Zina Kumok
Updated on: October 16, 2024 10:52 am GMT
For the first time in over three decades, Bill Gates is no longer among the world’s top ten richest people. His current ranking has fallen to No. 9 on the 2023 Forbes 400 list, down from No. 6 last year.
Bill Gates’ Wealth Status
Gates, co-founder of Microsoft, still holds a staggering fortune of $107 billion. However, this amount is $4 billion less than his net worth a year ago. This decline occurs during a strong economic period, where U.S. stock indices, like the S&P 500 and Nasdaq 100, surged by 30%.
This year marks a significant change for Gates. He has dropped from the 12th richest person in the world, marking his first exit from the global top ten since 1991.
Impact of Divorce on Wealth
One major reason for this shift is Gates’ divorce from Melinda French Gates, which was finalized in 2021 after 27 years of marriage. The divorce settlement has led to significant changes in both of their financial standings.
- Melinda French Gates is now estimated to be worth $29 billion, a substantial rise from $10.3 billion last year.
- This increase makes her the ninth-richest woman in America, just behind casino mogul Miriam Adelson.
Though details of their divorce settlement remain private, reports indicate Melinda received an additional $12.5 billion for her philanthropic efforts. However, this funding is not a transfer from the Gates Foundation. Forbes sources suggest the amount came directly from Bill Gates.
Gates’ Philanthropic Goals
During discussions at the Forbes 400 Summit on Philanthropy in September 2022, Gates expressed his commitment to giving away more of his fortune. He mentioned intentions to continue this charitable act until he no longer appears on the billionaires list.
Quote from Gates: “There’s a small chance that Melinda and I won’t continue to work together… but our foundation will keep going strong for another 25 years.”
Both he and Melinda remain dedicated to philanthropy but through different avenues. Melinda now leads Pivotal Ventures, focusing on empowering women and families.
Future Directions for Philanthropy
With Melinda stepping down from her role at the Gates Foundation, questions arise about the foundation’s commitment to women’s issues. The Gates Foundation maintains its pledge to gender equality and women’s economic empowerment.
Mark Suzman, CEO of the Gates Foundation, reassured supporters: “Nothing about our commitment to gender equality is changing. We have a deep, sustained focus on women’s economic empowerment.”
Gates and Melinda have historically prioritized issues such as health, education, and gender equality.
Melinda’s New Initiatives
Through her new projects, Melinda has committed $2 billion to elevate women’s power and influence. She initiated the Pivotal Philanthropies foundation, furthering philanthropic efforts. Recently, she funded this foundation with $674 million in publicly traded securities, which may intersect with the $12.5 billion mentioned in the divorce.
This funding suggests a strong commitment to continuing her mission to support women in various sectors.
Conclusion
As Bill Gates navigates this new ranking and financial landscape, his commitment to philanthropy appears steadfast. Although he may no longer hold a top tier slot on the Forbes list, his legacy in charitable contributions continues to shape many lives around the world.
If you want to learn more about Gates’ charity work and what’s happening at the Gates Foundation, check out Forbes for the latest news.
