Why Gates Failed to Stay the World’s Richest Person
Bill Gates was the world’s richest person ever since he co-founded Microsoft in 1975, but as of Thursday, he’s no longer the richest person in the world. What happened? How did Gates lose his position as the richest person in the world? The answer lies in his company’s stock performance over the past several years, and more specifically, his own personal decisions regarding the use of his wealth. Let’s break it down and see what we can learn from Gates and from his business partner Paul Allen as we look forward to 2018 and beyond.
1. How Bill Gate Lost his World’s Wealthiest Person Title
In 2000, Bill Gates was named the world’s wealthiest person by Forbes magazine with a net worth of $85 billion. Since then, his wealth has fluctuated wildly depending on the stock market and Microsoft’s success. In 2009, he was back on top with a net worth of $40 billion. As of October 2017, Gates is no longer the world’s richest person. That title now belongs to Amazon founder Jeff Bezos. So, what happened?
2. A Huge Gift from Buffet
It’s been a while since Bill Gates was the world’s richest person. In fact, he hasn’t been since 2018 when Jeff Bezos took the title. And now, even though Gates is still one of the wealthiest people on the planet, he’s no longer the king of rich. So, what happened? Why did Gates fail to stay atop the mountain of money?
3. Gates Gives Away More Than Any Other Billionaire
As of October 2017, Bill Gates is no longer the world’s richest person. He has been unseated by Amazon founder Jeff Bezos. This is largely due to Gates’ philanthropic efforts; he has given away more money than any other billionaire. In fact, he has given away so much money that his net worth is now only about $89 billion. So why did Gates fail to stay the world’s richest person?
4. So Who Will be the Next?
There are a few reasons why Bill Gates is no longer the world’s richest person. One reason is that he has given away a lot of his money over the years to charity. As of 2019, he had given away $35.8 billion dollars. That’s almost 20% of his total net worth!
5. The Future of Giving – How Will it Change?
In 2006, Bill and Melinda Gates launched the Giving Pledge, a campaign to encourage wealthy individuals and families to donate at least half of their fortune to philanthropic causes. The initiative has been phenomenally successful, with over 170 billionaires joining the ranks of pledgers. But as society evolves, so too must philanthropy. Here are four ways giving will change in the future.
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