Bill Gates drops $51B in one week following vow not to die rich

Bill Gates is parting with his fortune at a much faster rate than previously expected.

In just a few days, Gates reduced his net worth by a staggering $51 billion—almost 30 percent of his remaining wealth—after recently announcing plans to give away virtually all his fortune in the next two decades.

The Microsoft co-founder's net worth, which stood at $175 billion on July 3, dropped to $124 billion on Thursday.

The 69-year-old philanthropist revealed in May that he planned to donate his wealth through the Gates Foundation and then close the organization he co-founded with ex-wife Melinda French Gates by the end of 2045.

Gates, who held the title of world’s richest man for 18 years, has now slipped to 12th place in the rankings, right behind fellow tech mogul Michael Dell

Among those who now outrank him is Gates' former right-hand man at Microsoft, Steve Ballmer, who now sits at No. 5 with a net worth of $173 billion.