Bill Gates, Microsoft co-founder, has dropped out of the top ten on the Forbes 400 list of America’s wealthiest people for the first time since the 1990s.
Gates has led the group of wealthiest Americans for nearly two decades, either first or second, since 1990. However, Gates’s ranking dropped from No. 6 to No. 9 on the 2023 wealthiest list in an extremely abrupt manner.
Gates’s $107 billion fortune decreased by $4 billion over the last year, despite a 30% increase in the S&P 500 and Nasdaq 100.
In a significant shift, an American billionaire has now secured the No. 12 spot on the global billionaire list, a notable decline that marks his first exit from the top ten since 1991. Gates currently stands in the shadow of prominent individuals like Elon Musk, Larry Ellison, and Jeff Bezos.
Elon Musk continues to hold the leading position, with Larry Ellison in a close second and Jeff Bezos securing third place. Mark Zuckerberg holds the fourth spot, with Bernard Arnault and his family coming in at fifth. Warren Buffett ranks sixth, followed by Larry Page in seventh, and Amancio Ortega in eighth place on the list.
Possible reasons behind Bill Gates’ Wealth Decline
The decline in Gates’ net worth can be attributed, in part, to his divorce from Melinda French Gates, a union that lasted for 27 years. Following the divorce, Melinda announced her decision to step down as co-chair of the Bill & Melinda Gates Foundation, stating her intention to secure an additional $12.5 billion for her philanthropic endeavors. This amount, personally provided by Bill Gates to Melinda, does not come from the Gates Foundation’s funds.
The projected amount for the divorce settlement has surged nearly three times, attributed to shifts in Bill Gates’ financial circumstances. Gates has acknowledged that his ranking is likely to decline in the future and hinted at the possibility of no longer collaborating with Melinda. However, he assured that the Gates Foundation will continue its operations for another 25 years.
