He's still in rarefied air, but Bill Gates is no longer the world's second-richest person.
According to Bloomberg, Bill Gates would still be the world's richest man if not for his philanthropy. The trading of spots marks the first time that the Microsoft co-founder, who the financial news service says is worth $107 billion, has fallen out of the top two since the list's advent in 2012. According to Bloomberg, Arnault's jump up the Billionaire Index ranking coincided with shares in LVMH climbing to a record high on Tuesday. It now sits at $108 billion, which gives him an edge of roughly a billion dollars over Bill Gates, but still leaves Bezos and his $125 billion net worth plenty of breathing room, at least for now.
Were it not for Gates's philanthropic giving, he'd still be the world's richest person. He has donated more than $35 billion to the Bill & Melinda Gates Foundation. Bloomberg's Tom Metcalf reports on "Bloomberg Markets: European Open".
A good year for Arnault: It is a wonderful year for the business magnet as this year has seen his business raking in sales, from his Kering SA's Francois Pinault and cosmetics heir Francoise Bettencourt Meyers, getting to a $57 billion combined.
Arnault, 70, made headlines earlier this year when he committed $224 million to the rebuilding of fire-ravaged Notre Dame Cathedral in Paris.
He also owns about 97% stake in Christian Dior, after acquiring a textile group that owned Christian Dior. And in June, Arnault became the third-ever centibillionaire, with a personal fortune over $100 billion.
Bank of America Second-Quarter Earnings Beat Expectations
Bank of America completed a years-long cost-cutting initiative last year, and has pledged to keep expenses flat through 2020. Net income from consumer banking rose 13 percent to $3.3 billion while loand increased 6 percent to $296 billion.