Bill Gates was once the richest man in the world for 18 years, and currently boasts a jealousy-inducing net worth of $124 billion from cofounding the software titan Microsoft. But now his former right-hand man has more money in his bank account than he does, thanks to Gates’ billion-dollar philanthropic spending.
On July 3 last week, Gates was standing on a fortune of $175 billion, ranked as the fifth-wealthiest person alive on the Bloomberg Billionaire Index. But his wealth plummeted over the span of the next couple of days as $51 billion was drained from his net worth, shooting him down the list to 12th place right below fellow tech pioneer Michael Dell.
Gates’ wealth disappeared so rapidly as the index readjusted for the 69-year-old technology mogul’s philanthropic efforts. Bloomberg noted that the appreciation rates were lowered last week to “better reflect Gates’ outside charitable giving and the wealth estimate,” based on a May 8 blog post from the former Microsoft CEO. The note disclosed that Gates would be donating his vast fortune to charity much faster than previously planned; Over the next 20 years, he would donate almost all of his wealth to the Gates Foundation that he spearheaded with ex-wife Melinda French Gates, which will close by the end of 2045.
