Bill Gates retains America’s richest person slot: Forbes

Microsoft co-founder Bill Gates has retained his position as the richest person in America for the 19th year in a row this year, according to Forbes’ annual ranking of the nation’s 400 super rich people who have a combined net worth of $1.7 trillion dollars.

With a net worth of $66 billion, Mr Gates not only remained the richest person in America but is also “the planet’s most generous person”, thanks to his countless philanthropic endeavours in developing nations, including India, Forbes said.

The 56-year-old Harvard dropout has given away $28 billion to philanthropic causes so far, with his new obsession being building better toilets for those without water or sewage systems, it added.

Every year 1.5 million children die from food and water tainted with faecal matter, more than the annual deaths from AIDS and malaria combined, Forbes said.

The Bill and Melinda Gates Foundation is also spearheading a malaria vaccine that is showing promise in clinical trials. The non-profit Global Alliance for Vaccines and Immunisation (GAVI) founded by Mr Gates has raised $4.3 billion in pledges from various countries to provide life-saving vaccines against a range of deadly infections.

“Gates and his good friend Warren Buffett continue to recruit new members to their Giving Pledge, in which the very wealthy promise to give away at least half of their net worth during their lifetime or after they die,” Forbes said.

Mr Gates’ net worth rose $7 billion since last August on the back of Microsoft shares, which climbed 20 per cent and on gains from investments in private equity, bonds and stocks, Forbes said.

In addition, Mr Gates continues to sell shares of Microsoft and now just one-fifth of his net worth stems from the software company he co-founded 37 years ago.

On the second spot with a $46 billion net-worth is 82-year-old Buffett, chairman of Berkshire Hathaway, who recently completed radiation treatment for prostate cancer.

Earlier this year, Mr Buffett said he had picked his CEO replacement but has declined to give a name.

Among the names of possible successors making the rounds is Berkshire’s head of reinsurance business India-born Ajit Jain.

Mr Buffett is not too far behind Mr Gates when it comes to philanthropy. He gave $1.5 billion to the Mr Gates Foundation in July, bringing his total contribution to $17.25 billion.

On his birthday in August he pledged $3 billion of stock to his children’s foundations. His fortune grew $7 billion as class A shares jumped more than 20 per cent since last year.

(PTI)