Indian Gautam Adani is now the world's fourth richest after Bill Gates' new big giveaway

Indian Gautam Adani is now the world's fourth richest after Bill Gates' new big giveaway

There's a new richest number 4 in the world: India's Gautam Adani, who earned a spot on Forbes' real-time billionaire rankings after Bill Gates announced a huge new giveaway this week.

The billionaire's math is simple when it comes to large charitable donations: Give money and your fortune dwindles. That's what happened to Bill Gates, who said Wednesday he would donate $20 billion to the Bill & Melinda Gates Foundation this month as part of the foundation's effort to increase its annual giving by 50%. until 2026.

The transfer of funds lifted Adani to No. 4 - Bill Gates' previous ranking. The Indian tycoon's fortune has more than doubled since the start of 2021 to currently stand at $112.9 billion. Adani, an infrastructure tycoon, owns stakes in six publicly traded companies that bear his name and are active in the electricity, green energy, gas, ports and more sectors.

Adani surpassed Indian billionaire Mukesh Ambani to become Asia's richest person in February. At the time, it was worth $ 90.1 billion and ranks 10th in the world. Adani, 60, who graduated early (as did Bill Gates, who left Harvard), started a commodity export business in 1988. He first appeared on Forbes' list of the world's billionaires in 2008, for a value of 9.3 billion dollars. In June, Adani and his family pledged to donate 600 billion rupees ($ 7.7 billion) to a variety of social causes to celebrate his 60th birthday on Friday.

After his big news of gifts, Bill Gates falls only one spot on Forbes' real-time ranking of world's billionaires, fifth richest in the world, with an estimated value of $ 102 billion at the close of US trading on Thursday.

Gates told Forbes earlier this week that the Gates Foundation is increasing its donations due to the grim state of the world, especially the Covid-19 pandemic, economic recession and the war in Ukraine. Gates also mentioned "the political context in which the willingness to think globally and do complex things seems, at the very least, as if it were in a rather low period".

Starting in the mid-1990s, Microsoft co-founder Gates was the richest person in the world for 13 years. He first became No. 1 on Forbes' 1995 list of billionaires of the world, with a fortune of $ 12.5 billion. He held that spot, while his wealth steadily increased, until 2008, when Warren Buffett was ranked # 1 for a year. Gates retook the top spot in 2009, then ceded it to Carlos Slim of Mexico from 2010 to 2013. He was No. 1 in the world again in 2014 (worth then $76 billion) and remained there until in 2018, when it dropped to No. 2 and Jeff Bezos overtook Gates as the world's richest. Gates was ranked No. 4 on Forbes' 2021 and 2022 lists of the world's billionaires.

Gates has dumped most of his Microsoft stock over the years. Beginning in the late 1990s, he gave tens of billions of stock to the Gates Foundation and its predecessors. It also sold a significant amount of Microsoft stock and diversified its assets. In March 2020, when Gates stepped down from Microsoft's board of directors, he owned about 1.3% of Microsoft's stock, down from the nearly 45% he owned in the company when it went public in 1986. , 3%, its Microsoft stock would be worth about $ 26 billion.

His diversified interests now include multibillion-dollar stakes in the waste management company Republic Services, agricultural equipment maker Deere & Co., and Canadian National Railway, among others. Furthermore, he is one of the largest landowners in the United States.

Will Gates end up giving away all of his luck? Yes, he says now. Rather than wait for his death, Gates told Forbes' Randall Lane this week that he intends to get completely off the Forbes billionaire list while he's still alive. He also said he could see the quarter-century phasing out of the Gates Foundation. Gates, who is now 66, will be 90 by then and will likely be ready to hand that responsibility over to someone else.

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