The place for second richest man in the world just changed hands; French businessman Bernard Arnault is now richer than Microsoft’s Bill Gates.

Arnault recently took Bill Gates’ place for second richest person in the world. Arnault has a net work of $107.6 billion, according to Bloomberg, which places the French businessman well ahead of Bill Gates, and even ahead of some of the largest corporations in the world today. Arnault has been on the rise for some time, and he already overtook Warren Buffet’s place for third richest person in the world in March. At the moment, Arnault is the second richest person in the world, with only Amazon’s Jeff Bezos in the way for the first place.

Bernard Arnault is the chairman and CEO of LVHM, the number one producer of luxury goods in the world. LVHM is a massive company which recorded more than $53 billion in profits for 2018. The massive fashion conglomerate is made up of over 70 companies including Louis Vuitton and Christian Dior. Arnault lives in Paris and attended one of the most prestigious engineering schools in France. The fashion business icon has been in the public sphere for decades now, and recently pledged over $450 million towards the reconstruction of the iconic Notre Dame cathedral in Paris.

The place for first richest person in the world is firmly held by Jeff Bezos, but the place for second richest has long been held by Microsoft’s Bill Gates. Arnault’s massive personal fortune includes a 96.5% stake in Christian Dior, the company that controls 41% of LVHM.