Bill Gates promised to give away so much money that he would fall off the rich list. His plan is starting to work.
Gates has a net worth of $112 billion but his fortune has fallen by $25.8 billion so far this year. The founder of Microsoft fell from fourth to fifth richest person in the world.
Gates's fortune is mostly downward. Gates' donation of $20 billion to the Bill and Melinda Gates Foundation knocked him down a place in the rankings.
Gates said he would give most of his wealth to the foundation. I will leave the list of the world's richest people.
As I look to the future, I plan to give virtually all of my wealth to the foundation. I will move down and eventually off of the list of the world’s richest people.
— Bill Gates (@BillGates) July 13, 2022
Warren Buffet has given a total of $35.7 billion to the philanthopic organization. By the end of his life, billionaire investor Warren Buffet will give up most of his wealth.
Last month's donations of $4 billion, including the $3.1 billion gift to the Gates Foundation, pushed Warren Buffet down to sixth place in the rankings. As of July 21, he was in 7th place.
Gates's charitable initiatives have made room on the billionaires list for India's richest man, Gautam Adani, who has a net worth of $112.50 billion.
The 60-year-old founder of Indian conglomerate Adani Group, which has interests in commodity trading, power generation, mining and port operations, inched above Gates to claim fourth place on the billionaire's index as of Thursday.
Adani Group companies have surged on Indian stock markets this year, as investors predict the Group's recent investments in green tech and telecoms are well-equipped to benefit from increased government attention to sectors like renewable energy, airports and defense contracting
The net worth of Adani has increased by $36 billion.
Gates and Buffet have had dips in their fortunes. billionaires have not been so lucky
Several of the world's top billionaires, whose net worths are tied to equity in the companies they founded or managed, have seen their fortunes plummet this year because of the tech stock market's poor performance. Amazon shares are down 27% whileTesla shares are down 32%.
The fortunes of both Musk and Bezos have fallen. The duo still hold the top two spots on the billionaires list.
The fall in tech stocks has taken a toll on Meta founder Mark Zuckerberg, who dropped from seventh place on the billionaires ranking at the beginning of the year to 17th place now. Zuckerberg is still worth over $65 billion Meta shares have lost 45% of their value for the year.
As of July 21, Changpeng Zhao had a net worth of just $27.3 billion, which is almost 69 billion dollars less than this time last year. At one point, Zhao was the 15th-wealthiest person in the world, but now he is 45th.
All Rights Reserved © 2024
