New York ( Business) — Bill Gates is transferring $20 billion of his wealth to the Bill & Melinda Gates Foundation, which is ramping up spending in the face of global challenges, including the pandemic and the war in Ukraine.
The foundation, one of the world’s largest philanthropic organizations, plans to increase its payments by 50% over pre-pandemic levels, from nearly $6 billion to $9 billion each year by 2026. focuses mainly on charitable donations aimed at improving health, gender equality and education, among other topics.
The Microsoft co-founder and his ex-wife, Melinda French Gates, have pledged to donate the vast majority of their wealth to the foundation they established together 20 years ago, as well as to other philanthropic endeavors.
The couple announced their divorce in May 2021 and said they would work together as co-chairs for a two-year trial period. At the end of that period, French Gates has the option to resign and receive a payment from her ex-husband, who would remain in charge of the foundation.
With an estimated net worth of around $114 billion, Bill Gates is currently the fourth richest person in the world, according to the Bloomberg Billionaires Indexand most of his wealth is tied to Microsoft stock.
But he doesn’t intend to be in such a high ranking forever.
“I will go down and eventually off the list of the richest people in the world,” Bill Gates wrote in a blog post on Wednesday. “I have an obligation to give my resources back to society in the way that has the greatest impact to improve lives. I hope that others in positions of great wealth and privilege will also step up at this time.”
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