Bill Gates is transferring $20 billion of his wealth to the endowment of the Bill and Melinda Gates Foundation, which is increasing its funding in response to global issues like the pandemic and the crisis in Ukraine.
The foundation, one of the biggest philanthropies in the world, intends to raise its disbursements from roughly $6 billion to $9 billion years by 2026, a 50% increase over pre-pandemic levels.
According to CNN, the foundation’s main areas of interest are philanthropic giving and concerns including education, gender equality, and global health. The co-founder of Microsoft and his ex-wife, Melinda French Gates, have both committed to giving the majority of their money to the foundation they started together 20 years ago as well as other charitable endeavors.
Although the foundation bears our names, basically half our resources have come from Warren Buffett. His incredible generosity is a huge reason why the foundation has been able to be so ambitious. I can never adequately express how much I appreciate his friendship and guidance. pic.twitter.com/at7MvJKxQv
— Bill Gates (@BillGates) July 13, 2022
In May 2021, the couple announced their separation while announcing that they will cooperate as co-chairs for a two-year trial period. French Gates will have the choice to leave the foundation after that trial and take compensation from her ex-husband, who will continue to run it.
According to Bloomberg’s Billionaire Index, Bill Gates is currently the fourth richest person in the world with an estimated net worth of roughly $ 114 billion. The majority of his wealth is associated with Microsoft shares.
He has no desire to remain in that position, though. Gates predicted in a blog post that he will someday drop off the list of the richest individuals in the world. “I owe it to society to give back my resources in ways that will most significantly enhance people’s lives.
I’m hoping that others in powerful and privileged situations will do the same at this time “He added, according to CNN.