Bill Gates lost his title as world's second richest person

Bill Gates lost his title as the world's second-richest person in the world to French billionaire Bernard Arnault, chairman and CEO of luxury products group LVMH.

Arnault is worth $108 billion, while Gates is valued at $107 billion. Over the past year, Arnault has added $39 billion to his net worth. Holding the top spot on the index is Amazon CEO and founder Jeff Bezos at $125 billion.

According to Bloomberg, Gates' charitable giving is a big reason why he has lost ground among the world's richest. He has donated more than $35 billion to the Bill and Melinda Gates Foundation, says the report.