomberg Billionaires Index, Bill Gates only has a net worth of $107 Billion USD.

Bernard Arnault is the CEO of the LVMH, which is a luxury goods maker that controls Christian Dior, Givenchy, and Louis Vuitton.

LVMH is also the home of Sephora and Dom Perignon, a famous champagne brand.

Earlier this year, Arnault made headlines after he committed to donate €200 million to the rebuilding of the Notre Dame Cathedral in Paris, which was destroyed in a fire earlier this year.

According to the Bloomberg Billionaires Index, Jeff Bezos, the CEO of Amazon, is still at the top with an estimated net worth of $125 Billion USD.