Bill Gates no longer among world’s top 10 billionaires; Elon Musk still on top

Microsoft cofounder Bill Gates is no longer one of the world's top 10 richest people, according to the Bloomberg Billionaires Index. His net worth has fallen even below former Microsoft CEO Steve Ballmer, to $124 billion.

Gates’ current wealth marks a drop of nearly 30% from over $175 billion, placing him in 12th position, while Ballmer holds 5th position.

Tesla CEO Elon Musk retains his position as the world’s richest person, with a net worth of $346 billion, according to the index.


Why the drop?

The primary reason for Gates' fall in the rankings is a recalculation to reflect his philanthropic contributions.

In May, Gates announced in a blog post: “I will give away virtually all my wealth through the Gates Foundation over the next 20 years to the cause of saving and improving lives around the world.”

“And on December 31, 2045, the foundation will close its doors permanently,” he added.

Between its inception to 2024, Gates and his ex-wife Melinda Gates have donated a total of $60.2 billion.

Out of his $200 billion fortune, Gates has said that most of it will be spent on improving education and healthcare across Africa over the next 20 years.

How did Balmer overtake Gates?

Ballmer joined Microsoft in 1980 as the president’s assistant, with a basic salary of $50,000 and a bonus based on company’s profits. The bonus deal became so valuable that Microsoft later replaced it with a large shareholding. When Ballmer stepped down as CEO in 2014, he still owned 4% of the company. Since then, the value of his shares has soared due to Microsoft’s rising stock price.

ET had reported in May that Meta CEO Mark Zuckerberg had overtaken Amazon’s Jeff Bezos as the world’s second-richest individual, a position he still holds, with a current net worth of $253 billion. Bezos, now at the fourth position, stands at $244 billion, according to the same index.