Bill Gates has seen his wealth plummet by an astonishing $51 billion in just a few days as he intensifies his philanthropic efforts, according to the Bloomberg Billionaire Index.
Once recognized as the richest person in the world, Gates now holds the 12th position on the index, with his net worth decreasing from $175 billion to $124 billion earlier this month. Among those who have overtaken him is his former Microsoft associate, Steve Ballmer, owner of the Los Angeles Clippers, who is now the fifth-richest individual globally with a net worth of $173 billion. Leading the list is Tesla's founder Elon Musk, with a staggering $360 billion.
The decline in Gates' wealth is primarily attributed to his commitment to not die wealthy. In May, he announced his intention to donate 99% of his fortune over the next twenty years, with the Gates Foundation—established with his ex-wife Melinda—set to conclude its operations on December 31, 2045.
"People will say many things about me when I pass away, but I am resolute that 'he died rich' will not be among them," Gates expressed in a recent blog entry.
"There are far too many pressing issues to address for me to retain resources that could assist others."
He mentioned that this choice was shaped by observing the positive effects of his foundation in providing vaccines for treatable diseases such as diarrhea and pneumonia, which still take lives in underprivileged nations. This decision also comes at a time when both the U.S. and Europe have cut back on foreign aid amidst global conflicts.
Despite the decrease in his net worth, Gates remains steadfast in his dedication. According to the latest estimates, his wealth has further declined to approximately $123 billion.
Gates and Melinda founded the Gates Foundation in 2000, which has grown to be one of the largest charitable organizations worldwide, reportedly allocating over $100 billion to various initiatives.