Microsoft boss Bill Gates has just lost his position as the second richest person in the world. He lost his coveted position to French billionaire Bernard Arnault, CEO of the luxury brand conglomerate LVMH.
LVMH has got subsidiaries in Fendi, Christian Dior, Sephora, Louis Vuitton and other luxury brands. Bernard Arnault‘s net worth is reported to have received a boost of $39 billion from last year’s earnings, pushing his net worth to $108 billion, $1 billion above Bill Gates‘s.
It is reported Bill Gates‘s unprecedented magnanimity is the cause of his fall. He had reportedly given $35 billion in donations to the Bill and Melinda Gates Foundation, causing a slump in his net worth.
By the way, Bernard Arnault is himself a tycoon with a magnanimous spirit, having made a donation of €200 million ($224 million) for the reconstruction of the Notre Dame Cathedral in Paris following a fire outbreak.
Given his antecedents, it is doubtful Bill Gates will stop giving following his fall from the number two position which he held for seven years in a row: Giving has become a part of his spirit.
Bill Gates is now two steps below Amazon founder Jeff Bezos, the wealthiest man in the world with a fortune estimated at $125 billion.
The coming months might reveal a lot, including if Bill Gates will snap the second position once again.
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