Bill Gates has been dethroned as the second-richest person in the world. He is now number three, as French mogul Bernard Arnault has surpassed the Microsoft founder.

Bloomberg reported that Arnault took over the number 2 spot when his net worth surpassed Gates' by over $200 million. As of Tuesday, according to the billionaire's index, the luxury goods CEO currently has an estimated net worth of $108 billion while the software entrepreneur and philanthropist trails behind with $107 billion. Both men still sit behind Jeff Bezos, who holds the number one spot with a net worth of $125 billion.

Arnault, whose full name is Bernard Jean Étienne Arnault, is the Chairman and CEO of LVMH (LVMH Moët Hennessy – Louis Vuitton), a French multinational luxury goods conglomerate headquartered in Paris.

Born in Roubaix, France, the 70-year-old worked his way up the ranks from engineer to Chairman in the construction industry before he acquired struggling retail, fashion, and manufacturing company, which he renamed Financière Agache.

Arnault's bio on the LVMH website states that he then "embarked upon a strategy of developing the world’s leading luxury products company," which he has obviously been successful with. The married father of five became a majority stakeholder in the company in 1989 and has remained Chairman and CEO since.

Today, Arnault oversees an empire of brands including Louis Vuitton, Sephora, and Marc Jacobs.

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Bill Gates in Tokyo on Nov. 9, 2018. Toshifumi Kitamura/Getty Images
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