Bill Gates’ net worth has dropped by $51 billion in recent days as the billionaire steps up his charitable giving.
The Microsoft co-founder now sits at 12th place on the Bloomberg Billionaires Index, with his wealth falling from $175 billion to $124 billion this month.
Gates, once the world’s richest man, was overtaken by his former Microsoft colleague Steve Ballmer, who is now ranked fifth with $173 billion. Elon Musk remains the world’s richest person with a net worth of $360 billion.
Gates’ fortune is shrinking due to his commitment to donate 99% of his wealth over the next two decades. He recently announced that the Bill and Melinda Gates Foundation will shut down by December 31, 2045.
“People will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them,” Gates said in a blog post.
He explained that the decision was inspired by the foundation’s success in providing vaccines for treatable diseases like diarrhea and pneumonia, which still kill children in poorer countries.
The move also comes as foreign aid from countries like the U.S. and those in Europe continues to decline due to ongoing global crises.
Despite his declining net worth, Gates says he remains focused on giving, saying there are “too many urgent problems to solve” for him to hold on to his fortune.
As of the latest update, his net worth has dropped slightly further to $123 billion.
