Microsoft founder Bill Gates has pledged a US$20 billion donation to his philanthropic fund, and the billionaire also hinted at plans to “drop off” the world’s list of the richest people.<\/p>\n
Bill Gates, the fourth richest man in the world at $118 billion, according to Forbes, will lose significant value after his July donation to the Bill & Melinda Gates Foundation, the charitable fund he founded with his ex-wife in 2000.<\/p>\n
“As I look to the future, I plan to give virtually all of my wealth to the foundation. I will move down and eventually off of the list of the world’s richest people. I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives. And I hope others in positions of great wealth and privilege will step up in this moment too,” Gates tweeted.<\/p>\n
Bill Gates also stated that the Foundation would increase its spending from US$6 billion annually to US$9 billion by 2026, owing to recent global setbacks such as the pandemic, the ongoing war in Ukraine, and climate crisis.<\/p>\n
Since its inception, the foundation has donated billions of dollars to eradicate diseases like malaria, improve education, and combat poor sanitation.<\/p>\n
By 2020, the charitable organization had US$49.8 billion in assets and is backed by wealthy beneficiaries, including billionaire Warren Buffett, who contributed 50% of all donations.<\/p>\n