Bill Gates falls out of world’s top 10 richest for first time in decades

WASHINGTON: For nearly 20 years, beginning in 1990, Bill Gates consistently ranked as either the richest or second-richest individual on the list of America’s wealthiest people. However, in a notable shift, Gates’ ranking has dropped to No 9 on the 2023 list of wealthiest, down from No 6 the previous year. Despite maintaining a vast fortune of $107 billion, his net worth has decreased by $4 billion over the past year, even as US stock indices like the S&P 500 and Nasdaq 100 surged by 30%. Globally, Gates now ranks No 12 among billionaires, marking the first time he has fallen out of the top ten since 1991.

One significant factor contributing to this decline was his 2021 divorce from Melinda French Gates after 27 years of marriage. When Melinda announced in May that she would step down as co-chair of the Bill & Melinda Gates Foundation, she also revealed plans to receive an additional $12.5 billion for her own philanthropic endeavors. Although she did not specify the source or timing of these funds, the transfer was not from the Gates Foundation but from Bill Gates himself, and it appears the funds have already been transferred.

The estimate of the divorce settlement is nearly tripling the initial figure. Based on new information about Bill Gates’ current fortune, Melinda French Gates’ net worth is now estimated at $29 billion, up from $10.3 billion a year ago. This makes her the ninth-richest woman in the US, just behind casino heiress Miriam Adelson. Representatives for both Gates and French Gates declined to comment on the specifics of their divorce settlement.

Bill Gates has acknowledged that his wealth ranking would likely decline over time. Gates also mentioned the possibility that he and Melinda might not continue working together but affirmed that the Gates Foundation is set to operate for another 25 years.

Through her philanthropic arm, Pivotal Ventures, Melinda French Gates has committed to empowering more people, particularly women. According to the organization’s website, she has allocated $2 billion toward expanding women’s power and influence. In 2022, she founded the Pivotal Philanthropies Foundation and endowed it with $674 million in publicly traded securities. It is anticipated that some of the $12.5 billion she has referenced will flow into this foundation.

With Melinda no longer co-chairing the Gates Foundation, questions have arisen about whether the foundation will maintain its focus on supporting women and families. At a recent Gates Foundation event in Manhattan on women’s economic empowerment, CEO Mark Suzman addressed these concerns, assuring attendees that the foundation’s commitment to gender equality remains unchanged. He emphasized that their focus on women’s economic empowerment continues to be strong and sustained.