Bill Gates falls out of world’s top ten richest for first time since 1991

For nearly two decades, starting in 1990, Bill Gates consistently held the title of either the richest or second-richest person on the list of America’s wealthiest individuals. However, in a significant change, Gates’ ranking dropped to No. 9 on the 2023 wealthiest list, down from No. 6 the previous year.

Despite retaining a substantial fortune of $107 billion, his net worth has declined by $4 billion over the past year, even as U.S. stock indices such as the S&P 500 and Nasdaq 100 surged by 30%. Globally, Gates is now ranked No. 12 among billionaires, marking the first time he has fallen out of the top ten since 1991.

A major factor contributing to this drop was his 2021 divorce from Melinda French Gates, ending their 27-year marriage. When Melinda announced in May that she would step down as co-chair of the Bill & Melinda Gates Foundation, she also disclosed plans to receive an additional $12.5 billion for her own philanthropic efforts. Although she did not specify the source or timing of these funds, the transfer did not come from the Gates Foundation but rather from Bill Gates himself, and it seems the funds have already been transferred.

The estimate for the divorce settlement has nearly tripled from the initial figure. Based on new data regarding Bill Gates’ current fortune, Melinda French Gates’ net worth is now calculated to be $29 billion, up from $10.3 billion a year ago. This places her as the ninth-richest woman in the U.S., just behind casino heiress Miriam Adelson. Representatives for both Gates and French Gates have declined to comment on the details of their divorce settlement.

Bill Gates has acknowledged that his ranking in wealth is likely to decrease over time. He also mentioned the possibility that he and Melinda might not continue working together, but he confirmed that the Gates Foundation plans to operate for another 25 years.

Through her philanthropic organization, Pivotal Ventures, Melinda French Gates has focused on empowering more individuals, particularly women. According to the organization’s website, she has committed $2 billion toward increasing women’s power and influence. In 2022, she established the Pivotal Philanthropies Foundation and endowed it with $674 million in publicly traded securities. It is expected that a portion of the $12.5 billion she referenced will be directed into this foundation.