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Microsoft co-founder Bill Gates has dropped out of the world’s richest list by announcing that he will donate his entire fortune to a charitable foundation co-led with his ex-wife Melinda French Gates. And, as a direct measure, the Microsoft founder announced on the 13th that he would inject another $20 billion into the foundation.
The Bill & Melinda Gates Foundation, one of the world’s largest foundations, announced that thanks to new funding, it plans to increase its annual spending on global health, poverty reduction and equality by 50% by 2026. %. The foundation’s goal is to respond to the “intensifying multiple global crises” that are shaking the planet.
According to Bloomberg’s Billionaires Index, Bill Gates has a net worth of about $114 billion and is currently the fourth richest person in the world. Gates also claimed that he gradually reduced his wealth through donations and eventually lost the title of the world’s richest man. Warren Buffett also donated $3.1 billion to the Gates Foundation last month. The two donations will bring the Gates Foundation’s total funding to about $70 billion. Gates’ donation will enable the foundation to increase annual program spending by 50 percent to $9 billion by 2026. Gates also mentioned that the combination of Covid-19, the Russian-Ukrainian conflict, climate change and inflation has prompted the foundation to devote more resources to core areas of focus, including health, education, gender parity and poverty reduction.
Bill Gates explained on his blog: “Going forward, I plan to donate my entire wealth to the foundation, except for the money I spend on myself and my family,” the report said.
He said: “Beyond the foundation, I have donated and invested some money in U.S. health care issues, including Alzheimer’s. Through the Breakthrough Energy Coalition, I will continue to invest and contribute to the fight against climate change. Funding. In general, I want work in these areas to be profitable and that money goes to foundations. I’m going to fall off the list of the world’s richest people and eventually disappear. Giving money is not a sacrifice for me. I’m honored to be able to Participate in tackling these great challenges. I enjoy the work and believe I have an obligation to give my resources back to society in ways that will best improve lives.”
According to Bloomberg, the donation is equivalent to one-fifth of Bill Gates’ fortune. According to Forbes magazine, the former couple has donated about $55 billion to date, a donation that has pushed Bill Gates down one spot to fifth on the world’s richest list.
According to reports, in 2010, Bill and Melinda Gates and tycoon Warren Buffett launched the “Giving Pledge” campaign, which was joined by 40 billionaires or families at the time, and has now more than 400 signatories. Participants pledged to donate the majority of their fortunes to charitable causes “to address some of society’s most pressing issues”.
Source: Reference News Network
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