Bill Gates’ fortune has dropped a staggering $51 billion in just days as he accelerates his charitable giving, according to the Bloomberg Billionaire Index.
Once the world’s richest man, Gates now ranks 12th on the index, with his net worth falling to $124 billion from $175 billion earlier this month. Among those who have surpassed him is his former Microsoft colleague, Los Angeles Clippers owner Steve Ballmer, now the world’s fifth-richest person with $173 billion. Tesla founder Elon Musk tops the list at $360 billion.
Gates’ shrinking wealth is largely due to his pledge not to die rich. In May, he revealed plans to give away 99% of his fortune over the next two decades, with the Gates Foundation—created with his former wife Melinda—set to close on 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 wrote in a recent blog post.
“There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”
He said the decision was influenced by witnessing his foundation’s impact in delivering vaccines for treatable illnesses like diarrhea and pneumonia, which continue to claim lives in poorer countries. It also comes at a time when the U.S. and Europe have reduced foreign aid amid global conflicts.
Despite his diminishing net worth, Gates remains firm in his commitment. As of the latest estimate, his fortune had slipped further to around $123 billion.
Gates and Melinda established the Gates Foundation in 2000, which has since become one of the world’s largest charitable organizations, reportedly distributing over $100 billion to various causes.