BILL GATES FUNNELS $20 BILLION TO FOUNDATION, PLANS TO DROP OFF LIST OF RICHEST PEOPLE

Fri 15 July 2022:

Billionaire Bill Gates is transferring USD 20 billion of his wealth to the endowment of the Bill and Melinda Gates Foundation, which is increasing its spending in response to global crises like the pandemic and the war in Ukraine, according to media reports.

The foundation, one of the biggest philanthropies in the world, intends to raise its payouts from roughly USD 6 billion to USD 9 billion annually by 2026, a 50% increase over pre-pandemic levels. According to media reports, the foundation’s main areas of focus are charitable giving and issues like education, gender equality, and global health.

The Microsoft co-founder and his ex-wife, Melinda French Gates, have both pledged to donate the vast majority of their wealth to the foundation they established together 20 years ago, as well as to other philanthropic endeavours.

The couple announced their divorce in May 2021, saying they would work together as co-chairs under a two-year trial period. At the end of that trial, French Gates has the option to resign and receive a payout from her former husband, who would remain in charge of the foundation.

With an estimated net worth of around USD 114 billion, Bill Gates is currently the world’s fourth-richest person, according to Bloomberg’s Billionaire Index, with most of his wealth tied to Microsoft shares.

But he doesn’t intend to rank that high forever.

“I will move down and eventually off of the list of the world’s richest people,” Gates wrote in a blog.

“I have an obligation to return my resources to society in ways that have the greatest impact for improving lives. I hope others in positions of great wealth and privilege will step up in this moment too,” he said, mwdia reported.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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