For the first time since 1991, Bill Gates, co-founder of Microsoft and longtime fixture on the world’s wealth rankings, has dropped out of the top ten wealthiest individuals globally. Once ranked consistently as the richest or second-richest person for nearly two decades, Gates now finds himself in 12th place on the Forbes Real-Time Billionaires list, marking a significant shift in his financial standing.
Gates’ Wealth Drops to $107 Billion
With a current net worth of $107 billion, Gates’ fall in the rankings is still surprising, considering the enormous size of his fortune. As of 2023, he ranks 12th globally, a drop from his previous position of sixth just a year earlier. This marks a dramatic shift for the tech magnate who had remained at the top of global wealth rankings for decades.
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The Forbes 400, which tracks the wealthiest individuals in America, reflects Gates’ drop after nearly 20 years of him maintaining either the first or second spot. While Gates has seen his ranking fluctuate slightly over the years, this is the first time his wealth has fallen out of the top ten.
Divorce with Melinda French Gates Plays a Role
One of the major contributing factors to Gates’ drop is his 2021 divorce from Melinda French Gates after 27 years of marriage. Following the separation, Gates transferred significant portions of his wealth to French Gates. As per Forbes, her net worth surged from $10.3 billion in 2022 to an estimated $29 billion, making her the ninth-richest woman in the United States.
It’s believed that French Gates’ fortune was bolstered by an additional $12.5 billion allocated for her philanthropic ventures, which was transferred by Gates, though it did not come from the Bill & Melinda Gates Foundation. This transfer of assets has further reduced Gates’ wealth, contributing to his lower ranking on the billionaire list.
Gates Predicted His Own Decline
Interestingly, Gates himself had anticipated this shift. In a discussion at the Forbes 400 Summit on Philanthropy in 2022, Gates mentioned that he planned to give away most of his fortune. His goal is to gradually donate his wealth to charitable causes until he no longer appears on the billionaires’ list altogether.
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Despite his drop in rankings, Gates continues to be one of the most influential philanthropists in the world.