Bill Gates, Funnels $20 Billion Of His Wealth To Charity And Plans To Drop Off List Of Wealthiest People

Bill Gates, a philanthropist who held the Forbes title of the richest person in the world for years until 2017 and now the fourth-richest in the world with an estimated net worth of US$116 billion is moving $20 billion of his wealth into the endowment of the Bill and Melinda Gates Foundation, which is ramping up its spending in the face of global challenges including the pandemic and the war in Ukraine.

The Microsoft co-founder and his ex-wife, Melinda French Gates, created the foundation together 20 years ago, as well as other charitable causes.

The couple announced their divorce in May 2021, stating that they will work together as co-chairs for a two-year trial period. At the end of this litigation, French Gates has the option to resign and receive a payout from her ex-husband, who will remain at the head of the fund.

The foundation, one of the world’s largest charities, plans to increase its payouts by 50% from pre-pandemic levels, from nearly $6 billion to $9 billion a year by 2026. The foundation is primarily focused on charitable donations aimed at improving global health. , gender equality and education, among other issues.

“I will move down and eventually exit the list of the richest people in the world,” Gates wrote on his blog on Wednesday. “I have an obligation to return my resources to society in a way that will have the greatest impact on improving life. I hope that others with great wealth and privilege will also take a step forward at this moment.”