Bernard Arnault dethroned the Microsoft co-founder as the second richest person in the world on Tuesday after the LVMH Moet Hennessy – Louis Vuitton chairman’s net worth hit $108 billion, according to the Billionaires Index .

Microsoft Corporation’s founder Bill Gates, who had never ranked lower than number two in the list of world’s richest person in last seven years.

Along with Arnault’s increase in net worth, Gates’ fall is also due to his philanthropic work. Gates has given over $35 billion USD to the Bill & Melinda Gates Foundation, which means he would still be the world’s richest person if he had not. Jeff Bezoscurrently tops the list, with a net worth now at $125 billion even after his divorce with his wife.