For nearly two decades, beginning in 1990, Bill Gates consistently ranked as either the richest or second-richest person on the list of America’s wealthiest individuals. However, in a notable shift, Gates fell to No. 9 on the 2023 wealthiest list, down from No. 6 the previous year.

Despite holding a considerable fortune of $107 billion, Gates’ net worth has dropped by $4 billion over the past year, even as U.S. stock indices like the S&P 500 and Nasdaq 100 rose by 30%. Globally, Gates is now ranked No. 12 among billionaires, marking the first time he has fallen out of the top ten since 1991.

A significant factor behind this decline was his 2021 divorce from Melinda French Gates, which ended their 27-year marriage. When Melinda announced in May that she would step down as co-chair of the Bill & Melinda Gates Foundation, she also revealed plans to receive an additional $12.5 billion for her own philanthropic work. While the source and timing of these funds weren’t specified, the money did not come from the Gates Foundation but rather from Bill Gates himself, and it appears the transfer has already been made.

The divorce settlement estimate has nearly tripled from earlier figures. Based on updated data on Bill Gates’ fortune, Melinda French Gates’ net worth is now estimated at $29 billion, up from $10.3 billion a year ago. This makes her the ninth-richest woman in the U.S., just behind casino heiress Miriam Adelson. Both Gates and French Gates have declined to comment on the specifics of their divorce settlement.

Bill Gates has acknowledged that his wealth ranking will likely continue to decline over time. He also mentioned that he and Melinda might not continue working together but confirmed that the Gates Foundation intends to operate for another 25 years.

Through her philanthropic organization, Pivotal Ventures, Melinda French Gates has focused on empowering more individuals, especially women. According to the organization’s website, she has committed $2 billion toward increasing women’s power and influence. In 2022, she established the Pivotal Philanthropies Foundation and endowed it with $674 million in publicly traded securities. It is anticipated that part of the $12.5 billion she mentioned will be directed into this foundation.