The CEO of LVMH, Bernard Arnault, is officially the richest person in fashion and the fourth richest person in the world, according to the Bloomberg Billionaire Index.

Arnault's net worth is estimated at an insane $70.7 billion, the most of any European on the list. Above him is Warren Buffet who is worth $84.1 billion; Bill Gates, worth $90.3 billion; and Amazon's Jeff Bezos, worth $118 billion. Arnault's rise knocked Zara founder Amancio Ortega to fifth place, with an estimated net worth of $70.1 billion.

In his role as chairman and CEO of the LVMH, Arnault oversees 70 luxury brands including Louis Vuitton, Givenchy, Céline, and Dior.

Are you surprised by LVMH's rise to the top? Let us know in the comments below.

In other style news, Hedi Slimane wins $11.5 million lawsuit against Saint Laurent.

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