World's second richest man promised to 'give away 95%' of £186bn fortune

Tech titan Larry Ellison has been crowned the world's second-richest person this week, boasting an eye-watering net worth of $251.2 billion (£186bn). Yet, he's vowed to donate the lion's share of his wealth before he meets his maker.

The Oracle co-founder, now 80, leapfrogged tech moguls like Mark Zuckerbergon the Bloomberg wealth index, leaving onlyElon Muskwith a fatter wallet. A bullish market for artificial intelligence stocks and soaring interest in generative AI have seen Oracle's shares climb by 5.7% just this past week.

Ellison's fortune is largely tied up in Oracle shares, and below we delve into his tumultuous early life and his journey to such immense wealth that he could afford to purchase his very own island.

READ MORE: 'Strongest ever signs' of alien life found by scientists

READ MORE: Death in Paradise detective returns to beloved role in spin-off and fans will be thrilled

Lawrence Joseph Ellison, his full name, first saw the light of day in the Bronx, New York, back in 1944, born to Florence Spellman, a single mother.

Stricken with pneumonia when he was barely nine months old, his mother eventually left him behind, leading to his upbringing in Chicago by his aunt and uncle.

Years down the line, Ellison employed a private detective to track down his biological mother, revealing to Vanity Fair: "We don't talk about it face-to-face. It's just too difficult. Most of the revelations have been through correspondence. She's written me letters.

"There's that sense of guilt. It's a form of abandonment that mothers feel. Remember, [I learned] she'd actually raised me for nine months before giving me up. I got pneumonia and nearly died."

Ellison, in his younger years, pursued education after high school and secured a spot at the University of Illinois at Urbana-Champaign.

However, following the death of his adoptive mother during his second year, he left the university. He later enrolled at the University of Chicago, but once again dropped out after just one semester.

Despite not holding a degree, at the age of 22, Ellison moved from Chicago to California and began working for companies such as Wells Fargo.

In 1977, Ellison and his partners established a company named Software Development Laboratories, which focused on creating ways for computer systems to store and access information. The company underwent a couple of name changes, becoming Relationship Software Inc two years later, before finally settling on Oracle Systems Corp in 1982.

From there, things accelerated rapidly. As the computer industry expanded, so did Oracle, providing databases for companies to manage their information.

By the time he reached 49, Ellison, who had twice dropped out of college, had become a billionaire.

Being one of the wealthiest men in the world allowed Ellison to indulge in costly hobbies, with yacht racing being one of his most notable pastimes.

Over the years, he has made some extravagant purchases, including acquiring the Indian Wells tennis tournament in 2009 for a whopping £74million. He also boasts a collection of Richard Mille watches, some of which are reportedly valued at over $1million.

Now aged 80, questions arise about who will inherit his vast fortune upon his passing. In 2010, he gave a significant hint about the fate of his wealth.

After signing the Giving Pledge, which commits him to donate 95% of his wealth before his death, he has demonstrated his generosity by donating $200m (£148m) to a cancer treatment centre at the University of Southern California.

Ellison is also the owner of 98% of Lanai island in Hawaii, where accommodation can cost up to £15,000 per night. He purchased the island for £238million in 2012 and it's reported that he now resides there permanently.

The former Oracle CEO, now chairman, unsurprisingly boasts an impressive real estate portfolio, with properties in Rhode Island, Malibu and Palm Beach, Florida.

In terms of family, Ellison has a son, David, and a daughter, Megan, both of whom are involved in the film industry. Megan, an Oscar-nominated film producer, founded Annapurna Pictures, while David has produced films such as the Mission: Impossible franchise and currently serves as the CEO of New Paramount following the merger of Skydance Media and Paramount last year.

Despite having been divorced four times, Ellison has reportedly remarried, tying the knot with Keren Zhu, who is 33-years-old.

In addition to being friends with Donald Trump, Ellison counts Elon Musk among his allies. He even offered to invest $1billion (£742m) after the Tesla CEO purchased Twitter, now known as X, three years ago.