Meet the Cathys, heirs to the Chick-fil-A empire, who have a fortune of more than $14 billion and are one of America’s wealthiest family ‘dynasties’

chick fil a family 4x3
The Cathy family.

When it comes to the Cathy family’s reported $14.2 billion fortune, it’s all about the fried chicken. That’s because the Cathys are the family behind the Chick-fil-A empire.

S. Truett Cathy officially founded the popular fast-food chain in the 1960s, laying the roots for what is today America’s 21st-richest family wealth “dynasty,” according to the left-leaning Institute for Policy Studies’ “Silver Spoon Oligarchs” Report.

Since then, the family-owned business has remained in the hands of second- and third-generation family members. Truett’s sons, Dan Cathy and Don “Bubba” Cathy, run the company as CEO and executive vice president, respectively – they each have a reported net worth of $7.1 billion, according to the Forbes 400.

Born and raised in the south, the Cathy family has been dedicated to continuing Truett’s legacy, growing Chick-fil-A across the US. Chick-fil-A has been celebrated for its company culture, customer service, and quality food, but it has also received backlash over anti-same-sex marriage issues that align with the Cathys’ Christian beliefs.

Take a look inside the rise of Chick-fil-A and the family behind it.

The Cathy family’s multibillion-dollar fortune is rooted in the fast-food chain Chick-fil-A.

S. Truett Cathy
S. Truett Cathy, founder of Chick-fil-A (second right) poses with son Dan T. Cathy (far left), daughter Trudy White, and son Donald “Bubba” Cathy.

SourceForbes, Business Insider

In 1946, without any management or restaurant experience, S. Truett and his brother Ben opened an Atlanta diner called the Dwarf Grill, later renamed the Dwarf House.

Truett Cathy

Source: Business Insider

It was there that they first served chicken sandwiches, mainly to Ford factory workers and airport employees who worked nearby.

truett cathy

Source: Forbes

Three years later, Ben died in a plane crash and Truett found himself handling the business on his own.

truett cathy

Source: Forbes

In 1967, he opened the first Chick-fil-A restaurant at a mall in Atlanta.

truett cathy chick fil a

Source: Forbes

More than 60 years later, Chick-fil-A is a massive restaurant empire.

chick fil a

Source: Chick-fil-A

Today, it has more than 2,500 restaurants across 47 states and Washington, DC.

chick fil a

Source: Chick-fil-A

In 2019, it was the third-largest restaurant chain in the US by sales in 2019, bringing in $11.3 billion.

chickfila thanksgiving

Source: Insider

It’s the most profitable fast-food chain in America on a per-location basis, with the average per-unit revenue greater than $4 million.

Chick fil A
hick-fil-A cow and brand ambassador attend the PANDORA Discovery Den SXSW on March 17, 2016 in Austin, Texas.

Source: Business Insider, QSR

According to Forbes, Truett “practically invented the idea of a quickly served chicken sandwich.”

Chick-fil-A

Source: Forbes

Chick-fil-A is a family-owned business. Truett had three children with his wife, Jeannette: Dan, Don “Bubba,” and Trudy.

truett cathy office
Truett’s family photos.

Source: Forbes

When he passed away in 2014, he left the fast-food chain to his sons, Dan and Bubba. They’re America’s 21st-richest family-wealth “dynasty,” according to a recent report.

dan cathy
Dan Cathy.

Source: Forbes, The Silver Spoon Oligarchs Report 

Dan is Chick-fil-A’s chairman and CEO – he spends a lot of time visiting restaurants and grand openings across the US.

Dan Cathy

Source: Forbes, Forbes

It’s a fitting position for someone who grew up doing odd jobs at Chick-fil-A, including scraping chewing gum from table bottoms with a butter knife.

chick fil a dan cathy

Source: Forbes

He helped expand Chick-fil-A’s growth monetarily and geographically, opening restaurants in big cities such as Los Angeles, Chicago, and New York.

Chick-fil-a
Chick-fil-A in Manhattan, New York.

Source: Chick-fil-A

Dan lives on a farm south of Atlanta with his wife, Rhonda. He has two sons, Andrew and Ross, and three grandchildren.

cathy dan

Source: Chick-fil-A

Outside of Chick-fil-A, he’s very involved in community organizations, including the Atlanta Chamber of Commerce, Georgia Aquarium, and Atlanta Committee for Progress. He’s particularly passionate about the revitalization of Atlanta’s Westside.

georgia aquarium

Source: Chick-fil-A

He also serves on multiple boards and is involved in ministries, philanthropies, and nonprofits such as City of Refuge, Passion City Church, and the Rock Ranch.

dan cathy

Source: Chick-fil-A

In his spare time, Dan plays the trumpet, gardens, and landscapes.

dan cathy chick fil a

Source: Chick-fil-A

He also pilots small jets and rides motorcycles. He was previously a competitive wrestler.

chick fil a dan cathy

Source: Chick-fil-A

His brother, Bubba, has held a number of positions in the company, including construction apprentice, and is the executive vice president.

Bubba Cathy photo (1)

Source: Chick-fil-A, Forbes

Like his brother, Bubba is a motorcyclist, leading groups on charity rides in the US. He’s also an avid sailor, taking groups on charity yacht voyages.

bubba cathy

Source: Forbes

Dan and Bubba both have fortunes of $7.1 billion, according to the most recent Forbes 400 list.

dan cathy

Source: Forbes 400

Their sister, Trudy Cathy White, began working for the family business at age 19 when she became operator of a new Chick-fil-A restaurant in Birmingham, Alabama. Today, she’s an ambassador.

Trudy Cathy

Source: Chick-fil-A

She’s also an author – her book “Climb Every Mountain” is published by Simon & Schuster.

climb every mountain trudy white

Source: Simon & Schuster

It could be said that she got the writing gene from her father, who published five books about business, motivation, and parenting during his lifetime.

truett cathy book

Source: Business Insider

She and her husband, John, have four children and 15 grandchildren.

trudy cathy white

Source: Trudy Cathy White

Truett raised his children in a “modest house” but had a car collection that included former House Speaker Dennis Hastert’s 1937 Lincoln Continental, George Glaze’s Brewster 8 Town Car, and a 1931 Duesenberg.

truett cathy car collection

Source: Business Insider

The Cathy family is known for their Southern Baptist values – Chick-fil-A is famously closed on Sundays, restaurant openings often include prayer, and employees are advised “to base your business in biblical principles.”

chick fil a

Source: Forbes, Business Insider, The Wall Street Journal

Truett and his wife created the WinShape Foundation in the 1980s, which donates money to Christian organizations and offers residential camps, a retreat center, and a foster home.

truett cathy

Source: Business Insider

Truett taught Sunday school for more than 50 years. Dan followed in his footsteps – he teaches Bible study on Sundays.

truett cathy chick fil a

Source: Chick-fil-A, Business Insider

The Whites served for 20 years with the International Mission Board. For half that time, they served as missionaries in Brazil, where they started a small church.

trudy white

Source: Chick-fil-A

They also cofounded Lifeshape and Impact 360 Institute, two religious nonprofits.

trudy cathy white

Source: Chick-fil-A

In 2012, Dan stirred controversy for his comments on gay marriage. In an interview with Baptist Press, he said he’s “guilty as charged” when it comes to supporting what he calls the “biblical definition of the family unit.”

chick fil a anti gay

Source: Baptist Press

WinShape was criticized for donating to anti-gay marriage groups – about $5 million since 2003, Forbes reported in 2012. Chick-fil-A told Insider in 2019 that giving to all but one of these organizations – Fellowship of Christian Athletes – has stopped.

chick fil a anti gay marriage

Source: Forbes, Forbes

Dan has said the chain doesn’t have an anti-gay agenda. “While my family and I believe in the biblical definition of marriage, we love and respect anyone who disagrees,” he previously said.

chick fil a kiss in.JPG

Source: Forbes

Chick-fil-A may be considered controversial by some, but it also has a reputation for its commitment to customer service and employee experience: It’s received a number of rankings in both categories and has been dubbed the “Best Franchise Brand.”

Chick fil A

Source: Chick-fil-A

Its giving arm, the Chick-fil-A Foundation, is focused on providing support for youth and education programs nationwide. In 2017, they funded $150,000 programs for Salvation Army, including camps for kids and the Angel Tree program in Atlanta.

salvation army

Source: Chick-fil-A

And back in April 2020, Chick-fil-A donated $10.8 million to local communities for pandemic relief.

chick fil a pandemic
People walk past Chick-fil-A in New York City.

Source: Chick-fil-A

In 1973, Truett initiated a scholarship program called Remarkable Futures Initiative. It has awarded $75 million to nearly 53,000 team members, Chick-fil-A told Insider in 2019.

Chick-fil-A

Source: The Wall Street Journal

In 2021, it awarded $19 million in scholarships to restaurant team members.

Chick-fil-A

Source: Chick-fil-A

Franchisees have been known to cover costs for not just a worker’s education, but for support during a personal emergency. They also encourage employees to follow their dreams.

chick fil a

Source: Business Insider

Chick-fil-A’s employee culture translates to how the brand treats its customers, with a focus on quality food and a pleasant dining experience. It’s taken on a healthier menu, removing all trans fats from its foods, using only antibiotic-free meats, and even establishing an Innovation Center to develop recipes.

Chick-fil-A

Source: Business Insider

In 2018, it was rated the most beloved fast-food restaurant in the American Customer Satisfaction Index’s annual survey.

Chick fil A

Source: Insider

Ever the family-owned business, Chick-fil-A has no plans to go public.

chick fil a cow.JPG
Truett’s family photos.

Source: Insider

The Cathy family has been working together for more than 70 years and third-generation members continue to carry on the tradition – 12 of Truett’s grandchildren work at Chick-fil-A.

truett cathy mark cathy
Truett with grandson Mark Cathy.

Source: Forbes, Chick-fil-A

New York Times reporter Kim Severson wrote in 2012 that many people in Atlanta have respect for the Cathy family.

mark cathy
Mark Cathy.

Source: The New York Times

“People speak of the Cathys as if they were local royalty, and the company logo is as much a part of the Atlanta cityscape as Coca-Cola’s,” she wrote.

chick fil a

Source: The New York Times

When asked what was so smart about creating his chicken sandwich, Truett answered with, “Nothing. That’s why I was able to do it.”

S. Truett Cathy

Source: Chick-fil-A

Read the original article on Business Insider

Bill and Melinda Gates are ending their 27-year marriage. Here’s how the Microsoft cofounder 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 and his wife of 27 years, Melinda French Gates, are getting a divorce.
  • Gates, the cofounder of Microsoft, has a fortune worth $130.5 billion.
  • Gates indulges in a few luxuries, but he mainly spends through the Bill & Melinda Gates Foundation.
  • Visit Business Insider’s homepage for more stories.

Bill and Melinda Gates are ending their 27-year marriage.

The couple announced the news in a statement posted to Twitter on Monday, saying that while they plan to continue working together at the Bill & Melinda Gates Foundation, they no longer believe they can continue growing as a couple.

Gates, who cofounded Microsoft with Paul Allen in 1975, is worth $130.5 billion, according to Forbes. He’s one of only eight moguls worth over $100 billion and is currently the fourth-richest person in the world.

Gates has made some lavish purchases over the years: He owns 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, the couple 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.

Taylor Nicole Rogers contributed to an earlier version of this story.

Bill Gates, the cofounder of Microsoft, has an estimated net worth of $130.5 billion.

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

Source: Forbes

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 fourth-richest person and part of a eight-man club of people currently worth more than $100 billion.

bill gates

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 6500 private jet
A Bombardier private jet, though not the one Gates owns.

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. 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 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:
Kids play in the water on the beach of Rodney Bay in St. 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 house

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.
A Porsche 911.

Source: Business Insider

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

bill gates 1988 Porsche 959
Bill Gates and a 1988 Porsche 959, not Gates’ actual 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. He reportedly dropped $27 million to buy a whole string of properties in the area. The area is hotspot for wealthy equestrians.

Horses corral
Horses in a corral, though not at Gates’ ranch.

Source: Business Insider

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.

Apple orchard

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.

Green River 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.

cambridge massachusetts
Cambridge, Massachusetts.

Source: Business Insider

He reportedly owns nearly half of the Four Season Holdings’ hotel chain through Cascade, including hotels in Atlanta and Houston. Gates shares 95% ownership with Prince Alwaleed bin Talal of Saudi Arabia.

Four Seasons Hotel

Source: The 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 Hotel

Source: The Wall Street Journal

When he’s not busy buying real estate or working, Gates needs a vacation or two to unwind. He’s traveled to Australia and Croatia …

Baska Voda, a tourist town on the Makarska Riviera, Dalmatia, Croatia.
Baska Voda, a tourist town on the Makarska Riviera, Dalmatia, Croatia.

Source: Travel + Leisure, Forbes

… and Belize and the Amazon in Brazil.

Ambergris, Belize
Belize is known for its sandy beaches and warm weather.

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 watch tennis

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 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 have been 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 & 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.

Melinda Gates Bill Gates at Davos 2015
Melinda (L) and Bill Gates attend a session at the Congress Center during the World Economic Forum (WEF) annual meeting on January 23, 2015 in Davos.

Source: Business Insider

The Gateses have spent money traveling for their charity work. They donated more than $2 billion in 2016 to causes related to global health and development and US education. In 2017, they donated $4.78 billion, mostly to projects run by the Gates Foundation.

bill gates melinda gates

Source: Travel + Leisure

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.

DR Congo vaccine
A girl gets inoculated with an Ebola vaccine on November 22, 2019 in Goma, the Democratic Republic of the Congo

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.

vaccines
A nurse prepares the measles, mumps and rubella vaccine in 2019.

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.

Nigeria

Source: Business Insider

Throughout 2020, the Gates Foundation was active in the global COVID-19 response, pledging $100 million to help fight the pandemic. A major portion of those funds were used for vaccine development.

COVID vaccine
A patient receives an injection of the Oxford/AstraZeneca COVID-19 vaccine.

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
Bill Gates with his daughter, Jennifer, and his wife, Melinda.

Source: Business Insider

Read the original article on Business Insider

Inside the life of Bill Gates’ daughter Jennifer, an elite equestrian who stands to inherit ‘a minuscule portion’ of her father’s $130 billion fortune

Jennifer Gates horse
An accomplished equestrian, Jennifer Gates will reportedly receive a “minuscule portion” of her father’s wealth.

Jennifer Gates, 25, is the eldest daughter of the billionaire philanthropists Bill and Melinda Gates. She has two younger siblings, Rory and Phoebe.

Jennifer Gates

Source: CNBC

While their father might be famous for founding Microsoft, Entrepreneur reported that the Gates kids had a “cap on screen time” growing up. Gates also wasn’t allowed to own a phone until she was 14.

bill gates daughter Jennifer gates family

Source: Entrepreneur

Gates and her siblings attended her father’s alma mater, Seattle’s private Lakeside High School.

Bill Gates family Melinda Jennifer

Source: Business Insider

Gates graduated from Stanford University in 2018 with a degree in human biology and took a year off to focus on her equestrian passion before going to medical school. She told Sidelines Magazine her childhood pediatrician inspired her to pursue medicine.

Jennifer Gates

Source: CNN, Business Insider, Sidelines Magazine

She’s an accomplished equestrian and has been riding since she was 6. One of her favorite horses is named Alex. “He is super sweet, down-to-earth, easy-going, but you can also go fast and have a lot of confidence, so I am really excited about him,” she told US Equestrian in November 2017.

Jennifer Gates horse

Source: Herald Weekly, US Equestrian

To support her passion, Gates’ father set about buying property in Wellington, Florida, a hot spot for wealthy equestrians. The Miami Herald reported he dropped $37 million to buy a whole string of properties near Laurene Powell Jobs’ estate.

Jennifer Gates horse

Source: The Daily Mail, The Real Deal, The Miami Herald, Business Insider

Gates has competed against Eve Jobs, as well as other famous show jumpers born to celebrities and high-profile figures, like Michael Bloomberg’s daughter Georgina, Bruce Springsteen’s daughter Jessica, and Steven Spielberg’s daughter Destry.

Eve Jobs horse equestrian

Source: Business Insider, Business Insider

While she was a student at Stanford, Gates told the Horse Network that balancing school and horseback riding made her life “a little busy, but I love doing both.”

Jennifer Gates horse

Source: Horse Network

Beyond her education and her horseback riding, Gates also makes time to travel. Her Instagram highlights past trips to Kuwait, Spain, Australia, and other exciting places.

Jennifer Gates

Source: Instagram

Bill Gates is determined for his children to forge their own paths in life. In 2011, he told The Daily Mail that his kids would each get a “minuscule portion” of his wealth, which Forbes estimates stands at $130.5 billion. “It will mean they have to find their own way,” he said.

bill gates
Bill Gates participates in a media availability on agricultural research, Thursday, March 13, 2014.

Source: The Daily Mail, CNBC, Forbes

Gates is enrolled at Mount Sinai’s Icahn School of Medicine. She just finished her first year remotely. Gates told The Chronicle of the Horse in March that all of her medical-school classes had been temporarily moved online because of the coronavirus.

Jennifer Gates

Source: ET, New York Post, Instagram, The Chronicle of the Horse

The New York Post reported that in 2017, her parents bought a $5 million condo that’s only blocks from her medical school.

Jennifer Melinda Gates

Source: New York Post

In January 2020, Gates announced her engagement to the renowned Egyptian equestrian Nayel Nassar. Nassar also attended Stanford University. “I can’t wait to spend the rest of our lives learning, growing, laughing, and loving together,” she wrote on Instagram at the time.

jennifer gates nayel nassar

Source: Forbes Middle East, Business Insider

Gates and Nassar are both riders for Paris Panthers, a show-jumping team founded by Gates, who also manages the team. In 2019, they competed and placed ninth in the Global Champions League.

Jennifer Gates Nayel Nassar

Source: CNN

Like her parents, Gates has also expressed an interest in using her privilege to help others. “I was born into a huge situation of privilege,” Gates recently told Sidelines Magazine in an interview for the publication’s July issue, “and I think it’s about using those opportunities and learning from them to find things that I’m passionate about and hopefully make the world a little bit of a better place.”

Bill Gates Jennifer Gates

Source: Business Insider, Sidelines Magazine

Read the original article on Business Insider

The life and career of Bernard Arnault, the luxury goods mogul who owns brands like Louis Vuitton – and whose wealth is surpassed only by Jeff Bezos and Elon Musk

Bernard Arnault
Bernard Arnault is the chairman and CEO of LVMH, the world’s largest maker of luxury goods.

  • Bernard Arnault briefly surpassed Elon Musk as the world’s second-richest person this week.
  • Arnault controls the massive luxury conglomerate LVMH Moët Hennessy – Louis Vuitton.
  • Four of Arnault’s children work at LVMH brands, including Louis Vuitton, Berluti, and TAG Heuer.
  • See more stories on Insider’s business page.

When it comes to the world of luxury goods, perhaps no one is more successful than Bernard Arnault.

Arnault, the 72-year-old CEO of French luxury conglomerate LVMH Moët Hennessy – Louis Vuitton, has built his fortune over the span of almost four decades, amassing a luxury-goods empire that includes some of the best-known names in fashion, jewelry, and alcohol, including Louis Vuitton, TAG Heuer, and Dom Perignon.

Along the way, Arnault has brought four of his five adult children into the fold, building a family-run conglomerate that has resulted in the world’s third-largest fortune.

Here’s how Arnault got his start and became one of the richest people in the world.

Marissa Perino contributed reporting. Taylor Nicole Rogers contributed to an earlier version of this story.

The 72-year-old French businessman is the chairman and CEO of LVMH Moët Hennessy – Louis Vuitton, known as LVMH. Arnault owns a 97.5% stake in Christian Dior, which controls 41.2% of LVMH.

bernard arnault lvmh

Source: Bloomberg

Arnault comes from the northern French town of Roubaix – he studied engineering at one of France’s most prestigious schools, the École Polytechnique. After graduating, Arnault went to work for his father’s construction company, Ferret-Savinel.

Ecole Polytechnique
Students from Ecole Polytechnique.

Source: Bloomberg, Business Insider

In 1984, Arnault acquired an ailing company called Agache-Willot-Boussac, which owned brands like French department store Bon Marche and the fashion house Christian Dior. He renamed the firm Financiere Agache and initiated a turnaround, cutting costs and selling off some of its businesses.

bernard arnault
LVMH vice president Alain Chevalier and Bernard Arnault, then CEO of Financiere Agache, at an event in Paris in 1988.

Source: Bloomberg

Soon after, he bought fashion house Celine and funded the French designer Christian Lacroix.

Celine

Source: The New York Times

In the late 1980s, Arnault said his goal was to run the world’s largest luxury company within the following decade. He then set his sights on LVMH Moët Hennessy – Louis Vuitton, spending $2.6 billion buying up shares in order to become the company’s largest shareholder, and its chairman and CEO by 1989.

Bernard Arnault
Bernard Arnault circa 1980.

Source: The New York Times

Arnault married Anne Dewavrin in 1973 and they had two children together before separating in 1990. Arnault remarried to Helene Mercier, a Canadian concert pianist, in 1991.

helene mercier bernard arnault
Helene Mercier and Bernard Arnault.

Source: Financial Times, Forbes

He reportedly wooed her by playing Chopin and other classical composers.

bernard arnault
Arnault at his home in 2000.

Source: Forbes

The French billionaire and his wife live on Paris’s Left Bank, south of the Seine River, a historic area that includes neighborhoods such as the Latin Quarter and St. Germain-des-Prés.

paris

Source: Bloomberg, The New York Times

In their home, Arnault keeps a collection of modern and contemporary art from artists that include Jean-Michel Basquiat, Damien Hirst, Maurizio Cattelan, Andy Warhol, and Pablo Picasso.

picasso painting art sothebys
Art handlers hang “Tete De Femme” by Pablo Picasso at a 2016 Sotheby’s auction in London.

Source: Bloomberg

Arnault has five children: two with his first wife and three with his current wife.

Bernard Arnault sons
Arnault with three of his sons at the Roland Garros 2018 French Open tennis tournament in Paris in June 2018.

Source: The New York Times

Antoine Arnault and Delphine Arnault are his two children from his first marriage.

bernard arnault children
Antoine and Delphine Arnault with their father, Bernard Arnault, in 2015.

Source: The New York Times, LVMH

Delphine, Arnault’s oldest daughter, is the apparent heiress to the LVMH empire.

delphine arnault
Delphine Arnault.

Source: The New York Times

She started her career at American consultancy firm McKinsey & Co. in Paris and is now the executive vice president at Louis Vuitton.

delphine arnault
Delphine Arnault in 2001.

Source: Business of Fashion, The New York Times

In January 2019, Delphine became the youngest member of LVMH’s executive committee at age 43.

bernard arnault delphine arnault
Bernard Arnault and Delphine Arnault.

Source: MDS

Delphine married Italian wine heir Alessandro Vallarino Gancia in 2005 in what Forbes called “France’s wedding of the year.” The couple divorced in 2010.

delphine arnault wedding
Delphine Arnault and Alessandro Vallarino Gancia.

Source: Forbes, Business Insider

She now reportedly lives with tech billionaire Xavier Niel and has one daughter. But Delphine is notoriously private about her personal life. “I’m quite discreet,” she told the Financial Times in a rare 2014 interview. “I think I’d rather focus on my work.”

delphine arnault
Xavier Niel, Delphine Arnault, and Bernard Arnault in Paris in April 2018.

Source: Financial Times

Delphine’s younger brother, Antoine, is chief executive of menswear label Berluti and chairman of the cashmere label Loro Piana, both LVMH brands.

antoine arnault

Source: The New York Times, LVMH

In addition to those roles, Antoine was named head of communications and image for LVMH in June 2018.

antoine arnault
Antoine Arnault at a Louis Vuitton show in January 2019 in Paris.

Source: Business of Fashion

He’s married to supermodel Natalia Vodianova, whom he reportedly met on a shoot for a 2008 Louis ­Vuitton campaign when he was the brand’s head of communications.

antoine arnault natalia Vodianova
Antoine Arnault and Natalie Vodianova during 2019 fashion week in Paris, France.

Source: W Magazine

The couple lives in Paris with their two children and Vodianova’s three children from a previous marriage.

antoine arnault natalia
Natalia Vodianova and Antoine Arnault during Paris Fashion Week in January 2019.

Source: W Magazine

Alexandre, the son of Bernard Arnault and Helene Mercier, was the CEO of Rimowa, a German luggage brand owned by LVMH.

alexandre arnault
Alexandre Arnault at Foundation Louis Vuitton in October 2018 in Paris.

Source: The New York Times, LVMH, Getty Images

Following LVMH’s acquisition of Tiffany & Co. last year, Alexandre was named Tiffany’s executive vice president of product and communications.

alexandre arnault bernard
Alexandre Arnault and his father, Bernard Arnault.

Source: Business Insider

He appears to be friends with Evan Spiegel, the chief executive of Snap, Snapchat’s parent company. Spiegel told The New York Times that Alexandre is “a really creative guy” and that “he’s constantly thinking about the brand and how to express that.”

arnaults
Delphine Arnault and Alexandre Arnault.

Source: The New York Times

Alexandre’s younger brother, Frederic, also has a role at LVMH. He joined the conglomerate as the strategy and digital director at Swiss luxury watch brand TAG Heuer, LVMH’s largest watch brand, in 2018. Last June, Frederic became TAG Heuer’s CEO.

Bernard Arnault son
Bernard Arnault and his son Frederic Arnault in June 2018.

Source: The New York Times, Robb Report

Frederic graduated from his father’s alma mater, École Polytechnique in Paris, and interned at Facebook and consulting firm McKinsey before joining LVMH as the temporary head of connected technologies at TAG Heuer in 2017.

frederic arnault
Frederic Arnault at a TAG Heuer auction in October 2018 in London.

Source: The New York Times

Arnault’s youngest son, Jean, age 21, is the only one of his children not involved at LVMH.

bernard arnault sons jean
Jean Arnault (front left) with his brother, Frederic (center) and father, Bernard (right).

Source: The New York Times

Like many billionaires, Arnault travels by private jet.

bernard arnault private jet
Bernard Arnault on his private jet between Beijing and Shanghai in 2004.

Source: Getty Images

He owns a sprawling vacation villa in glitzy Saint-Tropez on the French Riviera …

bernard arnault st tropez villa
Bernard Arnault’s Saint-Tropez villa in 2015.

Source: Telegraph

… where he has been seen enjoying some tennis matches.

bernard arnault tennis
An undated photo of Arnault playing tennis in Saint Tropez.

Source: Getty Images

Arnault has also reportedly spent at least $96.4 million on residential properties in Los Angeles in the Beverly Hills, Trousdale Estates, and Hollywood Hills neighborhoods.

beverly hills california

Source: The Real Deal

Arnault has rubbed shoulders with some of the world’s influential figures, in the fashion world and otherwise. In 2017, he met President Donald Trump at Trump Tower in New York City right before Trump’s inauguration to discuss expanding LVMH factories in the US.

donald trump bernard arnault

Source: WWD

He was photographed at parties with Lady Diana, Princess of Wales.

bernard arnault princess diana
British fashion designer of Dior John Galliano, magazine editor Liz Tilberis, Lady Diana, Princess of Wales, with Helene Mercier and Bernard Arnault CEO at the Dior 50th Anniversary party at the Metropolitan Museum of Art in New York.

Source: Getty Images

Arnault was reportedly friends with Apple founder Steve Jobs, who once said to Arnault: “You know Bernard, I don’t know if in 50 years my iPhone will still be a success but I can tell you, I’m sure everybody will still drink your Dom Pérignon.”

steve jobs
Steve Jobs.

Source: CNBC

Former Goldman Sachs chief executive Lloyd Blankfein once called Arnault “a complete visionary,” adding that he “saw the increase of wealth in the world.”

Lloyd Blankfein
Goldman Sachs Group chairman and CEO Lloyd Blankfein.

Source: CNBC

Arnault is reportedly longtime friends with former French president Nicolas Sarkozy. Arnault was a witness at the former president’s wedding to Carla Bruni.

Bernard Arnault Nicolas Sarkozy
Bernard Arnault and former French president Nicolas Sarkozy at an event in 1994.

Source: The New York Times

Here, Arnault can be seen shaking hands with Vladimir Putin during the Russian president’s 2003 visit to the Chateau Cheval Blanc vineyard in France, which is owned by LVMH.

putin bernard arnault
Vladimir Putin and Bernard Arnault at the Chateau Cheval Blanc on in Saint Emilion, France, in February 2003.

Source: LVMH

Arnault considered legendary late designer and Chanel creative director Karl Lagerfeld a good friend. “The death of this dear friend deeply saddens me, my wife and my children,” Arnault said in a statement upon Lagerfeld’s death. “We loved and admired him deeply. Fashion and culture has lost a great inspiration.”

karl lagerfeld bernard arnault
Karl Lagerfeld and Bernard Arnault in Paris in June 2018.

Source: LVMH

Arnault has a longstanding public rivalry with Francois Pinault, the founder of luxury group Kering, who’s worth about $50 billion.

francois pinault
François-Henri Pinault, Francois Pinault’s son.

Source: Bloomberg

Kering owns brands including Gucci and Yves St. Laurent. The billionaire also owns Christie’s auction house.

francois pinault
François-Henri Pinault, Francois Pinault’s son.

Source: Bloomberg

LVMH originally tried to acquire a majority stake in Gucci in 1999, but Pinault ultimately snatched up the brand.

gucci

Source: Forbes

Over the years, Arnault has built LVMH into the largest luxury conglomerate in the world and earned himself an imposing nickname: “the wolf in the cashmere coat.”

bernard arnault

Source: The New York Times

He’s behind the creation of Foundation Louis Vuitton, a Frank Gehry-designed contemporary art museum and performance space in Paris that opened in 2014.

fondation louis vuitton paris

Source: The New York Times

Arnault is getting richer at an astonishing rate. In January 2019, he made $4.3 billion in a single day after LVMH shares surged 6.9%. And just 16 months later, on June 19, Arnault again made news when he became the third person in the world to reach a $100 billion net worth.

bernard arnault

Source: Bloomberg

In April 2019, LVMH released a statement on behalf on the Arnault family, pledging 200 million euros, or about $218.8 million, to help rebuild the Notre-Dame Cathedral, which was damaged in a 2019 fire.

notre dame fire
Smoke billows as fire engulfs the spire of Notre Dame Cathedral in Paris, France April 15, 2019.

Source: Le Figaro

The coronavirus pandemic knocked Arnault down the Billionaires List. By May 2020, pandemic-related shut-downs sank LVMH’s stock more than 17% from where it was at the start of 2020, sending Arnault’s personal net worth down more than $30 billion.

dior store closed coronavirus
Closed and boarded up store fronts of luxury fashion brands Versace and Dior during Coronavirus crisis, Chicago.

Source: Bloomberg

In November 2020, LVMH completed its nearly $16 billion acquisition of jeweler Tiffany & Co., a history-making deal in the luxury sector. The contentious deal came after multiple lawsuits, a public war of words, and a $400 million discount.

FILE PHOTO: A Tiffany & Co. logo is seen outside a store in Paris, France, November 22, 2019. REUTERS/Gonzalo Fuentes/File Photo
A Tiffany & Co. logo is seen outside a store in Paris

Source: Business Insider

LVMH recorded 44.7 billion euros in revenue 2020 (roughly $54 billion), a 17% decrease from the year prior.

louis vuitton

Source: LVMH, Business Insider

However, LVMH appears to be bouncing back in 2021: Revenue was up 32% in the first quarter compared to the same time last year. The company said it saw strong sales in fashion and leather goods in the beginning of the year, as well as an uptick in alcohol sales in the first quarter, particularly Champagne.

Dom Perignon

Source: Business Insider

With an estimated worth of $150 billion, Arnault is currently the world’s third-richest person, surpassed only by Jeff Bezos and Elon Musk. This week, he briefly leapfrogged Musk to become the world’s second-richest person.

bernard arnault

Source: Bloomberg, Business Insider

Read the original article on Business Insider

Mark Zuckerberg’s net worth has grown over $40 billion in the last year alone. Here’s how the 36-year-old Facebook CEO makes and spends his $114 billion fortune.

Mark Zuckerberg and Priscilla Chan
Priscilla Chan and Mark Zuckerberg.

  • Mark Zuckerberg’s fortune passed $100 billion last year, making him one of eight centi-billionaires.
  • Zuckerberg drives an affordable car and wears basic clothes, but appears to splurge on real estate.
  • Zuckerberg and his wife, Priscilla Chan, also invest in childhood education and medical research.
  • See more stories on Insider’s business page.

It’s been a challenging year for Mark Zuckerberg.

He’s testified before lawmakers on multiple occasions, attempted to quash coronavirus misinformation on Facebook, and suspended President Donald Trump from the platform. And earlier this month, 533 million Facebook users’ personal data and phone numbers were leaked online.

At the same time, Zuckerberg is richer than he’s ever been. Last summer, after Facebook launched an Instagram feature to compete with TikTok in the US, Zuckerberg’s personal net worth reached over $100 million for the first time.

These days, his fortune has reached $114 billion.

Keep reading to learn more about how the Facebook cofounder makes and spends his centibillion-dollar fortune.

Taylor Nicole Rogers contributed to an earlier version of this story.

In May 2012, eight years after its founding, Facebook debuted on the New York Stock Exchange. At the time, it was the biggest technology IPO in history.

mark zuckerberg facebook ipo nasdaq
Facebook Inc. CEO Mark Zuckerberg is seen on a screen televised from their headquarters in Menlo Park moments after their IPO launch in New York May 18, 2012.

Source: Business Insider

Most of Zuckerberg’s fortune is derived from his 13% stake in Facebook. While Facebook spent more than $25 million on him in 2020 alone, his take-home pay is just $1.

Mark Zuckerberg

Source: Bloomberg, Business Insider

Despite his status as one of the richest tech moguls, the 36-year-old Harvard dropout leads a low-key lifestyle with his wife, Priscilla Chan, and their two young daughters.

Mark Zuckerberg Priscilla Chan

Like many other Silicon Valley stalwarts, Zuckerberg doesn’t dress in flashy suits – he keeps things simple in jeans, t-shirts, and sweaters. But they’re reportedly much more expensive than they look, retailing for hundreds, and even thousands, of dollars.

Mark Zuckerberg

Source: Business Insider, GQ

Zuckerberg is known for driving relatively inexpensive cars. He’s been seen in an Acura TSX and a Honda Fit, both of which are valued at or under $30,000.

Mark Zuckerberg in his car

Sources: Business Insider, CNBC

He’s also been spotted driving a black Volkswagen Golf GTI, a car that he bought well after making his fortune. That car would cost about $30,000 new.

Volkswagen Golf GTI

Source: Business Insider

But he has dropped serious cash on at least one sports car: an Italian Pagani Huayra that sells for about $1.3 million.

mark zuck pagani huayra
Mark Zuckerberg and a Pagani Huayra. Not Zuckerberg’s actual car.

Source: Business Insider; Yahoo

There’s one thing Zuckerberg doesn’t seem to mind splurging on: real estate. In May 2011, he bought a 5,000-square-foot home in Palo Alto for $7 million. He’s since tricked it out with a “custom-made artificially intelligent assistant.”

mark zuckerberg house home palo alto 4x3

Source: San Francisco Chronicle, CNBC

The next year, Zuckerberg began buying the properties surrounding his home, spending more than $30 million to acquire four homes, with plans to level them and rebuild.

mark zuckerberg

Source: San Francisco Chronicle, CNBC

He also owns a townhouse in the Mission District of San Francisco. He bought the 5,500-square-foot home in 2013 and proceeded to make over $1 million in renovations, including adding a greenhouse and remodeling the kitchen.

san francisco dolores park covid social distancing park
People are seen at Dolores Park in the Mission District in San Francisco in May 2020.

Source: Curbed San Francisco

In 2014, the billionaire’s real-estate portfolio jumped the Pacific when he spent $100 million on two properties on the island of Kauai: the Kahu’aina Plantation, a 357-acre former sugarcane plantation, and Pila’a Beach, a 393-acre property with a white-sand beach.

Kauai, Hawaii
A beach in Kauai, Hawaii.

Source: Business Insider, Forbes

But the couple’s presence in Hawaii has drawn backlash over the years: In 2016, Zuckerberg angered neighbors by constructing a 6-foot wall around his property, and in 2017, Zuckerberg filed suit against Hawaiian families who had legal-ownership claims on parcels of land within his property. Though he dropped the suit, residents accused him of “neocolonialism.”

Kauai, Hawaii
A rainbow at Shipwreck’s Beach in Kauai.

Source: Business Insider

Zuckerberg has also shelled out for two lakefront properties on Lake Tahoe, which cost a combined $59 million. One of the houses, called the Brushwood Estate, spans 5,233 square feet on six acres of land. The property features a guest house and a private dock.

Zuckerberg Tahoe house

Source: Business Insider, SF Gate

Between his two Lake Tahoe properties, Zuckerberg owns about 600 feet of private shoreline on Lake Tahoe’s west shore.

Zuckerberg tahoe house

Source: Business Insider, SF Gate

 

When Zuckerberg buys properties, he tends to buy the other homes surrounding it for privacy reasons, just as he did in Palo Alto.

Mark Zuckerberg

Source: Business Insider

 

Zuckerberg doesn’t appear to travel much for pleasure. But when he traverses the globe for work, Facebook foots the bill: Security for Zuckerberg and his family cost the company $23 million in 2020, according to the company’s most recent proxy statement.

Mark Zuckerberg security

Source: Business Insider

But Zuckerberg’s travel mostly ground to a halt in 2020. He appeared to spend a lot of his time in Hawaii, riding a $12,000 electric surfboard and kayaking with his family.

 

Source: Business Insider, Daily Mail

But ultimately, opulence and luxury are just a blip on Zuckerberg’s radar. In fact, his main priority seems to be giving his money away, rather than spending it.

mark zuckerberg

Zuckerberg has signed onto the Giving Pledge, joining Bill Gates, Warren Buffett, and over 200 other millionaires and billionaires who have vowed to donate the majority of their wealth to philanthropy. He plans to sell 99% of his Facebook shares during his lifetime.

bill gates mark zuckerberg friends

Source: Business Insider

Zuckerberg said in September 2017 that he planned to sell 35 to 75 million shares over the following 18 months to fund the Chan Zuckerberg Initiative, totaling between $6 billion and $12 billion.

Mark Zuckerberg

Source: Business Insider

The Chan Zuckerberg Initiative is a philanthropic organization Zuckerberg founded with his wife in 2015 focused on “personalized learning, curing disease, connecting people, and building strong communities.” CZI has awarded roughly $2 billion in grants over the years.

Mark Zuckerberg and Priscilla Chan

Source: Business Insider, CZI

CZI is invested in tackling both local and global issues. In 2020, for example, the organization poured $4.2 million into a jobs program for residents of Kauai and committed $1 million to help the region battle the coronavirus. CZI has also contributed millions in the last year to causes like criminal justice reform and affordable housing.

chan zuckerberg initiative mark zuckerberg priscilla chan

Source: Business Insider, CZI

Zuckerberg and Chan have also poured billions into research focused on curing the world’s diseases by the end of the century. In order to accomplish this lofty goal, the Chan Zuckerberg Initiative launched a nonprofit called Biohub to start looking into the cure for disease, including research on genomics, infectious diseases, and implantable devices.

zuckerberg chan married

Source: Business Insider, Business Insider

Zuckerberg believes that Biohub will help speed up research to cure disease, telling The New Yorker in 2018 that “we’ll basically have been able to manage or cure all of the major things that people suffer from and die from today. Based on the data that we already see, it seems like there’s a reasonable shot.”

facebook ceo mark zuckerberg

Source: The New Yorker

Last August, the launch of a new Instagram feature designed to compete with TikTok sent both the company’s share price and Zuckerberg’s net worth to new heights. The move caused Zuckerberg’s net worth to exceed $100 million for the first time, making him one of only a few centi-billionaires on Earth. These days, he’s worth $114 billion.

mark zuckerburg
Zuckerberg.

Source: Bloomberg

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

Read the original article on Business Insider