Bill Gates, once a fixture at the top of the billionaire rankings, has slipped out of the world's top 10 wealthiest individuals.
In Forbes' latest annual ranking, Gates' net worth was valued at $107 billion, placing him ninth among American billionaires and twelfth globally. This marks the end of his 30-year streak within the top 10, with Forbes noting that his ranking has dropped three spots since last year, reaching its lowest point in nearly 25 years on the Forbes 400 list.
Factors Contributing To Gates' Wealth Decline
Forbes attributed Gates' decline in wealth to two primary factors: His divorce and his philanthropic endeavours. In 2021, Gates finalised his divorce from Melinda French Gates, resulting in a significant financial settlement for French Gates.
Gates and French Gates co-founded the Bill & Melinda Gates Foundation over two decades ago. However, French Gates left the organisation this summer to focus on her own philanthropic ambitions.
According to Forbes, Gates has donated more than $59 billion to the Bill & Melinda Gates Foundation over the years. Gates, along with his ex-wife and Warren Buffett, is one of the founders of the Giving Pledge.
This initiative encourages billionaires to pledge most of their wealth to charitable causes. Over 240 signatories have already made the pledge.
In a recent episode of his Netflix series "What's Next? The Future with Bill Gates," Gates expressed his belief that the concentration of wealth among billionaires is problematic. He suggested that the world would be a better place if billionaires voluntarily donated more of their wealth.
While Gates has significantly contributed to philanthropy and technology, he also expresses concerns about pressing global issues. One such concern is the potential for a world war, and another is the risk of another pandemic.
Gates' Concerns For The Future
Gates has expressed concerns about the possibility of a major global conflict and another pandemic in the coming decades. In an interview with CNBC Make It, the Microsoft co-founder emphasised the risks posed by current international tensions and the importance of improved pandemic preparedness.
The business magnate believes a "lot of unrest" in the world today could spark "a major war." He further noted, "even if we avoid a big war ... then, yes, there will be another pandemic, most likely in the next 25 years."
Scientists echo Gates' warning, pointing out that factors like climate change and population growth contribute to the rising frequency of pandemics. They concur that the crucial question is whether countries will be better prepared for future pandemics than they were for COVID-19.
Gates criticised the United States and other countries for their inadequate response to the COVID-19 pandemic. He argued that their response could have been better than it was. "The country that the world expected to lead and be the model fell short of those expectations," the billionaire said.
Despite advancements, Gates believes that the global response to pandemics remains insufficient. Political divisions continue to hinder efforts to prepare for future outbreaks. In his book "How to Prevent the Next Pandemic," Gates proposes recommendations for enhancing quarantine policies, disease surveillance, and vaccine development.
