Bill Gates continues to buy huge farmlands

Billionaire Bill Gates, the founder of Microsoft, continues to buy huge farmland in the United States. His latest purchase in North Dakota has angered farmers.

US justice allowed Bill Gates to buy huge agricultural land

Bill Gates has approved the purchase of large farmland in North Dakota by Republican State Attorney General Drew Wrigley. The acquisition was not easy as the tech mogul had to go through the law to acquire these lands.

A North Dakota law enacted to protect family farms during the Depression prohibits corporations and certain other businesses from owning farmland.

Private trusts are allowed to buy farmland if they lease it to farmers, which is what Gates’ company plans to do, according to the AP. Thus, the disputed benefactor was able to acquire the property.

Farmers opposed Bill Gates’ purchase of huge farmlands

A number of local residents are not too happy about Bill Gates buying farmland. The billionaire does not have good press in the region. Many are concerned that this purchase and ultra-rich landowners do not share the same values ​​as the population.

“I’ve heard it not just in this neighborhood, but all over the state,” North Dakota Agriculture Commissioner Doug Goehring said in an interview with local KFYR-TV last month.

“These people are upset, but there are others who are angry about it.”

Will Bill Gates become the lord of the new lands with peasants in his service?

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Bill Gates increases the purchase of farmland

Bill Gates has been quietly buying up farmland in recent years, an odd choice given his long career in tech. The billionaire is the largest private owner of farmland in the United States, owning almost 1% of the country’s total farmland. Some media call him “the master of agriculture”.

According to The Land Report, Bill Gates has made significant investments in at least 19 states across the country. His largest acreage investments to date have been in Louisiana (28,000 acres), Arkansas (19,500 acres) and Nebraska (8,300 acres).

Nebraska enthusiast Warren Buffett (and longtime friend of Bill Gates) also owns the land. The old finance veteran recently said he doesn’t own any bitcoins, but sees a lot of value in farming.

“Apartments will be rented, and farms will produce food. What about bitcoin?” he added.

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Why do billionaires buy large farmlands?

While stock traders are investing in the virtual (Metaverse, NFT, etc.), the heavyweights of finance are investing in physical assets such as gold, water or agricultural land.

Bill Gates has never explained why he bought so much farmland, but it may have something to do with the climate and food crises. The billionaire believes there is progress in research around chemical fertilizers to produce more. Other explanations will relate to environmental and climate issues.

“The agricultural sector is important. With more productive seeds, we can prevent deforestation and help Africa overcome the climate challenges it already faces.” Reddit for promoting one of his books.

But perhaps, like the investment funds attacking the privatization of water, the billionaire is interested in the land that supports millions of people. Monopoly can have dramatic consequences in the lives of Americans.

According to the FAO (Food and Agriculture Organization of the United Nations), by 2050, food production will have to increase by an average of 70%, and up to 100% in developing countries. However, at the same time, existing agricultural land will tend to shrink and become a scarce commodity.

ALSO READ: 4 main factors that will lead to global food crisis


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