In a significant shift among the world's wealthiest, Microsoft co-founder Bill Gates has dropped out of the top 10 richest people globally, according to the Bloomberg Billionaires Index. Once the world’s richest man, Gates now ranks 11th, with a net worth of $122 billion.

What makes this shift more notable is that Gates has been overtaken by Steve Ballmer, the former Microsoft CEO whom Gates had hired. Ballmer now sits at the 10th spot with an estimated net worth of $122 billion, narrowly edging out Gates by $5 million.

Gates, known for his substantial philanthropic efforts through the Bill and Melinda Gates Foundation, has been steadily giving away large portions of his wealth. In 2022, he reaffirmed his commitment to "drop off" the billionaire list eventually, which aligns with his recent ranking slide.

Ballmer, on the other hand, has seen his fortune grow significantly due to his holdings in Microsoft and his ownership of the NBA's Los Angeles Clippers. The continued growth of tech stock valuations and Ballmer’s savvy investments have contributed to his rise on the list.

This milestone reflects not only the dynamic nature of tech-driven fortunes but also the profound impact of wealth redistribution through philanthropy, a path Gates has championed for years.