Bill Gates No Longer World’s Richest Man! Reason: He is Too Much into Philanthropy

March 9, 2011, By Sanjeev Ramachandran

When Forbes publishes its list of the year’s billionaires tomorrow, one thing we are sure about is that Bill Gates will not make it to the top slot this time. Well, the news is that the software moghul is losing his title after giving away $28 billion to charity. This accounts for almost more than a third of his wealth and has been donated to the Bill and Melinda Gates Foundation. The charity organization stands for global health and development and education in the US.

The wealth of Bill Gates now accounts for $49 billion, says Reuters. Gates is preceded by Mexican billionaire Carlos Slim. The Mexican business magnate’s fortune is estimated to be at $60 billion. Warren Buffett follows Slim and Gates. He is estimated to be enjoying wealth to the tune of  $47 billion. Like Gates, Buffet is also interested in philanthropy.

Above all, both Gates and Buffett have teamed up to start The Giving Pledge Campaign, which encourages other billionaires to publicly pledge to give away at least half of their wealth during their lifetime or upon their death. Buffett incidentally beats Gates by earning the top position as the most generous philanthropist.

As many as 59 billionaires have joined The Giving Pledge so far. The campaign stands for the encouragement of moral commitment in people rather than accepting donations or directing people how to give away their money.

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