Bill Gates is rapidly making good on his promise to give away nearly all of his wealth—parting with $51 billion in just one week.
The Microsoft co-founder’s net worth dropped from $175 billion on July 3 to $124 billion this week, according to the Bloomberg Billionaires Index. That’s a nearly 30% plunge, triggered by Gates’ intensified efforts to donate his fortune within the next two decades.
In May, the 69-year-old philanthropist announced his plan to fully dissolve the Bill & Melinda Gates Foundation by 2045, after giving away the remainder of his wealth.
“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 blog post dated May 8.
The tech mogul—who once held the title of the world’s richest person for 18 consecutive years—has now fallen to 12th place on Bloomberg’s billionaire list, just behind fellow Microsoft veteran Michael Dell. Gates is now also outranked by his former top deputy, Steve Ballmer, who sits in fifth place with an estimated net worth of $173 billion.
A Legacy of Giving
Gates has long championed global health and poverty reduction through the Gates Foundation, which he co-founded with his ex-wife, Melinda French Gates. Since 2000, the foundation has donated over $100 billion to initiatives including vaccine distribution, education, and economic development in low-income nations.
He said his recent decision to ramp up donations came after seeing humanitarian progress stall due to declining U.S. foreign aid and global funding cuts.
“There are too many urgent problems to solve for me to hold onto resources that could be used to help people,” Gates said.
His firsthand exposure to preventable disease and poverty in the developing world, he added, has only deepened his commitment to giving while he’s still alive.
What’s Next
As Gates accelerates his pledge, questions remain about how quickly and effectively the remaining billions will be deployed. But if last week is any indication, the Microsoft founder is wasting no time.
With more than $50 billion already redistributed in a matter of days—and over $100 billion given since the foundation began—Gates is closer than ever to ensuring he won’t be remembered as the man who died rich.
