Gates’ wealth will multiply, even though he donates billions to philanthropic causes.
Bill Gates, whose current net worth is $95.6 billion and even after giving away over $41 billion dollars according to Real-Time Wealth donation, is $904.4 billion away from becoming the world’s first trillionaire, but new research suggests he’s closer than some might think, reported Independent.
In the next 25 years, Gates’ wealth could multiply like never seen before. New Oxfam findings, titled “An economy for the 99 per cent,” show ‘super-rich’ people like Gates have seen their wealth collectively expand by massive margins over the last ten years.
In 2009, there were 793 billionaires worldwide with the total net worth of $2.4 trillion added up. By 2016, the richest 793 people had a combined total net worth of $5 trillion, – a growth of 11 per cent, according to Oxfam.
“If these returns continue, it is quite possible that we could see the world’s first trillionaire within 25 years,” the report states.
After leaving Microsoft in 2006, Gates has dedicated his time and resources to eliminating infectious disease and advancing education worldwide, through the Melinda and Gates Foundation.
The Giving Pledge was created by Gates and his wife, in partnership with Warren Buffett, for other billionaires to donate part or most of their fortunes to help public causes. The Gates have also said that they don’t plan on leaving their children billions.
“The super-rich can achieve returns that are not available to the ordinary saver, helping the gap to grow between the wealthy and everyone else,” the report claims. “The bigger the initial investment, the higher returns one can make as the initial costs of sophisticated advice and high-risk investments can be justified with the potential for super-lucrative returns.”
As of 2013, Gates’ donations to his foundation amounted to $28 billion. Unless the billionaire can figure out a way to give away more money, 61-year-old could become a part of a class of wealth never seen before, in the coming years.