Microsoft co-founder? Check. Philanthropist? Check. World’s second-richest person in the world? Not any more.
Bill Gates lost his title as the world’s second-richest person in the world to French billionaire Bernard Arnault, chairman and CEO of luxury products group LVMH, according to the Bloomberg Billionaires Index.
Arnault is worth $108 billion, while Gates is valued at $107 billion. Over the past year, Arnault has added $39 billion to his net worth. Holding the top spot on the index is Amazon CEO and founder Jeff Bezos at $125 billion.
According to Bloomberg, Gates’ charitable giving is a big reason why he has lost ground among the world’s richest. He has donated more than $35 billion to the Bill and Melinda Gates Foundation, says the report.
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In 2010, Bill and Melinda Gates along with Warren Buffett unveiled the Giving Pledge initiative, aimed at encouraging billionaires to give away their wealth to charitable causes. Among its latest recruits: MacKenzie Bezos, the author who recently divorced Bezos.
Since 1989, Arnault has been chairman and CEO of LVMH, which has luxury brands such as Louis Vuitton and Fendi. Forbes ranks him as the fourth-richest person in the world, behind Bezos, Gates and Buffett. Four years ago, Arnault ranked 13th on Forbes’ list.
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