New Delhi (CNN Business) Bill Gates is no longer the world's second-richest person. That title now belongs to French billionaire Bernard Arnault.

LVMH LVMHF Arnault, the CEO of luxury goods maker, overtook Gates Tuesday on the Bloomberg Billionaires Index . It's the first time since the index was created seven years ago that Gates has dropped out of the top two.

Microsoft MSFT Arnault has a net worth of around $108 billion, according to the index , having added $39 billion to his fortune in the past year.founder Gates is worth $107 billion.

The two men have also traded spots on another billionaires' list published by Forbes

Arnault has built LVMH into a global luxury powerhouse that controls brands such as Louis Vuitton, Christian Dior and Givenchy. It's also the home of Champagne brand Dom Pérignon and beauty retailer Sephora.

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