Bill Gates Commits to Donating ‘Virtually All’ of $ 113 Billion Wealth to Its Fund | Bill Gates

Bill Gates plans to give almost all of his money away to the philanthropic foundation that bears his name – and eventually remove him from the list of the world’s richest people, he said this week.

Billionaire Microsoft co-founder, who launched the Bill & Melinda Gates Foundation in 2000 with his then-wife, Melinda, said the non-profit plans would increase spending from $ 6 billion. annually currently to $ 9 billion. annually in 2026.

“To help make this increase possible, I’m transferring $ 20 billion to the fund’s endowment this month,” Gates said. announced on Twitter and later explained: “Looking to the future, I plan to donate pretty much all of my wealth to the foundation. I want to move down and eventually away from the list of the world’s richest people.”

The Foundation’s efforts include combating disease and poverty across the globe, including by helping support the Guardian’s Global Development Series.

“I have a commitment to return my resources to society in ways that have the greatest impact on reducing suffering and improving lives,” said Gates, who Bloomberg reports is worth about $ 113 billion. “And I hope that others in positions of great wealth and privileges will also emerge in this moment.”

Gates said that global crises – such as Covid, the war in Ukraine and the climate crisis – “require us all to do more”. Gates said he remains optimistic that these crises can be resolved.

Gates also thanked billionaire businessman Warren Buffett for his contribution to the fund. Buffett recently donated $ 3.1 billion. USD in B shares from his firm, Berkshire Hathaway, to the fund; since 2006, he has contributed more than $ 36 billion, the fund said.

The Gateses and Buffett have long urged other billionaires to do the same. In 2010, they launched the Giving Pledge, announcing that “40 of America’s richest people are committed to donating the majority of their wealth to solve some of society’s most pressing problems.”

The promise stipulates that participants “publicly undertake” to do so “either during their lifetime or in their will.” However, these efforts have faced logistical challenges due to changes in wealth creation.

Some signatories sincerely plan to follow up, but “many are unable to do so because their assets are simply growing too fast,” the MarketWatch Institute for Policy Studies was quoted as saying.

In 2010, the total wealth of the 62 living American billionaires’ mortgages amounted to $ 376 billion. In 2020, that figure hit $ 734 billion, the news site said.

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