Bill Gates has been unseated as the second richest man in the world, losing the position to Bernard Arnault, the chairman and CEO of LVMH.
Arnault and his family are the majority owners of Christian Dior and LVMH, parent of such brands as Louis Vuitton, Celine, Fendi, Moët, Hennessy, Dom Pérignon, and others. The report also states that Gates would have been ranked the richest person, even ahead of Bezos if not for his philanthropic giveaways which gave Arnault more room to climb.
The famed label by then had deteriorated by licensing its name out to companies producing sub-par products.
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