Gates gifts open path for Be­zos to seize top spot

Manawatu Standard - - World -

"Bill Gates and War­ren Buf­fett have a set a new bar in terms of the raw scale of their giv­ing. I hope and an­tic­i­pate that that's a bar that's go­ing to be ex­ceeded some day." Ja­cob Harold, Guides­tar

UNITED STATES: Bill Gates is los­ing hold of his ti­tle as the world’s rich­est per­son, with Ama­zon founder Jeff Be­zos once again mount­ing a chal­lenge for the top spot. But if Gates weren’t so phil­an­thropic, it wouldn’t even be close.

Gates has a net worth of US$86.8 bil­lion (NZ$121.7B) on the Bloomberg Bil­lion­aires In­dex. But he would be worth US$150B (NZ$210B) if he hadn’t given away al­most 700 mil­lion Microsoft Corp shares and US$2.9B of cash and other as­sets to char­ity, ac­cord­ing to an anal­y­sis of his pub­licly dis­closed giv­ing since 1996.

And if not for more than a decade of do­nat­ing Berk­shire Hath­away shares to char­ity, War­ren Buf­fett, who is ranked No 3 in the in­dex with US$80.6B (NZ$113B), would be right be­hind Gates with US$135B (NZ$189B).

Be­zos, who passed Gates for a few hours ear­lier this year, has a net worth of US$85.3B (NZ$119.6B), ac­cord­ing to the Bloomberg in­dex, a daily rank­ing of the world’s 500 rich­est peo­ple.

‘‘Bill Gates and War­ren Buf­fett have a set a new bar in terms of the raw scale of their giv­ing,’’ said Ja­cob Harold, chief ex­ec­u­tive of­fi­cer of Guides­tar, a non-profit that col­lects in­for­ma­tion on char­i­ties. ‘‘I hope and an­tic­i­pate that that’s a bar that’s go­ing to be ex­ceeded some day. Maybe not in the near fu­ture, but at some point. The sheer scale of it is truly re­mark­able.’’

Both Gates, 61, and Buf­fett, 87, have done most of their giv­ing through the Bill & Melinda Gates Foun­da­tion, which aims to im­prove global is­sues like health care and poverty. The foun­da­tion has made US$41B in di­rect grants, in­clud­ing to Guides­tar, and holds as­sets worth US$40.3B, ac­cord­ing to the char­ity’s web­site.

Gates and Buf­fett also founded the Giv­ing Pledge in 2010, and have been joined by 168 oth­ers who have com­mit­ted to give most of their wealth to char­ity.

Still, bil­lion­aire phi­lan­thropy makes up a small piece of to­tal giv­ing. Last year, the Bill & Melinda Gates Foun­da­tion gave away US$4.3B, a lit­tle more than 1 per cent of the US$390B do­nated to char­i­ties in the US, ac­cord­ing to data from the Giv­ing In­sti­tute. Amer­i­can in­di­vid­u­als pro­vided more than 72 per cent of char­i­ta­ble fund­ing.

Be­zos, 53, is just start­ing to fo­cus on phi­lan­thropy, and in June he tweeted a re­quest for ideas on how to help peo­ple now.

Since 2002, Be­zos has given away Ama­zon shares worth at least US$400M (NZ$561M) at cur­rent prices, ac­cord­ing to a Bloomberg anal­y­sis of Form 4 share­holder fil­ings.

The bil­lion­aire said in April that he sells US$1B worth of Ama­zon stock ev­ery year to fund his space busi­ness Blue Ori­gin. He sold that amount one month later.

Be­zos and Spanish re­tailer Aman­cio Ortega have chal­lenged the hold Gates has had on the top spot since May 2013. Ortega, whose net worth peaked at US$85.9B in June, has since fallen be­hind Buf­fett to the No 4 spot with a net worth of US$79.8B (NZ$112B).

- Wash­ing­ton Post

Bill Gates

Newspapers in English

Newspapers from New Zealand

© PressReader. All rights reserved.