Bill Gates has been ousted from his long-held spot as the world's second-richest person, Bloomberg reports.

After shares of his company's stock surged on July 16, LVMH CEO Bernard Arnault is now more than $200 million richer than Gates, according to the Bloomberg Billionaires Index . It's the first time in the Index's seven-year history that Gates has everranked below the No. 2 spot, Bloomberg reported.

Arnault now has a net worth of $108 billion , compared to Gates' $107 billion , according to Bloomberg .

Forbes is more conservative in its estimates of the French billionaire's fortune, ranking him behind both Gates and Warren Buffett with a net worth of $103 billion.

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Arnault's fortune stems from his 97.4% stake in Christian Dior, according to Bloomberg . Dior owns 41% of LVMH , the parent company of Louis Vuitton, Givenchy, Fendi, and Celine. Gates made his fortune after cofounding Microsoft . Gates owns 1.3% of the software maker, Bloomberg reports.

Business Insider previously reported that Arnault's net worth has had a meteoric rise as the luxury goods sector booms due to increased demand in China. Other French billionaires including Kering 's Francois Pinault and L'Oral 's Francoise Bettencourt Meyers have benefited as well, but none as much as Arnault.

In March, Arnault overtook Warren Buffett as the world's third-richest person, Business Insider previously reported. And in June, Arnault became the world's third-ever centibillionaire , with a personal fortune over $100 billion.

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