Bill Gates drops lower on list of world's richest people

Former Microsoft CEO Bill Gates is no longer the second richest man in the world.

Gates now sits in third place behind LVMH founder Bernard Arnault of France and Amazon CEO Jeff BezosJeffrey (Jeff) Preston BezosThe Hill's Campaign Report: Battle for Senate begins to take shape Making space exploration cool again Sanders campaign to launch own 'newsletter with scoops' MORE, who sits in first place with a $125 billion dollar net worth, according to Bloomberg.

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Arnault passed Gates on Tuesday's rankings of the Bloomberg Billionaires Index, coming in at $108 billion net worth to Gates's $107 billion.

CNN Money reports that he was also briefly overtaken by Arnault on the Forbes billionaire list, though at the time of publication Gates was listed with a net worth of $103.4 billion while Arnault registered at $103.1 billion.

Arnault's fashion empire includes brands such as Christian Dior and Louis Vuitton, while Gates has largely devoted himself to philanthropic efforts since stepping away from Microsoft.

Arnault himself is involved with philanthropic efforts too, and earlier this year pledged millions to the restoration of France's Notre Dame cathedral after it was burned in a fire.

Bezos remains the dominant figure on both lists due to the continued success of Amazon.com, which has faced regulatory scrutiny in recent months over concerns that it has an unfair advantage over other retailers by controlling its own web marketplace.