Even during the pandemic, the very high net worth population grew – and it could add a million more by 2025

woman atm credit card
  • A new Wealth-X report looks at very high net worth individuals, worth between $5 million and $30 million.
  • Their ranks still grew slightly in 2020, even during a global pandemic and economic turmoil.
  • The report estimates their ranks could grow even more by 2025, and add over $11 trillion in wealth.
  • See more stories on Insider’s business page.

A new report from Wealth-X found that, even during a pandemic, the very high net worth (VHNW) population grew.

Wealth-X defines the VHNW as those with a net worth between $5 million and $30 million. The report, called Very High Net Worth Handbook 2021, looks at where they are, who they are, and how big their ranks have grown.

In 2020, their global population increased “slightly,” by 1.3%, to around 2.7 million people. In 2019, by contrast, the population saw 10% growth.

“This was a sharp slowdown from double-digit growth a year earlier, and masked large regional differences, but was a resilient performance set against the backdrop of a global pandemic, national lockdowns, international travel bans, trade disruption and the deepest contraction in world economic output for a generation,” the report said.

Their total wealth also saw a similar increase, increasing by 1.2% to a total of $26.8 trillion.

Meanwhile, their global billionaire peers tacked on an additional $4 trillion to their wealth during the pandemic. That was a 54% increase for the world’s 2,365 billionaires, bringing their cumulative wealth to $12.39 trillion – a little under half of the VHNW’s cumulative wealthy.

But the VHNW class may be in for more growth than their smaller showing in 2020. The Wealth-X report anticipates that they’ll add around 1.2 million members, for a total population of 3.8 million. Wealth-X also predicts that their wealth will increase by $11.4 trillion to $38.2 trillion.

Those in the global middle class did not fare as well. A recent report from the Pew Research Center – which classifies the middle class as those who earn about $14,600 to $29,200 a year (or live on $10 to $20 a day) – found that 54 million fell out of the global middle class.

While the number of VHNW individuals grew, so did another group: A January report from Oxfam estimated between 200 million to 500 million people may have fallen into poverty during 2020.

Read the original article on Business Insider

The typical older Black millennial has 17 times less wealth than white peers, and student debt may be why

Millennial
The millennial racial wealth gap persists.

Older millennials born in the 1980s are making a wealth comeback, but there’s a vast racial wealth gap lurking underneath this progress.

In 2016, older millennials’ wealth levels were 34% below where they should be if the Great Recession hadn’t occured, per a 2018 study by the Federal Reserve Bank of St. Louis. Within three years, the first part of a new St. Louis Fed study found, they had narrowed that wealth deficit down to 11%.

However, the second installment of the Fed’s study reveals that these strides look quite different when broken down by race. While white and Hispanic families saw improvement in building wealth, the study states, Black families experienced the reverse as they fell further below wealth expectations between 2007 and 2019.

From 2016 to 2019, white families of this older millennial cohort saw wealth levels go from 40% to 5% below where they should be. That wealth deficit doubles to 10% for Hispanic families, but that is still less than their 2016 wealth deficit of 15%. The deficit soars for Black families, who were 52% below wealth expectations in 2019 – a significant increase from 39% three years prior.

These differences look just as staggering when framed as median wealth for the same year. For older white millennial families, that’s $88,000 – four times the $22,000 median wealth for Hispanic families and roughly 17 times the $5,000 median wealth for Black families.

The report doesn’t take into consideration effects from coronavirus recession, as full data for that period isn’t yet available.

Black millennials bear a bigger student debt burden

Despite these wealth differences, the St. Louis Fed found that all three groups had income levels that aligned with expectations, indicating that earnings weren’t preventing wealth accumulation.

The report suggests that one reason older Black millennials are increasingly falling below wealth expectations is because of their staggering student-loan debt.

Black students shoulder a heavier debt burden than their white peers: About 87% of Black students attending four-year colleges take out student loans compared to about 60% of white students. They also owe $7,400 more on average than their white peers after graduating, per the Brookings Institute.

Black borrowers under the age of 40 were also more likely to be behind on payments in 2019 than white or Hispanic borrowers, according to the Federal Reserve. Black graduates are nearly five times as likely to default on their loans than their white peers.

The racial wealth gap is why some politicians and lawmakers are advocating for student-debt cancellation. Several experts previously told Insider that communities of color would be one of the groups that will gain the most from student-debt cancellation plans.

Right now, it looks like this socieconomic divide isn’t close to narrowing any time soon. As the St. Louis Fed report’s authors, Ana Hernández Kent and Lowell Ricketts, wrote, “Given the large wealth deficit and negative trend, the disparities among older Black millennials may persist as these families age, inhibiting their full participation in the economy.”

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Elon Musk overtakes Jeff Bezos as the world’s richest person thanks to Tesla’s surging stock

Jeff Bezos Elon Musk space 2x1
  • Elon Musk just surpassed Jeff Bezos as the richest person on the planet.
  • The Tesla and SpaceX CEO’s fortune soared as high as $187 billion on Thursday, outstripping the Amazon chief’s $186 billion fortune, according to calculations based on the Bloomberg Billionaires Index.
  • Musk’s wealth derives from his roughly 20% Tesla stake and 48% SpaceX stake, as well as 57 million exercisable Tesla stock options, Bloomberg says.
  • The Tesla chief has added more than $150 billion to his fortune in the past year, after shares in his electric-vehicle company rocketed up 740% in 2020.
  • Visit Business Insider’s homepage for more stories.

Elon Musk has toppled Jeff Bezos to become the wealthiest person in the world for the first time, based on calculations using the Bloomberg Billionaires Index.

Tesla shares rose as much as 4% on Thursday, boosting the net worth of its CEO to north of $187 billion. Amazon’s shares also rose by up to 2%, but that left Bezos a few billion short of Musk’s fortune.

The Bloomberg Billionaires Index listed Musk and Bezos’ fortunes as $184 billion and $181 billion respectively as of Wednesday’s close. It’s set to be updated after trading ends for the day. 

Read more: Investing legend Terry Smith’s $30 billion equity fund returned 449% to investors over a decade – Here’s his 4-part strategy for success and 10 pieces of investing wisdom to take into 2021

Musk’s wealth on paper reflects his roughly 20% stake in Tesla and 48% stake in SpaceX, as well as 57 million vested Tesla stock options, Bloomberg says. Bezos’ net worth largely derives from his 11% stake in Amazon.

The Tesla CEO’s fortune has ballooned by more than $150 billion in the past year, Bloomberg said, after the electric-vehicle company’s stock price rocketed up 740% in 2020.

Read more: Wall Street experts are calling Georgia’s runoff results ‘the first surprise of 2021.’ Here’s how 4 of them recommend positioning your portfolio for what could happen next.

Musk and Bezos have left other billionaires in their rearview mirrors. The world’s third-richest person, Bill Gates, was worth $132 billion as of Wednesday’s close.

Read the original article on Business Insider

Shonda Rhimes is worth at least $135 million, thanks to her #TGIT lineup and a history-making Netflix deal – see how she makes and spends her fortune

Shonda Rhimes
Shonda Rhimes is one of the most successful women in TV.

At age 50, Shonda Rhimes has already created a legacy.

The success of her production company Shondaland’s show “Grey’s Anatomy” on ABC made Rhimes the first Black woman to showrun a successful primetime drama on a broadcast network. But that was only the beginning. Her following hit shows “Scandal” and “How to Get Away With Murder” brought Rhimes into the cultural lexicon with #TGIT (“Thank God It’s Thursday”), dubbed as such because of how Rhimes’ shows dominated TV’s Thursday night primetime line-up.

In 2017, she ended her contract early with ABC, trading in her $10 million base salary for a four-year deal with Netflix worth an estimated $150 million, per The New York Times. Three years later, her first Netflix show, “Bridgerton,” debuted on Christmas to much hype.

It’s all made Rhimes one of the highest-paid showrunners in TV, with Forbes estimating her net worth at $135 million. A representative for Rhimes didn’t immediately respond to Business Insider’s request for comment regarding Rhimes’ net worth and spending.

From buying the “Grey’s Anatomy” cast vacations to snapping up properties around Los Angeles, here’s how Rhimes spends her millions.

With an estimated net worth of $135 million, Shonda Rhimes is one of the wealthiest women in TV.

shonda rhimes

Source: Forbes

Her production company, Shondaland, and its trio of hit shows have driven that wealth: “Grey’s Anatomy,” “Scandal,” and “How to Get Away with Murder.”

shonda rhimes award

Source: Forbes

But Rhimes didn’t always see herself working in TV. As a kid, she dreamt of being a novelist. That all changed after seeing Whoopi Goldberg on Broadway.

GettyImages 583824638
Shonda Rhimes

Source: Forbes

She earned an MFA in film at the University of Southern California, where she discovered a “new way of storytelling,” she said, and worked as an assistant on several film projects.

university of southern california students
A view of people visiting the University of Southern California.

Source: Forbes

In the early stages of her post-grad career, Rhimes wrote the screenplay for the movie “Crossroads,” starring Britney Spears, and the sequel to “The Princess Diaries.”

Crossroads
“Crossroads.”

Source: Vanity Fair

Her TV career launched in 2003 when ABC picked up “Grey’s Anatomy,” which garnered 20 million viewers by the end of its first season. It made Rhimes the first Black woman showrunnner of a successful primetime drama on a broadcast network, Forbes reports.

grey's anatomy
Grey’s Anatomy.

Source: Forbes

“Scandal” premiered in 2012, raking in roughly $100 million per season in ad revenue at its peak. “How to Get Away with Murder” followed in 2014.

scandal
Scandal.

Source: Forbes

In between those years, Rhimes’ production company also debuted shorter-lived series like “The Catch,” “For the People,” and the “Grey’s Anatomy” spin-off “Private Practice,” which all aired on ABC.

Private Practice
Private Practice.

Source: Forbes

Rhimes became the woman who “owns Thursday night television,” with #TGIT (Thank God It’s Thursday). According to Forbes, she earned “hefty” fees for each episode produced.

Shondaland
Rhimes and the stars of #TGIT.

Source: Forbes, Los Angeles Times

She also took home 10% of the profits when “Grey’s,” “Scandal,” “How to Get Away with Murder,” and “Private Practice” were syndicated or sold to streaming services at $1 million per episode.

shonda rhimes.JPG

Source: Forbes

By 2017, Shondaland had generated $2 billion in revenue from advertising, rerun sales, and international licensing.

Shonda Rhimes

Source: The Wall Street Journal

Boosting all of that was Rhimes’ base salary. In 2014, she signed a new four-year deal with ABC that earned her $10 million per year.

shonda rhimes.JPG

Source: Forbes

But Rhimes signed a four-year deal in 2017 with Netflix worth an estimated $150 million, making her one of the first showrunners to ink a deal with the streaming service.

shonda rhimes

Source: The New York Times

The deal allowed Rhimes to keep working on her ABC series without the $10 million per year while enjoying new liberties to produce films, series, or miniseries at Netflix.

shonda rhimes kerry washington
Rhimes and “Scandal” star Kerry Washington.

Source: Forbes

Her first Netflix show, period drama series “Bridgerton,” debuted on Christmas. Two days after its premiere, it was holding the number two spot on the platform’s most-watched list.

bridgerton
Daphne Bridgerton and Simon Basset on “Bridgerton.”

Source: TV Line

In recent years, Rhimes has ventured into other forms of media. In 2015, she published a memoir, “Year of Yes,” which became a New York Times bestseller. At the time it was announced, Rhimes joked “Simon and Schuster is crazy for giving me a book deal, as I am clearly in no position to be handing out wisdom.”

shonds rhimes year of yes

Details about the value of the book deal, including any advance Rhimes might have been paid by the publisher, were not made publicly available.

Source: Simon and Schuster, The Hollywood Reporter

In September 2017, she partnered with Hearst to launch lifestyle website Shondaland.com.

shondaland

Source: Variety

And in 2019, she partnered with iHeartMedia in a three-year podcast deal to launch Shondaland Audio.

shonda rhimes
Shonda Rhimes is inducted into the Television Academy Hall of Fame on Wednesday, Nov. 15, 2017 at the Television Academy’s Saban Media Center in North Hollywood, Calif.

Source: iHeartMedia

At Elle Magazine’s 2018 Women in Hollywood celebration, Rhimes said she’s the highest-paid showrunner in Hollywood, but an April 2019 Observer ranking put her at No. 4 behind Greg Berlanti, Ryan Murphy, and Mike Schur. Regardless, Rhimes is clearly pocketing some of TV’s biggest paychecks.

rhimes shonda

Source: CBS News, Observer

And she likes to spend that money on real estate. In 2010, she snapped up an 8,300-square-foot home in Los Angeles’ Hancock Park for $5.6 million. It sold in 2019 for $7.16 million.

hancock park los angeles
Hancock Park.

Source: Mansion Global

But Rhimes still has several residences in the area, like the 1920s Spanish-style duplex she bought in 2007 for $1.66 million and the English country manor house she purchased in 2017 for $4.6 million.

Los Angeles
Los Angeles.

Source: Variety

She also has the 8,400-square-foot Elmer Grey-designed mansion that she dropped $8.8 million on in 2014.

Los Angeles
Los Angeles.

Source: Variety

Rhimes may have a thing for LA real estate, but she expanded her portfolio to the East Coast in 2018 when she bought an $11.75 million two-bedroom penthouse on Manhattan’s Upper East Side.

upper east side
The Upper East Side.

Source: Mansion Global

Rhimes also spends on beauty and wellness. She wrote in her 2015 memoir that she hired a personal trainer to help her lose 100 pounds.

shonda rhimes

Source: Business Insider

She told Marie Claire that when she was 16, she got a job scooping ice cream at Baskin-Robbins so she could buy a miniskirt and off-the-shoulder top to look like Madonna.

shondarhimes

Source: Marie Claire

Today, she has a “clothing therapist,” Asher Levine, who is known for dressing top female Hollywood execs.

shonda rhimes

Source: The Hollywood Reporter

She’s also a huge fan of face masks, which she says she uses every day. Especially farmacy, a skincare brand with masks costing as much as $38.

shonda rhimes smiling

Source: Glamour, Farmacy Beauty

In her free time, Rhimes, a tennis fan, likes to attend Wimbledon matches. Tickets can range from several hundred dollars to $6,300.

shonnda rhimes wimbledon.JPG

Source: Baseline Tennis, CNBC

But she’s previously said her happy place is with her daughters. She adopted Harper and Emerson in 2002 and 2012, respectively, and had Beckett in 2013 via a surrogate. She said they help boost her creativity.

shonda harper
Rhimes with daughter Harper.

Source: Essence, ABC News, Hollywood Reporter

Rhimes is also a philanthropist. In 2016, she established the Rhimes Family Foundation to support arts, education, and activism. It emphasizes cultural inclusion and equality.

rhimes_shonda.JPG

Source: Inside Philanthropy

In 2017, she became a “patron of the arts” for IAMA Theatre Company. The amount of the endowment, provided by the Rhimes Family Foundation, was not disclosed.

Shonda Rhimes

Source: Los Angeles Times

Through the Rhimes Family Foundation, Rhimes has given at least $10 million in grants to the Smithsonian National Museum of African American History and Culture …

national museum of african history
National Museum of African American History and Culture.

Source: Inside Philanthropy

… and at least $1 million to the Obama Foundation.

shonda rhimes michelle obama

Source: Inside Philanthropy

She’s also a generous boss. Rhimes once bought everyone in the “Grey’s Anatomy” cast and crew a vacation to a luxury resort as a gift for the show’s 350th episode, “Grey’s” actor Kevin McKidd revealed in a “Live with Kelly and Ryan” interview in November 2019.

grey's anatomy cast
The cast of “Grey’s Anatomy.”

Source: MSN

But she’s not one for vacation herself. In 2016, she ditched her first three-week vacation in 10 years to film a short video for Hillary Clinton during Clinton’s campaign.

shonda rhimes hillary clinton.JPG

Source: Vanity Fair

While Rhimes has a few splurges, they’re not atypical from any other celebrity. Her less than lavish lifestyle might be due to her humble upbringing.

shonda rhimes emmy.JPG

“When I was a struggling graduate student in film school, I often had no money,” she said in a commencement speech at Dartmouth, her undergrad alma mater. “And so I often had to choose between wine and things like toilet paper. Steak did not even enter into the equation.”

shonda rhimes dartmouth

Source: Chicago Tribune

Read the original article on Business Insider

Bill Gates has been unseated as the world’s second-richest person. Here’s how he spends his $129 billion fortune, from a luxury-car collection to incredible real estate.

bill gates
Bill Gates has an estimated net worth of $129 billion.

  • Bill Gates, who has an estimated net worth of $129 billion, is no longer the world’s second-richest person.
  • Elon Musk unseated Gates’ title, but Gates is still one of three people in the world with a net worth over $100 billion.
  • While Gates indulges in a few luxuries, they make up only a fraction of his fortune.
  • He mainly spends his billions on charity through the Bill & Melinda Gates Foundation and plans to give away most of his fortune.
  • Visit Business Insider’s homepage for more stories.

Bill Gates is no longer the world’s second-richest person.

That title goes to Elon Musk, who unseated Gates as the world’s second wealthiest in November. But Gates is still pretty wealthy, with an estimated net worth of $129 billion. He’s one of three people in the world with a net worth exceeding $100 billion.

Gates has made some lavish purchases over the years, including a Washington estate worth $125 million, a private airplane, and a luxury-car collection. More recently, he dropped $43 million on a 5,800-square-foot home in Del Mar, California. But these indulgences make up only a fraction of his massive fortune, and Gates isn’t known to throw his money around.

In fact, Gates and his wife, Melinda, previously said it’s unfair they’re so rich. Instead of spending billions on themselves, they often donate it to charity through the Bill & Melinda Gates Foundation. They’ve also pledged to give away most of their fortune through the Giving Pledge, which they launched in 2010.

Keep reading for a look at how Gates spends his billions.

Bill Gates, the cofounder of Microsoft, has an estimated net worth of $129 billion.

Bill Gates
Bill Gates speaking at an event in Washington, 2014.

Source: Bloomberg

He long held the title as the world’s second-richest person until Elon Musk unseated him in November 2020.

bill gates
Microsoft founder, Co-chair of the Bill & Melinda Gates Foundation, Bill Gates, on October 9, 2019.

Source: Business Insider

Now, Gates is the world’s third-richest person and part of a three-man club, with Jeff Bezos and Musk, of people currently worth more than $100 billion.

bill gates

Source: Business Insider

If he spent $1 million a day, it would take him more than 245 years to spend his fortune. Here’s how he spends his money.

Bill Gates.JPG

Source: Business Insider

Gates has invested in a variety of stocks and assets and launched a $1 billion investment fund, Breakthrough Energy, with 20 others.

bill gates

Source: Forbes

Despite his massive fortune, Gates previously told Ellen DeGeneres that when he became a billionaire at age 31 (history’s youngest billionaire at the time), he didn’t go on a spending spree.

bill gates ellen
Bill Gates on “Ellen.”

Source: Business Insider

But he has indulged in things over time, he said, like a private plane.

rich people private plane

Source: Business Insider

It’s been reported that Gates owns a Bombardier BD-700 Global Express, which costs $40 million and can seat up to 19 people.

Bombardier Global Express
Not Bill Gates’ personal plane.

Source: Business Insider

Gates also spent a lot on his estate, Xanadu 2.0, in Medina, Washington. It took him seven years and $63 million to build. He purchased the lot for $2 million in 1988.

Bill Gates House
This aerial photograph taken on July 13 shows Bill and Melinda Gates’ home in Medina, Washington which cost more than $60-million and four-years to build.

Source: Business Insider

At 66,000 square feet, his home is worth about $125 million today.

Bill Gates House Property

Source: Business Insider

In 2017, he paid $1,041,292.55 in property taxes on it, according to public filings.

Bill Gates House
An outside deck is shown at the home of Microsoft Chairman Bill Gates Tuesday, April 18, 2006, in the Seattle suburb of Medina, WA.

Source: Business Insider

The estate has a trampoline room, which Gates told DeGeneres his three kids love.

Bill Gates Jennifer Gates

Source: Business Insider

There are roughly $80,000 worth of computer screens sitting around the house.

bill gates microsoft

Source: Business Insider

Devices worth $150,000 can display different paintings or photographs on the screens at a single touch.

bill gates art

Source: Business Insider

However, there are real paintings on the wall as well – like the Winslow Homer painting Gates purchased for $36 million in 1988.

winslow homer lost on the grand banks

Source: Business Insider

There’s also a 60-foot pool – in its own separate, 3,900 square-foot building.

bill gates pool house

Source: Business Insider

That’s not to mention the 2,100-square-foot library, home to a 16th-century Leonardo da Vinci manuscript that Gates bought at auction for $30 million in 1994.

codex leicester

Source: Business Insider

Gates reportedly pays to have sand imported from St. Lucia in the Caribbean to the shore surrounding his house.

st. lucia, saint lucia

Source: Business Insider

In addition to a home theater for 20 guests, six kitchens, and 24 bathrooms, Gates’ house has various garages for 23 cars.

bill gates home

Source: Business Insider

It’s perfect for Gates, an avid luxury-car collector. His first big splurge after founding Microsoft was a Porsche 911 supercar, he told DeGeneres. He later sold it, and it was auctioned for $80,000.

Porsche 911

Source: Business Insider

But that wasn’t Gates’ last Porsche. He also has a Porsche 959 in his car collection.

Porsche 959
Not Gates’ personal car.

Source: Business Insider

Outside of his Washington pad, Gates also has a 4.5-acre vacation ranch in Wellington, Florida, with a 12,864-square-foot mansion.

bill gates florida home

Source: Business Insider

He reportedly dropped $27 million to buy a whole string of properties in the area.

Wellington Florida

Source: Business Insider

The area is hotspot for wealthy equestrians. His daughter Jennifer is an accomplished equestrian, and he bought the property to support her passion.

Jennifer Gates horse

Source: Business Insider

In California, he owns the 228-acre Rancho Paseana, which he purchased for $18 million. It includes a racetrack, orchard, and five barns.

bill gates rancho paseana

Source: Business Insider

He added to his California real estate portfolio in 2020, dropping $43 million on an oceanfront home in Del Mar, California. It has six bedrooms, a 10-person Jacuzzi, and a swimming pool.

california coastline del mar homes
Del Mar, California.

Source: The Wall Street Journal

He also reportedly purchased a 492-acre Wyoming ranch, which listed for $8.9 million back in 2009.

wyoming

Source: Business Insider

But Gates’ real-estate portfolio doesn’t end there.

Bill Gates

He’s made numerous investments through his personal investment firm, Cascade, including partial ownership of Charles Hotel in Cambridge, Massachusetts.

charles hotel cambridge

Source: Business Insider

He reportedly owns nearly half of the Four Season Holding’s hotel chain through Cascade, including hotels in Atlanta and Houston.

four seasons atlanta

Source: Wall Street Journal

Gates shares 95% ownership with Prince Alwaleed bin Talal of Saudi Arabia.

Four Seasons Hotel

Source: Wall Street Journal

In 2013, Gates and several unnamed buyers paid $161 million for the Ritz-Carlton in San Francisco. As of 2014, it was reportedly worth $200 million.

ritz carlton san francisco

Source: Wall Street Journal

When he’s not busy buying real estate or working, Gates needs a vacation or two to unwind.

bill gates vacation

He’s traveled to Australia and Croatia …

Croatia

Source: Travel + Leisure, Forbes

… and Belize and the Amazon in Brazil.

Belize

Source: Travel + Leisure, Forbes

He’s also treated his family to a Mediterranean vacation on board the 439-foot superyacht Serene, which he chartered for $5 million a week. It included a helicopter.

Yacht Superyacht Serene
The superyacht Serene is pictured at Auckland’s Wynyard Wharf in Auckland, New Zealand.

Source: The Daily Mail

He previously said that he likes to play tennis and go skiing. He’s also been spotted spectating at tennis matches.

bill gates and roger federer

Source: The Telegraph

But Gates’ downtime isn’t always so adventurous. He’s an avid reader, having indulged in quite the book collection.

bill gates reading

Source: Business Insider

He’s also an “avid bridge player,” as he once told Reddit.

Bill Gates playing bridge

Source: Business Insider

Gates hates to shop for himself, but did admit that he likes to “buy nice things” for his wife, Melinda.

bill gates melinda gates

Source: CNBC

However, he once told Reddit that he doesn’t like overspending on clothes and jewelry.

bill gates

Source: CNBC

But Gates’ splurges are only a fraction of his massive fortune. He previously told The Telegraph, “I have no use for money.” Instead, he often donates to or invests his money in good causes.

bill gates

Source: The Telegraph

Gates previously invested in Amyris, a synthetic-biology company that originally produced precursors to malaria drugs and hydrocarbon-based biofuel. Today, it focuses on health through fragrances, skincare, and sweetener.

bill gates
Bill Gates speaks ahead of former U.S. President Barack Obama at the Gates Foundation Inaugural Goalkeepers event on September 20, 2017 in New York City.

Source: Business Insider

In November 2017, Gates invested $50 million into Alzheimer’s research.

bill gates speaker

Source: Business Insider

He continued these efforts by recently investing $30 million with a group of investors into the Diagnostics Accelerator, a “venture philanthropy” fund to diagnose Alzheimer’s earlier.

Bill Gates
Microsoft co-founder Bill Gates, speaks at the Bloomberg Global Business Forum in New York City, U.S., September 20, 2017.

Source: Business Insider

Gates and Melinda are huge on philanthropy. They were recently named the most generous philanthropists in the US by The Chronicle of Philanthropy, having donated more than $36 billion to charitable causes through the Bill and Melinda Gates Foundation.

bill gates philanthropy

Source: Business Insider

Gates agreed to give away most of his fortune through the Giving Pledge, which he launched in 2010.

bill and melinda gates

Source: Business Insider

The Gateses spent money traveling to Tanzania and other countries for charity work.

bill gates charity work

Source: Travel + Leisure

In 2017, they donated $4.78 billion, mostly to projects run by the Bill and Melinda Gates Foundation.

bill and melinda gates charity

Source: Business Insider

They donated more than $2 billion in 2016 to causes related to global health and development and US education.

charity bill and melinda gates

Source: Business Insider

They’ve pledged about $2 billion to defeat malaria, donated more than $50 million to fight Ebola, and pledged $38 million to a Japanese pharmaceutical company working to create a low-cost polio vaccine.

bill and melinda gates charity work

Source: Business Insider

The Gates Foundation has also committed at least $2.5 billion to the GAVI Alliance, which works to improve access to vaccines in poor countries.

charity bill gates

Source: Business Insider

Bill and Melinda also prioritize education. The Gates Foundation established the Gates Millennium Scholars Program, which has received $1.6 billion.

bill gates stanford speech

Source: Business Insider

It also partnered with the Dangote Foundation in 2016 to spend $100 million on eliminating malnutrition in Nigeria.

bill gates in africa

Source: Business Insider

When it comes to the future of his fortune, Gates is leaving $10 million to each of his children, a fraction of his net worth.

bill gates family

Source: Business Insider

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