Bernard Arnault became the world's third multi-billionaire just recently, due to the rise in value of his main company's stocks after registering its earnings report for the first quarter.
Now, he is slowly climbing the ranks and has taken the No. 2 spot in the list of the world's wealthiest -- closing in on Amazon top boss Jeff Bezos for the No. 1 place.
Arnault's $107 billion wealth has pushed him up past co-founder of Microsoft, Bill Gates, with a net worth of $106.9 billion.
And now, due to the ever-increasing portfolio of LVMH, Arnault - who is valued at $112.3 billion - is now just around $5 billion short of being hailed as the richest man on the planet.
Nevertheless, CNBC reported that if not for his philanthropic ways, Gates would still be the richest person alive. Gates has over the years given more than $35 billion in donations to the Bill & Melinda Gates Foundation.
Arnault is a regular fixture in the fashion world and Chairman and Chief Executive Officer of LVMH Moët Hennessy-Louis Vuitton SA, commonly known as LVMH, the biggest luxury goods company in the world.
The holding company still controls nearly 80 labels and 60 stores of fine wine and spirits, watches and shoes, including all aspects of style, perfumes and cosmetics.
In the months following 2008, LVMH has made 20 purchases and now it is speculated that the company is also looking to acquire Tiffany & Co. for a whopping $14.5 billion.
According to Bloomberg Businessweek, Arnault's overtaking of Gates is largely the result of his vast riches growing by almost $40 billion this year, by far the largest individual accumulation by any of the 500 high-profile figures listed in the Billionaire Index.
According to CNBC, after the share price of the LVMH company soared nearly $3 billion to € 368.80 a share on the European Euronext Stock Exchange, Arnault became the latest member of the 12-figure community.
Arnault is the majority shareholder, chairman and chief executive officer of both the LVMH Group and its parent company, Dior, which holds a 97 percent stake.
"In light of recent market rumors, LVMH Group confirms that it has had preliminary discussions on a possible deal with Tiffany," the company said in a statement.
For the official unveiling together with Ivanka Trump, US President Donald Trump was seen with some of the who's who in the business, including Arnault himself and Louis Vuitton CEO Michael Burke.
