Bill Gates, the second richest person on the planet, still believes in wealth creation and has one simple investment plan to fuel his over $100 billion riches.
Bill Gates, the second richest person on the planet, still believes in wealth creation and has one simple investment plan to fuel his over $100 billion riches. “I am bullish on the US businesses, global businesses. So, we are not in some defensive posture where we’re mostly in cash, or anything like that … the strategy that’s been used on the investments is to be over 60 per cent in equities,” the Microsoft founder told Bloomberg in an interview. The simple advice has helped the founder of Gates foundation to add about $17 billion to his net worth this year itself, making him second only to Amazon founder Jeff Bezos in terms of total wealth. Bill Gates is the world’s second richest person, according to Bloomberg Billionaires Index. According to Bloomberg data, Gates family has about $60 billion of equity assets as of Monday.
For all asset classes, the yields are not very high and there is a reason to believe that investment returns in the next 10 years will be lower than what they have been for the last couple of decades, Bill Gates added.
Wealth tax finds an advocate in Gates
While Bill Gates has amassed heaps of wealth, he is not apprehensive of wealth tax. Speaking to Bloomberg, Bill Gates said: “I doubt the US will do a wealth tax but I wouldn’t be against it … The closest thing we have to it is the estate tax. And I’ve been a huge proponent that that should go back to the level of 55 per cent that it was a few decades ago.”
The 63-year-old billionaire is one of the two persons in the elite $100 billion club, along with Amazon’s Jeff Bezos. With a total net worth of $106 billion, Bill Gates has left behind Warren Buffett, Louis Vuitton group’s Bernard Arnault and Facebook’s Mark Zuckerberg.