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Bill Gates, co-founder of Microsoft Corporation, has dropped to third place on the Bloomberg Billionaires Index (BBI), a daily ranking of the world’s richest people. French billionaire and CEO of LVMH Moet Hennessy Louis Vuitton SE, Bernard Arnault, overtook Gates for the first time on Tuesday as the world’s second-richest man with a net worth of $108 billion.

Founder of Amazon, Jeff Bezos, the world’s richest man, has a total net worth of $125 billion, as of Wednesday. Arnault reportedly added $39 billion to his fortune in the past year, while Gates added $17 billion in the same period, taking his fortune to $107 billion.

Gates, who is co-founder of the Bill and Melinda Gates Foundation, became the richest man in the world in 1995 at the age of 39 with a net worth of $12.9 billion. He was overtaken by Bezos for the first time in October 2017. Bloomberg said, Gates – who has donated more than $35 billion of his fortune to the Gates Foundation – would still be the world’s richest person if not for his philanthropic giving.

Arnault's global luxury brands include Louis Vuitton, Christian Dior, Givenchy, Dom Pérignon and beauty retailer, Sephora.

According to the BBI, Nigerian business mogul, Aliko Dangote, remains the richest man in Africa with a total net worth of $16.2 billion and ranks 77th in the world. Other Africans on the index include South Africans: Johann Rupert ($7.39 billion), Nicky Oppenheimer ($7.08 billion) and Natie Kirsh ($6.21 billion); and the Egyptian brothers: Nassef Sawiris ($7.02 billion) and Naguib Sawiris ($7.02 billion).