Last summer, the founder of Zara, Amancio Ortega, was the richest person in the world—yes, even beating Bill Gates. Now, he has officially been overtaken in the rankings (but don’t worry, he still has plenty of billions of dollars to his name). Business of Fashion reports that Bernard Arnault, the chairman of fashion conglomerate LVMH, has now surpassed Ortega in the Bloomberg Billionaires Index.
As chairman of LVMH, Arnault reaps the benefits of his many successful brands, including Louis Vuitton, Fendi, Dior, Céline, Givenchy, Marc Jacobs, Kenzo, Loewe, Emilio Pucci, and more. Per Business of Fashion, Arnault is currently worth $70.7 billion and is fourth on the list of billionaires—he’s beaten by only Jeff Bezos, Bill Gates, and Warren Buffett. How’s that for good company?