Bill Gates just lost his ranking as the world's 2nd-richest person

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 ever ranked below the No. 2 spot, Bloomberg reported. 

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

RELATED: Take a look at some of the easiest ways to build wealth: 

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5 easy money habits to build wealth
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5 easy money habits to build wealth

1. Put your money on autopilot

Automate your finances to avoid missed payments and save more money without thinking about it. 

2. Remember your future self

Contribute as much as possible to retirement or at least enough to get your full employer match. Increase your contributions each year and invest spare chance with an app like Acorns

3. Use free money wisely 

Put surprise cash, like your tax refund, bonus or birthday money, into your savings or investment accounts. 

4. Track your dollars 

Use an app like Mint to see where your money is going and help you stick to your budget. 

5. Make 'rich' friends

Hanging out with high achievers can help you adopt their money habits.

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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.

Read more: Bernard Arnault just keeps getting richer. French billionaires have made more money this year than their counterparts in any other country, and they partially have China to thank

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'Oréal'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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