With the advent of social media, came the rise of one of the youngest billionaire the world has ever known- Mark Zuckerberg.  The man behind Facebook has been recently named the 16th wealthiest man in the world with his $47.1B net worth.

Despite the fortune and the fat bank account, Zuckerberg together with his wife Priscilla Chan, have both decided to live below their means and donate 99 percent of their earnings to charity.  Just recently, Chan has spearheaded a new project aiming to provide quality education in East Palo Alto.

"Today, she and her husband are creating a free private school in East Palo Alto to serve disadvantaged youths and their families," Daily Mail noted. "The Primary School - a comprehensive preschool and K-8 school - will be overseen by Chan as Chief Executive Officer."

"Chan and Zuckerberg have declined to say how much money they have invested in the project but it is believed to run into hundreds of millions of dollars."

Meanwhile, Zuckerberg's net worth is expected to increase more as his gem, Facebook, has continued to provide new developments and updates to users of all kinds.  Just recently, the social media site has already launched a new update that will enable blind and visually impared users to appreciate photos on their feed.

"Called 'automatic alternative text,' the feature was created by Facebook's 5-year-old accessibility team," The Verge reported. "Automatic alt text identifies things in Facebook photos, then uses the iPhone's VoiceOver feature to read descriptions of the photos out loud to users. While still in its early stages, the technology can reliably identify concepts in categories including transportation ('car,' 'boat,' 'airplane'), nature ('snow,' 'ocean,' 'sunset'), sports ('basketball court'), and food ('sushi'). The technology can also describe people ('baby,' 'smiling,' 'beard'), and identify a selfie."

Stay tuned for more Mark Zuckerberg net worth and Facebook updates here!