"When you earn enough money, you can relax and farm."

"But aren't farming right now?"

The real-life version of the famous story of the farmer and the wealthy man is now playing out.

Former world's richest person and co-founder of Microsoft, Bill Gates, has a new title - America's largest farmland owner. According to the Associated Press, Bill Gates has just received legal approval to purchase $13.5 million worth of 2,100 acres of farmland in North Dakota.

This isn't Gates' first land investment in the United States. He has already purchased nearly 269,000 acres in over a dozen states, equivalent to 1.63 million acres, nearly 1% of all U.S. farmland, making him the largest private farmland owner in America.

According to Land Report, these lands are held directly or through third parties by Gates' private investment company, Cascade Investments.

Officially, these lands are supposed to be used for developing new types of agriculture and then spreading that knowledge to impoverished areas in Africa.

But farmers see it differently. Holtzra, the son of a Wisconsin farmer, said, "What's the use of Gates buying so much farmland? It drives up land prices, making it harder for young farmers to start, and then they end up forever leasing Gates' land for cultivation.

Perhaps, at the end of the story, the rich man will respond to the farmer: "Yes, but what you are growing now does not belong to you."

As of the time of writing, Cascade Investments has not responded to media inquiries about this matter. Time Weekly roughly calculated that these lands will bring Gates at least $4.3 billion in agricultural subsidies by 2021.

In the United States, except for a few states like Iowa, there are no regulations on the upper limit of land that individuals can purchase. This means that Gates, the largest landowner in America, can continue to expand his land holdings.

Land Report believes that Gates has a keen eye for agricultural investments, with many of these lands being the best farmland in current American conditions.

Bill Gates' reserves and layout of agricultural land have a long history.

The Wall Street Journal found that since 2009, Gates' private investment company, Cascade Investments, has been focusing on land and farmland.

Take Florida for example. Public records show that since 2012, Cascade Investments has been purchasing large tracts of land in Suwannee County, northern Florida. In September 2013, the company acquired 400 acres of wooded land from a local OakHammond LLC company.

However, Chris, the owner of OakHammond LLC, did not know the buyer's background and thought they were a company investing in timber or agriculture. Chris even cleared the land as requested.

In October 2014, Cascade Investments purchased over 4,500 acres of land in Suwannee County for over $28 million.

Officials in Suwannee County only knew that the same buyer had purchased a lot of land and farmland, but they were completely unaware of any connection to Gates. Another official, Jason, said he had heard about Gates investing in agriculture, but never expected him to buy agricultural land in Florida.

It is reported that Cascade Investments' boss, Mike Larson, is Gates' private financial advisor, known for his low-key approach and rarely announcing investment plans publicly. The Wall Street Journal believes that the main reason may be to prevent sellers from suddenly raising prices.

The Wall Street Journal also reported that many of Larson's investments are quietly increasing Gates' wealth and fulfilling the development goals of the Bill & Melinda Gates Foundation. Established in 2000, the foundation is dedicated to applying human innovative capabilities to reduce inequalities in health and development.

The foundation's spokesperson declined to comment on this matter.