Cascade Investment LLC is the private investment office Bill Gates set up in 1995 to manage his wealth outside Microsoft and the Gates Foundation. Its largest disclosed holdings include Republic Services and AutoNation. As of October 2026, Gates is worth about $120.4 billion, per Forbes, and owns less than 1% of Microsoft.
How did Bill Gates make his fortune?
In 1975, while a pre-law student at Harvard, Bill Gates and his high school friend Paul Allen developed a version of the BASIC programming language for the MITS Altair 8800 microcomputer. They sold the software to MITS but retained the rights to BASIC. On April 4, 1975, Gates left Harvard to co-found Microsoft, marketing BASIC to personal computer manufacturers.
Microsoft expanded rapidly, surpassing $1 million in revenue by 1978. In 1980, after relocating to Bellevue, Gates and Allen secured a pivotal deal with IBM to develop proprietary software for its personal computers. By 1981, Microsoft’s annual revenue exceeded $16 million, and by 1985, the company’s valuation had surpassed $140 million.
Microsoft went public on March 13, 1986, with an initial share price of $21. By the end of the first day, the company had sold over 2.8 million shares, closing at $28 per share. The IPO concluded with Microsoft achieving a market capitalisation of $777 million and net revenue of $61 million. At that time, Gates owned nearly 45% of the company, valued at over $350 million.
Within a year, Gates’ net worth exceeded $1 billion, making him the youngest person to achieve that milestone at the time. By 1995, his wealth had grown to $12.9 billion, establishing him as the richest individual globally—a title he retained until being surpassed by Jeff Bezos in 2018.
In 2000, Gates transitioned the role of Microsoft’s CEO to Steve Ballmer. He stepped down as chairman in 2014 and resigned from the board in 2020 to dedicate more time to his philanthropic efforts. After donating Microsoft shares to the Gates Foundation trust in 2022, his stake is now below 1%, Forbes estimates.
What companies does Bill Gates own through Cascade?
To manage his assets, Bill Gates founded Cascade Investment, L.L.C. in 1995. The Kirkland, Washington company is a private holding vehicle and works much like a single family office, investing his personal wealth across public companies, private businesses, real estate and farmland.
As a private entity, Cascade Investment’s holdings are not fully transparent. However, based on available SEC filings, notable investments include:
- Republic Services: Cascade is the largest shareholder in the US waste and recycling company. Cascade and Gates reported beneficial ownership of about 37.9% in a Schedule 13D/A filed in September 2026.
- AutoNation: Cascade and Gates reported about 21.1% of the car retailer in a Schedule 13D/A filed in May 2026.
- FEMSA: Cascade and Gates reported about 14.0% of a class of shares of Fomento Económico Mexicano, the Mexican drinks and retail group, as of March 2026.
- Four Seasons Hotels and Resorts: Cascade first invested in 1997 and became the majority owner in 2021, when it bought half of Prince Alwaleed bin Talal's stake for about $2.21 billion.
- Other long-standing holdings: Cascade has historically held large positions in Ecolab, Deere & Company and Canadian National Railway, though some of these shares have since been sold or given to the Gates Foundation.
Gates has maintained significant stakes in companies like Strategic Hotels and Resorts, a real estate investment trust (REIT) operating in the hospitality industry, and Bunzl plc, a British multinational distribution and outsourcing company.
Gates has built an extensive real estate portfolio, combining personal acquisitions with holdings managed through Cascade Investment. His primary residence, a 66,000-square-foot estate in Medina, Washington, was purchased for $2 million in 1988 and is now valued at over $130 million. Additionally, he owns a 314-acre private island in Belize, a $43 million beachfront mansion in San Diego, and is the largest private farmland owner in the United States.
How is Bill Gates giving his money away?
Gates stepped down from the Microsoft board to focus on his philanthropic initiatives, particularly through his commitment to The Giving Pledge. In 2000, he and Melinda Gates founded the Bill & Melinda Gates Foundation, which has become one of the largest charitable organisations in the world. The foundation primarily focuses on public health, poverty alleviation, education, and climate change. As of October 2026, Gates has given more than $63.9 billion to the Gates Foundation, per Forbes, and the foundation committed more than $1.94 billion to the COVID-19 response.
The Gates Foundation has been a key financial supporter of the National Institutes of Health (NIH) for vaccine research on malaria and tuberculosis. It also played a critical role in the creation of Gavi, the Vaccine Alliance, which leads immunisation campaigns in low-income countries. As one of the largest charitable organisations globally, the Seattle-based trust continues to expand its impact. In May 2025, Gates announced that the foundation will spend more than $200 billion over the next 20 years and close permanently on 31 December 2045, giving away virtually all of his remaining wealth.
