Luxury goods mogul Bernard Arnault has displaced Microsoft Co-Founder Bill Gates as the second wealthiest person in the world.

According to the Bloomberg Billionaires Index, the 70-year-old who currently is the chairman and chief executive of Louis Vuitton SE or LVMH (LVMHF) broke through to the top 3 ranks last month when his net worth surpassed $100 billion for the first time.

Gates had held steady as the second-richest person the world — behind Amazon’s Jeff Bezos — for seven years.

But Arnault took Gates’ spot after LVMH stock surged on Tuesday, increasing his net worth to $107.6 billion.

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