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Bill Gates Drops Out of World’s Top 10 Richest, Elon Musk Remains No. 1

Bill Gates is no longer among the world’s top 10 wealthiest individuals, according to the Bloomberg Billionaires Index. The Microsoft cofounder now ranks 12th with a net worth of $124 billion, which is lower than former Microsoft CEO Steve Ballmer, who holds the fifth spot.

Gates’ wealth has dropped nearly 30 percent from a peak of over $175 billion. The decline is mainly due to adjustments made to account for his large philanthropic donations. In a blog post published in May, Gates said, “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.” He also mentioned, “And on December 31, 2045, the foundation will close its doors permanently.”

Since its creation, Gates and his former wife Melinda Gates have donated a total of $60.2 billion through their foundation. Out of his $200 billion fortune, Gates has committed the majority toward improving healthcare and education in Africa over the next two decades.

Meanwhile, Tesla CEO Elon Musk continues to hold the title of the world’s richest person with a net worth of $346 billion. Meta CEO Mark Zuckerberg remains in second place with $253 billion, having surpassed Amazon founder Jeff Bezos earlier this year. Bezos is currently ranked fourth with a net worth of $244 billion.

The Bloomberg Billionaires Index updates rankings daily based on market activity and financial disclosures, giving a real-time look at how the wealth of the world’s richest changes.

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