The founder of Microsoft added $16 billion to his net worth this year, despite giving away over $35 billion to charity, according to Bloomberg. That brings Gates’ total wealth to $106 billion, the second-largest fortune in the world — behind Amazon’s Jeff Bezos.
Gates’ charitable work is primarily done through The Bill and Melinda Gates Foundation.
The foundation works to tackle inequality in health and education around the world, the climate crisis, and world hunger. The organization works domestically on ensuring all students graduate from high school.
Financial advisors warn that just because a billionaire favors a particular allocation, it doesn’t mean all investors should follow suit.
“Whether it’s a billionaire, CEO or foundation, you have to remember that they are investing for their own objectives,” said certified financial planner Douglas Boneparth, president and founder of Bone Fide Wealth in New York.